Ah, Bitcoin (BTC), that capricious creature of the digital realm, has taken a breather, cooling off a 7% rebound after the March 11 Wall Street opening bell. Familiar headwinds, like old friends, have sparked jitters in the market. Who knew finance could be so dramatic? 🎭
Bitcoin, stocks deflate on fresh tariffs letdown
Data from CryptoMoon Markets Pro and TradingView followed BTC/USD as it flirted with local highs of $82,154 on Bitstamp before deciding to consolidate—because why not keep everyone on their toes? 😏
US JOLTS job openings data delivered a slight overshoot versus expectations, but alas! It was the confirmation of further trade tariffs on Canada by none other than President Donald Trump that spoiled the risk-asset relief party. 🎉
The S&P 500, in a fit of despair, traded down 0.5% at the time of writing, while stock indexes continued their rollercoaster ride. 🎢
“The S&P 500 was up +5% at this point in Trump’s first term. Instead, it’s now down -7% since January 20th,” noted the ever-watchful trading resource, The Kobeissi Letter, in a reaction on X.
“A polar opposite start to his term so far.”
Trading firm QCP Capital chimed in, adding that Trump’s apparent “indifference to recession risks” has made life harder for risk assets. But fear not, dear reader, for some silver linings remain! 🌥️
“Despite the market turmoil, not all signals are bearish,” they summarized in their latest bulletin to Telegram channel subscribers.
“This wave of risk-off sentiment has driven 10-year Treasury yields down by around 60 bps and weakened the US dollar—a historically positive factor for USD-denominated risk assets like US equities and crypto.”
The US dollar index (DXY) dropped to 103.32 on the day, marking its lowest level since mid-October 2024. Talk about a dramatic fall from grace! 😱
New BTC price lows still “possible”
Meanwhile, Bitcoin price analysis found BTC/USD at a crossroads, caught in a web of uncertainty with no clear upside catalysts in sight. It’s like waiting for a bus that never arrives! 🚌
Trading channel More Crypto Online employed Elliott Wave theory to delineate key support and resistance levels, warning that prices could still plunge to new long-term lows. Buckle up! 🎢
“The price is still undecided after the New York open. A bottom could be forming here, but another low is possible as long as resistance holds,” they told their X followers.
“A confirmed low needs a sustained break above yesterday’s high in 5 waves. The market, as always, enjoys keeping traders guessing.”
Popular trader CrypNuevo described a “great reaction” at the 50-week simple moving average (SMA) around $75,500. It’s like the market is playing a game of hide and seek! 🙈
As CryptoMoon reported, that support trendline has remained without a candle close below it since March 2023. Will it hold? Only time will tell! ⏳
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2025-03-11 18:01