At the end of this week, cryptocurrency rates witnessed a large gathering, which is largely due to mitigating trade tensions due to the cessation of customs tariffs. Despite this somewhat bullish step, the conditions of the descending market are still ongoing.
According to my weekly a report From the Cryptoquant market analysis platform, Bitcoin (BTC) was in one of the lower -up stages since November 2022. Asset standards on the series indicate that the continuous gathering in the short term is unlikely.
BTC marches on suspended tariffs
The week started with high fluctuations, which led to sales that conducted bitcoin from 84,000 dollars to its lowest level for five months at 74,000 dollars. Eter (ETH) also decreased to its lowest level in March 2023 at $ 1385, as China and the European Union imposed a retaliatory tariff against the United States.
By mid -week, US President Donald Trump announced a 90 -day stoppage on the customs tariff for all countries except China. During these three months, China will undergo 125 % of the customs tariff while 10 % will be imposed on other countries. Evolution caused a combination of encryption assets, with BTC recovery after touching its average moving for 365 days; Cryptoquant said this level was support in the current and previous market courses.
While BTC is currently trading at $ 83,460, Cryptoquant believes that she has found support on a 365 -day moving average of $ 76100. Constant diving under this level would indicate the appearance of the bear market.
The market is still in a state
Despite the improvement of the market after Trump stopped the tariff, it should be noted that BTC recorded the largest clouds of this course – 27 % correction. Cryptoquant’s bull indicator data shows that the cryptocurrency is still in one of the lower -up stages for more than two years.
As mentioned earlier by CryptopotatoThe Bull Score Index evaluates the Bitcoin investment environment by evaluating nine indicators on the chain and one market scale. The model measures the conditions of measures from 0 to 100, with the first decline and the last upward.
The index has now decreased to 10 after it has been hovering about 20 since mid -March. Continuous residence indicates less than 40 to the weak feelings of investors and the beginning of the bear market. Besides, only one scale is a flash of bullish signals in the scale, which is the BTC price that hovers over the moving average for 365 days. The remaining nine have been often declining since February 23, when BTC was still changing its hands at $ 96,000.
Meanwhile, analysts have distinguished levels of $ 84,000 and $ 96,000 as resistance areas if BTC continues to rise in the coming days.
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