In the most fashionable of Wall Street trends, Bitcoin (BTC) elegantly glided back to the sum of $85,000 as the market darlings digested the news of American trade tariffs with a rather queasy stomach.
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It appears that the noble BTC/USD, after a brief respite to the sum of $87,000, could no longer sustain its momentum. This was most undoubtedly due to the President’s unwavering commitment to the imposition of said tariffs upon our neighbors to the north and south.
For as President Donald Trump has decreed upon the digital scrolls of Truth Social, these levies shall indeed commence on the 4th of March, as meticulously planned. 📜
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In a letter most Kobeissian, it was observed that the BTC’s woeful performance could be attributed to an increased affinity with stocks and a most unseemly reduction in liquidity.
“In a twist most ironic,” it was written, “the wealth does seem to find its way back into the US Dollar‘s arms.”
“In times of trade turmoil, the US Dollar becomes the ‘safest risky asset’ for it is the most ‘stable’ of currencies.”
It was further noted that it is the lesser investors who are making a most hasty retreat, leading to an exodus from the US Bitcoin ETFs the likes of which has never been seen.
“Bitcoin ETFs have endured six consecutive days of withdrawals, amounting to a staggering -$2.1 BILLION. The exodus was led predominantly by the retail persuasion,” it confirmed.
As for the Bitcoin traders, they are in a most feverish search for a reversal in the fortunes of BTC/USD.
It has been reported that a “gap” in the Bitcoin futures market is the object of their affections.
“Bitcoin seems poised to close the $77,360 November CME gap, which may well intersect with the trend line of September 2023,” spoke a popular trader, Justin Bennett, with a chart most illustrative.
“Some respite may be had in March, yet the monthly chart appears most peaked unless $BTC can perform the miraculous and close February above $92k. The odds, dear readers, are not in its favor.”
It was previously thought that $92,000 marked the baseline for Bitcoin speculators, forming the foundation of a three-month trading range. Alas, how the times do change!
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2025-02-27 18:42