Bitcoin Price Analysis: Recovery from Global Trade War Shock
Key Range Bounce
- Bitcoin has bounced off the top of a key range as it looks to recover from the global trade war shock this weekend.
Impact of Colored Channels
- The colored channels in the 30-minute chart have consistently affected Bitcoin’s price over the past 14 months.
- The current purple channel ranges from $93.7k to $85.7k, with the top of the channel acting as a resistance to further price appreciation.
Market News and Bitcoin Price
- News of the US crypto reserve saw Bitcoin fly through the purple range and break into the next channel.
- Fears of the economic impact of President Trump’s tariff policy saw these gains collapse over the weekend.
Potential Breakthrough at White House Summit
- With a potential groundbreaking crypto summit at the White House tomorrow, a price increase beyond the bottom of the orange channel at $93.4k would be bullish for Bitcoin.
- Traders would be looking for a retest of this level before confirming a continued upward trend.
Technical Analysis and Price Channels
- Price channels were formulated throughout the 2024 bull market and have repeatedly shown themselves as important price points for Bitcoin.
- The channels use Bitcoin leverage liquidation prices, order book limit orders, and traditional technical analysis trends to highlight critical supports and resistances.
Implications of White House Summit
- If the White House summit reveals actionable Bitcoin policy, we will be looking to see if Bitcoin can break out to the upside, passing $93,000.
- If the summit includes little more than more announcements of future announcements or a combined Bitcoin and altcoin reserve, then we may also be looking for Bitcoin to retain $85,000 or risk a further slide.
