Oh joy, the world of Bitcoin (BTC) is a rollercoaster, isn’t it? 🎢 Yesterday, BTC heaved a little sigh of relief when the US kindly delayed its 25% trade tariffs on Mexico and Canada by a month. But guess what? The US went ahead and slapped a 10% tariff on China, which, surprise surprise, prompted a little retaliation from Beijing. Result? BTC’s price plummeted back below the crucial $100,000 mark. Yippee! 🎉
After a wild 24 hours of uncertainty and tariff talk, BTC rallied to $102,000 when President Trump decided to be a little less harsh and postponed the tariffs on our Northern neighbors. But then, the China tariffs went through, and BTC took a nosedive back below $100,000. Beijing, not to be outdone, announced some new tariffs of their own, starting February 10. So, you know, just a normal day in the world of crypto. 😬
China is hitting back with a 15% tariff on coal and liquefied natural gas, plus a 10% tariff on agricultural equipment, crude oil, and certain vehicles. They’re even throwing in tighter export controls on some key materials, citing national security concerns. Because who doesn’t love a good trade war? 🤷♀️
With tensions heating up, crypto analysts are predicting some serious volatility in the coming days. Michael van de Poppe, the crypto guru, has this to say:
“Bitcoin bounced back swiftly and is currently acting within the range. I assume we’ll see new ATHs in February and it’s quite normal to correct after such a strong bounce. Volatility through the roof, but, as long as Bitcoin remains above $93K, a new ATH is likely.”
Crypto trader Phoenix thinks BTC could establish a new trading range, but history shows that tariffs can spell trouble for cryptocurrencies. Web3 enthusiast merts.eth pointed out on X that BTC plummeted 65% in 2018 when Trump first initiated a trade war with China. The S&P 500 also took a 12% hit. So, it’s not just crypto feeling the pain. 🤦♂️
As BTC struggles to hold the $100,000 level, the ominous predictions are piling up. If BTC can’t hold the $97,190 support level, things could get messy. Ali Martinez, a crypto analyst, noted that BTC is currently trading in a bearish flag pattern. At press time, BTC is trading at $99,961, up a measly 1% in the past 24 hours. 🤞
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2025-02-05 06:41