Türkçe
Español
On Tuesday, Bitcoin’s (BTC) price failed to hold above the $100,000 mark. Although there are optimistic expectations regarding the trade agreement between the U.S., Mexico, and Canada, uncertainty in the markets persists. Additionally, tensions are escalating between the U.S. and China, with the Chinese government preparing to impose a 15% additional tariff on U.S. coal and liquefied natural gas (LNG). This could lead to new disruptions in the global economy. The cryptocurrency market is mirroring traditional financial market movements. With major stock indices trending downwards, Bitcoin 
$108,401 and other cryptocurrencies are also under downward pressure. As a result, many experts argue that taking profits in the short term may be a sensible approach.
Bitcoin Price Analysis and Commentary
Recent price movements indicate that Bitcoin is trading within a horizontal channel. The upper limit ranges between $108,000 and $109,000, while the lower limit fluctuates between $89,000 and $91,500. However, Bitcoin has primarily trended downward recently. The price movements are forming lower highs and deeper lows, which may lead BTC to retest the $96,000 support level.
If the selling pressure continues, Bitcoin could potentially decline to around $91,000 in the medium term. However, this scenario could be invalidated if a downward trendline breaks in the four-hour chart. Technical indicators suggest that Bitcoin’s behavior at this crucial level is significant.
Market Uncertainty Reigns
The trade war between the U.S. and China has reduced risk appetite in the markets. Meanwhile, efforts are ongoing in the U.S. to classify Bitcoin as a strategic reserve asset. While the federal government is preparing to take steps in this direction, some states have already begun to act.
Additionally, investment giant BlackRock continues to aggressively accumulate Bitcoin through its Bitcoin exchange-traded fund (IBIT). Recently, the fund reported a net inflow of $249 million, bringing its total Bitcoin holdings to $57.7 billion. This institutional support could strengthen long-term positive expectations for the market.
