Bitcoin (BTC) faced renewed selling pressure in the US market as trading commenced on March 26, prompting analysts to note a “significant shift in market dynamics.”
Data illustrated that BTC/USD was trending downward, approaching $87,000. Although the trading session in Asia had provided some support, the opening of US markets triggered a familiar trend reversal. Bitcoin mirrored the stagnation seen in US stocks, with both the S&P 500 and Nasdaq Composite Index declining as trading began. The US dollar index (DXY), which typically moves inversely to BTC/USD, climbed to a three-week high of 104.46.
Commenting on the current environment for risk assets, a trading firm pointed to the influence of trade tariffs from the US government and the upcoming measures set to take effect on April 2. They noted, “Uncertainty surrounding US trade policy and the overall political climate continues to be a primary concern. The prospect of additional tariffs has been hinted at, but there remains ambiguity regarding the specifics of these potential actions. In the interim, we anticipate continued sideways volatility.”
Despite this, they suggested that Bitcoin could still “demonstrate tactical outperformance in the near term,” particularly after GameStop’s decision to integrate BTC into its corporate treasury. They added, “While this isn’t the first instance of corporate adoption, the notable excitement surrounding GameStop could reignite speculative interest among retail investors. Historical patterns indicate that coordinated retail flows can significantly impact institutional positions.”
In a positive turn of events, a well-known trader delivered optimistic insights regarding Bitcoin’s daily price chart. After a three-month downtrend, he announced that Bitcoin had finally broken free from its descending channel, indicating a pivotal change in market structure.
Additionally, two significant Bitcoin price indicators—the relative strength index (RSI) and the Hash Ribbon metric—are currently signaling potential upward movement.
This article does not serve as investment advice. All investment and trading decisions come with risks, and readers should conduct their own research before proceeding.