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01.04.2025 10:44 AM
Traders pause ahead of key event
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Bitcoin's price has stabilized around the $83,000 mark as investors brace for a major announcement from US President Donald Trump on tariffs, expected to be made tomorrow. Other leading cryptocurrencies posted modest gains over the past 24 hours. XRP rose by 0.41% to $2.11, while Solana added 0.2% to reach $126.4. BNB, Dogecoin, Cardano, and Ethereum also saw slight upward movement.

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It is clear that the market is currently in a holding pattern, as the full scope of Trump's trade war plans has yet to be revealed. The president is expected to introduce several major tariffs on April 2, a date some have labeled "Liberation Day." His announcement of reciprocal tariffs for US trade partners could trigger a global trade war, with negative implications for risk assets.

Some investors, however, believe the impact may be less severe than initially feared, viewing the recent decline as a preemptive reaction to anticipated trade measures. If no new or unexpected developments are revealed, the cryptocurrency market may find room to recover. Moreover, the long-term outlook remains positive, supported by rising institutional interest and the expanding utility of blockchain technologies. Continued innovation in the space continues to attract attention and capital, laying the groundwork for future growth.

At the same time, traders are urged to remain cautious and account for risks associated with volatility and regulatory uncertainty, although the potential for buying opportunities during downturns remains. Many traders still prefer to stay on the sidelines until greater clarity emerges.

It is worth noting that the crypto bull run, which began after Trump's re-election in November last year, lost momentum following the president's announcement of broad tariffs on foreign goods. That move triggered a broader market correction, which dragged down both equities and digital assets. The first quarter resulted in a significant pullback, and any recovery from this point will likely be gradual.

After peaking above $108,000 in January, Bitcoin dropped below $80,000 last month, coinciding with the imposition of hefty tariffs on goods from Canada, Mexico, and China. Compounding the pressure, the latest Consumer Price Index (CPI) data came in hotter than expected, raising concerns that the Federal Reserve may delay interest rate cuts for a prolonged period.

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From a technical perspective, BTC buyers are currently aiming to reclaim the $83,600 level. A breakout above this mark would open the path toward $84,300 and then to $85,200. The most distant bullish target lies near $86,900, a breakout above which would confirm a return to a bullish market trend. On the downside, buyer interest is expected to be around $82,600. A decline below that support could push BTC down to $81,800, with a final bearish target near $81,000.

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Ethereum is attempting to hold above the $1,864 mark. A confirmed move higher would pave the way toward $1,893. The furthest upside target remains the $1,928 zone, which would also signal a return to a bullish cycle if breached. In case of a pullback, buyers are expected near $1,831. If that level fails, ETH could quickly fall to $1,806, with extended downside potential toward $1,773.

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