Bitcoin has dropped to $94,908 today, and recent developments have led to further losses. Altcoin traders are facing significant challenges as the ongoing war in Ukraine appears to be nearing an end. While the legal pressures on cryptocurrency might be easing, the risks posed by Trump’s global trade war continue to weigh heavily on market sentiment. Positive news seems to come hand-in-hand with bad news, creating a tumultuous trading environment.
The Bitcoin Dilemma
As of the writing of this article, Bitcoin has dipped below the $95,000 mark. There are serious negotiations occurring with Russia over territorial exchanges in Ukraine, which could potentially resolve several pressing issues. However, the risk markets are currently under negative pressure due to Trump’s ongoing trade war.
ETFs, decreasing legal pressures, potential altcoin ETF approvals, and ongoing discussions about BTC reserves all present long-term benefits for cryptocurrencies. Nevertheless, the Federal Reserve’s potential cessation of interest rate cuts may alarm investors, especially with inflation risks soaring due to tariffs.
Expert Opinions on Cryptocurrency
Michael Poppe remains optimistic despite the prolonged downturn in the cryptocurrency market, which has suffered for nearly 70 days. In his recent assessment, he shared a graph indicating potential turning points for Bitcoin.
“If we reach the lower boundaries (below $95,000), it will signal a clear buy opportunity. Should we recover to higher levels, it may lead to the next significant surge targeting a new all-time high.”
CryptoBullet also remains hopeful for altcoins, with SUI Coin’s BTC graph indicating potential for the overall altcoin market.
“SUI/BTC 1 Weekly Update: It has retested an important S/R line and formed a robust weekly candle. SUI is far from finished. Target 1 – 0.000125, Target 2 – 0.000230.”
However, could this scenario become a reality? It seems unlikely if Trump continues to impose tariffs, which keep pressuring the cryptocurrency market. Altcoin traders are struggling, and there seems to be little chance for a resolution in Trump’s trade war in the foreseeable future. This conflict could persist for at least another month.
