Bitcoin's price reached new three-week lows on Friday after US trade tariffs negatively impacted market sentiment.
Bitcoin Hits Low and Fills CME Gap
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin fell to $114,322 on Bitstamp, filling a gap in CME Group's Bitcoin futures market left over from July. It's common for Bitcoin prices to fill these gaps, and the market is hopeful for a positive movement following this dip.
Impact of Trade Tariffs on Cryptocurrency Market
Bitcoin fell harder than risk assets as new tariffs were enacted under the Trump administration. In contrast, S&P 500 futures were down only 0.4%, showing greater resilience to trade policy impacts.
Mixed Predictions from Traders
Some traders, like crypto investor Ted Pillows, express optimistic forecasts, suggesting that a bounce might follow the gap fill. However, others remain cautious, emphasizing the need for Bitcoin to demonstrate strength to avoid further declines. Popular trader Crypto Candy noted that the price needs to close above the $115,000-$116,700 range.
The cryptocurrency market remains tense as the impact of trade tariffs creates uncertainty, with traders divided on Bitcoin's future direction.
