The prices of cryptocurrency have decreased sharply over the past 24 hours. Investors withdrew from risky assets due to the high tensions between the US -Chinese trade war.
US It has raised definitions now On Chinese imports of 245 % definitions of imports as a result of their revenge actions and added new limits to chips exports.
According to Trump, Trump urged China to start commercial talks, saying the United States did not need a deal. However, China replied that the United States should stop using pressure and threats if it really wants to solve the problem through negotiations. “In order for any dialog box to occur, it must depend on equality, respect and mutual benefit,“ Chinese Foreign Ministry spokesman Lin Jian said.
The United States had previously imposed a 145 % tariff on Chinese imports, while China responded with a tariff of 125 % on American goods.
Bitcoin and the broader market decline
Bitcoin decreased more than 2 % response and the broader encryption market decreased by 3.75 %. The stock markets were also affected as the future NASDAC 100 decreased by more than 1 % and the S&P futures decreased by 0.65 %. Although Bitcoin remained relatively stable during previous sessions, the signs indicate that the last bull round may slow down. It is currently trading at 83,826 dollars, a decrease of more than 2 % last day.
Moreover, Bitcoin fell to less than a simple moving average for 200 days on March 9, often indicating the main trend transformations. according to Coinbase institutionalThis step indicates that the sharp decrease of Bitcoin represents the beginning of the new bear market cycle that started in late March itself.
The bull market is over?
Coinbase, head of Coinbase, said that the modified performance scale is called the Z-SCORE indicates that the Crypto bull process has ended in late February. Since then, the market has been moving sideways not bullishly not declining, but neutral.
However, the encryption prices have withstood relatively well. A trader at Market Maker Wintermute believes that this stability gives merchants more confidence to use preventive strategies such as hedge. Therefore, some of the main brokers moved from caution to a neutral on the origins of the risk. The upcoming market movements will depend on actual economic data.
Total factors
The main economic data is to be issued this month, including a letter from the Federal Reserve Chairman today, where investors expect visions about the next rate transmission. Meanwhile, the uncertainty in the assets of the risk invested towards safer assets such as gold, which now rose more than 26 % this year, while the dollar decreased by 9 %. Gold also reached a new record of $ 3,300 an ounce amid the escalation of Chinese -American tensions.
Analyst Ali Martinez recently Duplicate Among the fact that Bitcoin is integrated into a channel, and since the support level of $ 83,200, there is a good opportunity, there is a good opportunity to bounce and rise towards the middle or higher than this range. It remains to see whether Bitcoin will rise or decrease further.
