Because of the Trump Tariff, the cryptocurrency market is in high anticipation as U.S. President Donald Trump is set to make a major trade policy announcement. The event, known as “Liberation Day,” will be held at 4:00 PM Washington time in the White House Rose Garden.
The U.S. will impose retaliatory tariffs on 15 countries, Treasury Secretary Scott Bessent said, a move that will significantly affect global trade and financial markets.
The traders are watching closely how the market is reacting, particularly in the crypto world, where there is usually volatility following major geopolitical and economic happenings.
While the conventional markets have been playing it safe, Bitcoin (BTC) is standing firm, increasing over 2% and trading at $86,750. The cryptocurrency briefly reached $87,300 but retreated a bit.
Market on Trump Tariff
BTC is now breaking out of a bullish flag chart pattern, with the Ichimoku cloud looking thin, indicating the possibility for sustained momentum. Short-term volatility is, however, anticipated, particularly if world markets respond badly to the introduction of new Trump tariffs.
If Bitcoin cannot hold at $85,400, a pullback to $80,000 is likely. A steeper correction to $77,000 could ensue if the market response to the policy changes turns ugly, a territory Bitcoin had also flirted with at end-February and mid-March.
Until Trump addresses, analysts do not know if this should occur. There are some hoping that Bitcoin’s role as an uncertainty hedge will continue to drive price advancement, and then there are signs of deeper selling pressure were other financial markets to become risk-averse.
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