BTC Bouncing Back
In an encouraging sign for crypto bulls, Bitcoin has managed to cling to positive territory this week, avoiding the meltdown we’ve seen elsewhere in the risk complex. Stocks and commodities markets have tanked on the back of the sweeping US tariff announcements made earlier in the week. Global markets have seen seismic moves and while crypto prices have shown a tendency this year to weaken in response to tariff uncertainty and a weakening of risk sentiment, Bitcoin looks to have decoupled from the wider risk market this week.
Bitcoin a Safe Haven?
One view is that Bitcoin’s decentralised status means it is less vulnerable to the supply shocks hitting other parts of the market. Additionally, with Bitcoin having previously been seen as a safe-haven from traditional market storms, and a store against inflation and Dollar devaluation, a sharp downturn in US growth forecasts this week mean that BTC might actually function as a safe-haven while USD is crashing alongside equities and stocks, giving investors a temporary store of value to weather the near-term storm.
Pro-Bitcoin News
Bitcoin is also being supported this week by the news that lawmakers in Alabama and Minnesota have proposed bills for Bitcoin to be included in state investments. If approved, Bitcoin gains would be exempt from state income tax and eligible for retirement portfolios, opening up a significant source of demand and further paving the way towards mainstream uptake of Bitcoin.
Technical Views
Bitcoin
For now, the market remains above the $80k level, with momentum studies still bullish here. Price failed to break above the bear trend line this week though focus remains on a fresh push higher while current support holds. $91,750 and the retest of the broken bull channel lows will be the key hurdle for bulls near-term.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.