What to know:
- Bitcoin, in a dramatic twist, has slipped over 3% to $83,200, testing the 200-day average like a nervous cat on a hot tin roof. 🐱👤
- Despite President Trump’s latest crypto-related announcements, the universe has decided to focus on the economic impact of the ongoing tariff war, because why not? 📉
- Macro concerns, mainly tariff-related, are influencing risk assets, which is just a fancy way of saying “everything is a bit wobbly.” 🤷♂️
On this fine Sunday, Bitcoin (BTC) bears are attempting to penetrate key support, extending a three-day losing streak as macroeconomic concerns overshadow President Donald Trump’s latest crypto-related announcements. It’s like watching a soap opera, but with more numbers and fewer dramatic pauses.
The leading cryptocurrency, which is apparently the star of this show, has slipped over 3% to $83,200, testing the 200-day simple moving average (SMA). Prices have dropped over 10% since reaching dizzying heights above $92,800 on Thursday. Talk about a rollercoaster ride! 🎢
As if that wasn’t enough, trade tensions between the U.S. and China are set to escalate on Monday. Beijing will levy tariffs on certain U.S. agricultural goods in retaliation for President Trump’s latest hike on Chinese imports. It’s like a game of chess, but with tariffs instead of pawns. ♟️
On Friday, Federal Reserve Chairman Jerome Powell reaffirmed that the central bank will maintain its cautious stance on interest rates while assessing the economic impact of President Trump’s policy shifts. The comments came right after a soft U.S. nonfarm payrolls report, which sounds like a fancy way of saying “not great, Bob!”
Observers are scratching their heads as these developments, coupled with recessionary signals from the bond market, are taking focus away from Trump’s recent announcement of a strategic BTC stockpile. Because who needs a strategic stockpile when you have tariffs? 🤔
“Despite the very positive news, Bitcoin fell 4% from $90,000 to under $87,000 in mere hours. It appears that focus on Trump’s crypto-related actions is increasingly secondary as tariff war fears accelerate,” analytics firm IntoTheBlock said in their weekly newsletter. Sounds like a plot twist worthy of a best-selling novel!
The firm added that macro concerns, mainly tariff-related, have been pushing down markets, noting the strengthening positive correlation between bitcoin, ether, and U.S. stocks. It’s like a family reunion, but everyone is awkwardly avoiding eye contact.
“Further actions like Trump stating he’s not even looking at the stock market, and his administration targeting lower long-term interest rates instead, suggest that investor expectations of a Trump bull market may have been too eager,” the firm said. Eager? More like overly optimistic! 😅
Noelle Acheson, the author of Crypto Is Macro Now, said in Saturday’s edition that BTC’s dour price action in the wake of the strategic stockpile announcement “underscores how macro concerns still weigh heavy on crypto assets.” It’s like carrying a backpack full of bricks while trying to run a marathon.
The chart shows buyers stepped in below the 200-day SMA on Feb. 28 and March 2, leading to a price bounce. The market will likely keep an eye on this level to see if traders do the same again. Because who doesn’t love a good cliffhanger? 📊
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2025-03-09 18:28