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Bitcoin (BTC) price failed to sustain above $100k on Tuesday, amid the renewed hope for the resolution in the United States-Mexico-Canada Agreement (USMCA). Ahead of the planned talk between US President Donald Trump and Chinese President Xi Jinping, Beijing has scheduled to implement a 15 percent tariff on U.S. coal and liquefied natural gas (LNG) among other control measures in the coming days.
The short-term macroeconomic uncertainty has impacted major stock indexes in a bearish outlook. With the crypto industry, led by Bitcoin, depicting a positive correlation with major stock indexes, most crypto experts believe taking some profits is prudent.
Key Targets for Bitcoin Today
To understand how Bitcoin price is likely to perform in the next 24 hours, it is prudent to study the price action for the past three months. From a technical analysis point of view, Bitcoin price has been forming a horizontal channel, whereby the upper range is between $108k and $109k and the lower range is between $89k and $91.5k.
In the past few days, Bitcoin price has been forming a falling trend, characterized by lower lows and lower highs. As a result, Bitcoin price is likely to dip below the support level of around $96k again, with a midterm target of about $91k.
The bearish sentiment will, however, be invalidated if Bitcoin price breaks out of the falling logarithmic trend in the four-hour time frame.
Market Picture
The short-term macroeconomic uncertainty caused by the tariff wars has conflicted with the ongoing talks of implementing a strategic BTC reserve in the United States. Already, individual states have front-run the federal government, despite the Donald Trump administration issuing an executive order to help in the creation of a strategic BTC reserve.
Meanwhile, BlackRock’s IBIT has continued to accumulate more Bitcoins aggressively, whereby it recorded a net cash inflow of $249 million on Tuesday to currently hold about $57.7 billion in net assets.