BTC/USD outlook: Bitcoin gains traction on talks of new tariffs
BTC/USD
Bitcoin bounced on Monday, benefiting from its status of alternative currency after new tariff announcement shook the markets and boosted safe haven demand.
Near term action is moving between ascending 100DMA (95210, which offers initial support and so far keeps the downside protected) and 55DMA (98865, guarding psychological 100K barrier).
Although talks about new tariffs and growing concerns about global trade war revived bulls, this was insufficient to spark stronger rally.
Markets await the action in overhauling the US crypto market regulations, as promised by President Trump, which most expect to be a key driver of bitcoin.
Overall picture remains bullish after bitcoin rose above 100K in post-election euphoria, though bullish sentiment slightly faded that resulted in prolonged consolidation within 90K-110K range.
Bitcoin is expected to remain bullishly aligned as long as price action stays above key 90K support zone, with break above 100K to firm the structure for eventual break above 110K and fresh acceleration into uncharted territory.
Res: 98865; 100000; 100520; 102589.
Sup: 95210; 93432; 91054; 90000.
Author
Slobodan Drvenica
Windsor Brokers
Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.
