Once more, the winds of change howl through the markets, and like a wayward tumbleweed, the global crypto scene is set to tumble into uncertain territory. Here stands President Donald Trump, a showman at heart, waving his tariff wand and conjuring the specter of a trade war that once had us all gnashing our teeth and clutching our wallets.
On a fateful Thursday, Trump took to his digital soapbox to proclaim his intent to impose tariffs that reflect the very rates that foreign lands impose on the good ol’ American products. Can you hear the collective sigh of trepidation from the trading floor? This gallant announcement, spurred by worries over inflation as sticky as spilled honey, sends shivers through the crypto crowd as Bitcoin, our modern-day gold, shows signs of faltering.
“THREE GREAT WEEKS, PERHAPS THE BEST EVER, BUT TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!! MAKE AMERICA GREAT AGAIN!!!” trumpeted Trump, perhaps forgetting that pumping up tariffs is not quite the same as pumping up the crowd.
The Spectacle of Tariffs
Ah, the grand design of tariffs! Trump sees himself as a knight in shining armor, waging war against the “unfair trade practices” of countries like India, Brazil, and Vietnam—places where import duties are higher than a kite caught in a spring breeze. But alas, while this endeavor might please his supporters, it appears the common folk might end up bearing the brunt of higher prices at the grocery store, all thanks to the noble art of trade negotiations tangled in uncertainty.
With Prime Minister Modi’s handshake still warm, whispers of relaxed tariffs on Indian exports float like leaves caught in an autumn gust. But oh, the specter of trade relations with China and Mexico looms darkly on the horizon, casting shadows over this economic theatre.
The Bitcoin Bump and Grind
And now, our beleaguered Bitcoin, often hailed as the stalwart shield against market chaos, finds itself caught in a spiraling plummet reminiscent of a poorly executed dance move. Following Trump’s previous announcement, it tumbled from a handsome $102K down to a meager $91K in the blink of an eye, only to pull a miraculous leap back to $98K the very next day—oh, the drama!
As I write this, our trusty BTC is trading at $95,717, having suffered a 2.20% decline in just 24 hours. It flirted with a peak of $98,083 before a chorus of selling cries sent it crashing to a low of $95,336.
And what do the sages of TradingView say? Well, it appears our beloved Bitcoin is donning a bearish cloak according to the Relative Strength Index (RSI), standing at 42.43. A clear sign that the mood is gloomy, and momentum wanes like the last drops of morning coffee.
Source: TradingView
- Meanwhile, the MACD indicator, sounding alarms like a foghorn, continues to wave its bearish flag. Bitcoin finds itself struggling below the 20-day EMA of $98,406, reinforcing the short-term gloom. But fear not! Our fortune teller, analyst Ali Martinez, declares that should Bitcoin dip below the 111-day moving average of $93,400, it could soar to heights yet unseen. Now that’s a plot twist fit for a daydream!
Historically, when #Bitcoin $BTC dips below the 111-D MA, major price moves follow! That level now stands at $93,400!
— Ali (@ali_charts) February 13, 2025
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2025-02-13 20:33