This year has generated considerable enthusiasm around cryptocurrencies, but uncertainties about tariffs are holding back investors. Expert Roman Trading shares his views on the market situation.
Signals of a Bear Market
Bitcoin is currently valued at $104,800, and a forthcoming conversation between former President Trump and China's President Xi may provide clarity on tariff issues. This event could significantly impact the market, though it may not occur as scheduled. The European Central Bank is also set to announce its decisions on interest rates soon.
Reaction of Bitcoin and Altcoins
U.S. employment data is set to be released tomorrow, but ongoing tariff concerns likely mean the data will not impact the Fed's decisions on rate cuts. Despite former President Trump's urging, Powell emphasizes the need for such tools in tougher economic times. Interestingly, the prevailing atmosphere of fear could create opportunities for growth, with analyst Jelle expressing optimism for the near future: 'Bitcoin remains compressed between EMA’s alongside local support. It’s progressing exactly as planned. We might endure a few more painful days before the price ascends past $112,000.'
Overall Market Situations Overview
Analyst Michael Poppe illustrates that the rising ETHBTC pair indicates promising possibilities for BTC and ETH to reach new highs. While the outlook remains positive, its realization depends on timing. In the current situation, Bitcoin holds a critical price level while market tensions persist. A potential Trump-Xi talk may alleviate tariff concerns, and central banks' policy decisions will heavily influence market sentiments.
Given the current data and discussions, the interplay of global economic signals and central bank decisions will continue to shape the volatile cryptocurrency landscape. Observers remain watchful for pivotal conversations and monetary policy directions.
