The leading cryptocurrency's price failed to hold above $100k amid macroeconomic instability and upcoming Chinese tariffs on U.S. coal and LNG.
Current Bitcoin Price Trends
To understand Bitcoin's price action for the upcoming day, it's prudent to analyze the price behavior over the past three months. A technical analysis indicates a horizontal price channel, with the upper range between $108k and $109k and a lower range between $89k and $91.5k. Recently, a downward trend has been observed, likely pushing the price below the $96k support level, targeting around $91k. The bearish sentiment could be invalidated if the price breaks the descending logarithmic trend on the four-hour chart.
Short-term Macroeconomic Picture
The short-term macroeconomic uncertainty caused by trade wars contrasts ongoing discussions about implementing strategic BTC reserves in the United States. Individual states have already moved ahead despite the Trump administration's executive order to aid in creating a strategic reserve.
Market Situation
Meanwhile, BlackRock's IBIT continues to aggressively accumulate Bitcoins, recording a net cash inflow of $249 million on Tuesday and now holding net assets around $57.7 billion.
Macroeconomic factors and market dynamics are significantly impacting the current Bitcoin price, urging investors to remain cautious.
