This week looks wild for Bitcoin, with several factors potentially causing big price swings. Here’s the lowdown:
Trade Wars and Tariffs
Get ready for a potential trade war escalation on April 2nd. President Trump’s “Liberation Day” could bring massive new tariffs, impacting various goods and potentially causing significant inflation. This uncertainty could lead to major market volatility. The situation is further complicated by potential new tariffs on Iranian and Russian oil, adding to the global economic uncertainty.
Whale Watching
Big Bitcoin players, or “whales,” are making some interesting moves. One whale, nicknamed “Spoofy,” seems to be strategically buying Bitcoin at lower prices, suggesting a bullish outlook despite the potential for further price drops. This activity is happening around key weekly and monthly closing dates, adding to the excitement.
Technical Analysis: Bearish or Bullish?
Technical analysts are watching key support levels closely. A bearish flag breakdown could send Bitcoin down to the $70,000-$73,000 range. However, the anticipation of the April 2nd tariff implementation might lead to a “sell the rumor, buy the news” scenario, defying expectations. There’s also significant liquidity around $78,000-$80,000 and $87,000-$89,000, which could influence price action.
Smart Money is Accumulating
Experienced Bitcoin investors are accumulating, according to on-chain data. This suggests confidence in the current price, hinting at a potential bullish medium-term outlook. However, global economic events could still impact this.
CME Gaps to Watch
The CME (Chicago Mercantile Exchange) gap between $82,000 and $85,000 has been filled. A new gap might form, potentially leading to a price move towards at least $84,000. These gaps often influence price action, so it’s a key factor to monitor.
In short, Bitcoin’s price this week could be heavily influenced by global trade tensions, whale activity, technical analysis indicators, and CME gap dynamics. Buckle up!
