Bitcoin price today saw a 3.7% increase, despite ongoing tensions between the United States and China over tariffs. The price initially fell to $74,467 earlier in the week but has since recovered to above $82,700. This article delves into how the coin is expected to trade following China’s imposition of retaliatory tariffs on US goods.
On Friday, the BTC price saw an upward trend, leading to a boost in the market cap of all cryptocurrencies to over $2.6 trillion. Other major cryptocurrencies like Ethereum, XRP, and Cardano also experienced slight gains. Bitcoin has only dropped by 0.22% in the last seven days, indicating a period of consolidation.
The 3% jump in Bitcoin price aligned with the performance of the stock market, where futures linked to the Dow Jones and Nasdaq 100 also rose significantly. This suggests that investors are viewing the ongoing trade war as unsustainable and are hopeful for negotiations between the US and China.
Despite escalating tariffs between the US and China, Bitcoin’s price rally continued. China increased its tariffs on US goods to 125%, prompting a response from the US to further raise tariffs. This trade war poses a risk of pushing the US into a recession, as predicted by Moody’s Chief Economist Mark Zandi.
Technical analysis shows that Bitcoin price may experience a rebound in the future, as it has formed bullish patterns like a cup and handle and a megaphone pattern on the weekly chart. Analysts predict that the coin could retest its all-time high and potentially reach a target price of $122,000 in the longer term.
In conclusion, while Bitcoin price may face short-term volatility, the overall bullish trend remains intact. Investors are hopeful for negotiations between the US and China to ease tensions, and potential Federal Reserve interventions could further boost crypto prices. Technical analysis suggests that Bitcoin has formed bullish patterns, indicating a potential price surge in the future.
