Bitcoin (Btc) remained a change of mind on March 4 Wall Street tomorrow as the weak crypto markets weigh the impact of US trade tariffs.
BTC/USD 1-Hour chart. Source: Cointelegraph/TradingView
Bitcoin edges closer to multimonth lows
Data from Cointelegraph Markets Pro and Tradingview Showed new local lows of $ 82,037 for BTC/USD in Bitstamp.
A rebound then took the pair, still down by more than $ 10,000 Compared to the high day of the day, which is close to $ 85,000.
Bitcoin and Altcoins felt heat thanks to US tariffs against Mexico and Canada to take effect, while plans for a strategic US crypto reserve White House Crypto Summit Event on March 7th.
“This sale-off is aggravated by Trump’s revised push for tariffs in Canada, Mexico, and China, which strengthens investor’s concerns over increasing trade tensions,” the trading firm QCP Capital wrote in the latest review sent to Telegram Channel’s conscience channels.
The QCP noted that stocks are also struggling in the face of tariff pressure, something that is likely on the radar for President Donald Trump.
“This collapse may have increased the pressure on Trump, especially after strong support and donations he received from the crypto community during his campaign,” it continued.
“Even the latest SEC transfer-the pause and removal of implementation cases against crypto-frustration companies to stem the seller, emphasizing the broader risk of the market. After a month of cross-asset’s conquest, the market anxiety has resurrected in the prospect of tariff sentiment. “
Total Crypto Market Cap 1-Day Chart. Source: Cointelegraph/TradingView
Meanwhile, the trading firm Mosaic Asset has gained an optimistic outlook on how asset performance can evolve in the short term.
“Bearish and Oversold’s investor sentiment is the condition that will help see a rally open,” it argued with the latest edition of its regular newsletter, “The mosaic of the market”On March 2.
“Near-term, seasonal and rotation trends for the S&P 500 can be a tailwind too. The last two weeks of February is history of the most negative for the S&P 500, but March is the best month of the first half of the calendar year over the past 15 years average.”
Comparison to the S&P 500 cycle. Source: mosaic asset
Hope remains for the prolonged return of BTC price
That perspective has expectations for Bitcoin.
Related: Bitcoin is no longer ‘safe shelter’ as $ 82k BTC price dive leaves gold on top
Number Cointelegraph reported.
“Everything that happens in today’s markets, especially in crypto, is a direct consequence of tightening financial conditions in the Q4 last year,” he told followers of X.
Meanwhile, the US Dollar Index (DXY) hit 12-week lows the day before seeing a moderate bounce of its own relief.
US Dollar Index (DXY) 1-Day Chart. Source: Cointelegraph/TradingView
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
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