Bitcoin’s Resilience Tested Amid Market Turmoil and Trump’s China Tariffs
Cryptocurrency markets faced significant pressure as former President Trump’s 104% tariffs on China took effect, triggering over $1 billion in liquidations. Despite the sell-off, Bitcoin showed signs of resilience with long positions rising to 54%. As Bitcoin marks 273 days post-halving, analysts watch closely to see if it can withstand the potential chaos in traditional finance.
Crypto Stocks Plunge Amid Trump’s 104% China Tariffs
Cryptocurrency markets have taken a significant hit as Trump’s tariffs against China are set to go live. Over $1 billion was liquidated from the crypto market yesterday, and the tariffs have prompted another drop. However, there is some optimism as Bitcoin’s long positions rose to 54%. Tomorrow could be a critical day, potentially bringing chaos to traditional finance, but crypto might weather the storm.
Bitcoin Hits 273 Days Post-Halving, Analysts See More Upside Ahead
Bitcoin’s 273-day post-halving mark suggests more upside based on historical patterns. Key support at $73.7K holds, aligning with 38.2% Fibonacci retracement and filled FVG zones. Despite low volume, BTC’s structure shows higher lows and potential for a breakout above $80K. Bitcoin is trading near the $80,000 mark as analysts point to historical halving data and technical indicators suggesting further upside in the current market cycle.
Moscow Releases Tax Calculator for Russian Crypto Miners
The Russian tax agency, the Federal Tax Service (FTS), has unveiled a tax calculator tool for crypto miners operating in the nation. The FTS tool lets miners check on the exact ’minimum closing price’ in fiat rubles of popular coins on ’foreign trading [platforms]’ (crypto exchanges) on specific dates in the period January 1, 2025, to March 31. The agency’s website has also posted information on crypto exchange rates for taxpayers.
Is $74,000 The Bottom For Bitcoin? Analyst Predicts $38,000-$42,000
The Bitcoin (BTC) price crash to $74,000 has traders speculating about a potential bottom. However, a CMT-certified analyst, Tony Severino, suggests that the price correction is not over and predicts a deeper pullback to $38,000 – $42,000, which he identifies as Bitcoin’s final price bottom. His analysis is based on a classic 5-wave impulsive structure and highlights that the latest decline to $74,000 is part of a broader ABC corrective pattern.
MicroStrategy Halts Bitcoin Buys Amid $5.9B Losses
MicroStrategy, led by Michael Saylor, has paused Bitcoin purchases as prices dipped below $80,000. The company, which holds 528,185 BTC, refrained from making any new purchases between March 31st and April 6th, even as prices fluctuated. This move came after Bitcoin briefly rallied to $87,000 midweek before losing momentum. Saylor advocates for the U.S. government to acquire 5%-20% of Bitcoin’s total supply.
