Bitcoin (BTC) Bears sought to penetrate key support on Sunday, extending a three -day defeat sequence while macroeconomic concerns have overshadowed recent announcements related to President Donald Trump’s crypto.
The main cryptocurrency per market value slipped from $ 3% to $ 83,200, testing the 200-day single mobile average (SMA), depending on Coindesk and TradingView Data. Prices have dropped by more than 10% since the summits greater than $ 92,800 on Thursday.
The last decrease occurs while trade tensions between the United States and China is expected to degenerate on Monday. Beijing will take prices from certain American agricultural products in retaliation for President Donald Trump’s last increase in Chinese imports. The tariff war has injected significant uncertainty into the market and for decision -makers.
Friday, the president of the federal reserve Jerome Powell reaffirmed that the central bank will maintain its prudent position on interest rates while assessing the economic impact of President Donald Trump’s policy. The comments occurred in the heels of a pay report and expectations for the United States and expectations for at least three Fed rate drops this year.
According to observers, these developments, associated with recession of the bond market, distance Trump’s announcement from a strategic BTC stock.
“Despite the very positive news, Bitcoin rose from $ 4% of $ 90,000 to $ 87,000 in hours. It seems that the accent placed on Trump’s crypto actions is more and more secondary while fears of tariff war are accelerating,” said Intotheblock, the analytical company in the weekly newsletter on Friday.
The company added that macro concerns, mainly linked to prices, have advanced the markets, noting the strengthening of the positive correlation between Bitcoin, Ether and US actions.
“Other actions like Trump declaring that he was not even looking at the stock market, and his administration targeting the long-term interest rates that were rather low, suggest that the expectations of investors in a Trump bull market may have been too wishing,” said the company.
Noelle Acheson, the author of Crypto is Macro Now, said in the Saturday edition that the Dour Price of BTC action following the strategic advertisement of the stock “underlines how the macro-pens concerns always the cryptographic assets”.
The graph shows that buyers intervened below the 200 -day SMA on February 28 and March 2, which led to a price rebound. The market will probably keep an eye on this level to see if traders start again.
