As we approach a new week, cryptocurrency traders looking at charts are finding reasons to smile. Despite some negative events, Bitcoin 
$63,305 has managed to remain strong, providing a better environment for altcoins. The focus now shifts to what analysts expect come Monday. We delve into the continued upward trend despite risks and the latest chart analyses for you.
Bitcoin (BTC)
As of the preparation of this article, the BTC price climbed to $118,500, with a daily peak of $118,636. Although the EU tariff letter was issued yesterday, the markets seemed undeterred by it. In April, similar scenarios led to significant losses, and as recently as early July, these discussions resulted in new lows.
Today, the markets appear indifferent to bad news, much like they have ignored positive news for months. DaanCrypto shared the following chart, indicating upcoming volatility.
The typical boring weekend. BTC is loitering around Friday’s CME closing price. As we approach the reopening of futures on Monday, I expect volatility to rise again in a few hours. The main things I’ll watch this week are whether BTC and ETH can maintain their recent breakouts and the outcome of 30% EU/Mexico tariffs. These tariffs are higher than the Independence Day tariffs, but because all other tariffs have been reduced or delayed, the market barely pays attention to them.
Why Didn’t Tariffs Prompt a Drop?
We observed a similar scenario toward the end of the Iran incident. Markets grew insensitive, confidently believing an agreement was ensured, with negotiations occurring behind the scenes, sparking a rally even before a ceasefire was declared. Today, tariffs have lost their credibility.
The reason is clear:
- January Trump: I will soon announce tariff rates, which will be effective immediately. There will be no bargaining.
- February Trump: Tariffs are non-negotiable, and unless targeted countries zero their tariffs, we will not reciprocate. Either manufacture in the USA, zero your tariffs, or pay the invoice we issue.
- February: Just days after the announcement, Trump gives a 3-month timeframe without expounding it. Act fast.
- June Trump: July 9 is the final day, and tariffs will be enacted immediately. Zero your tariffs or pay the imposed rates.
- July Trump: I’m sending tariff letters. They have until August 1 to comply.
This year, Trump has played many games with the EU, Canada, China, and Mexico. He claimed he would immediately impose exorbitant duties to bring them to the negotiation table. Each time the story ended the same way. Markets expect this to happen again in August. Trump’s consistency of bluffing has significantly hurt his credibility, as his actions often contradict his proclamations.
As a result, cryptocurrencies are beginning to ignore these tariffs.
