As the tariff war between the US and China continues with mutual retaliation, Bitcoin (BTC), Ethereum (ETH) and other altcoins are on a mixed course.
BTC and altcoins, which rose after Trump’s decision to suspend most of the bilateral tariffs for 90 days, are giving back their gains as China and the US continue their tariff war.
As tariff-related uncertainty continues in the markets, FxPro analyst Alex Kuptsikevich shared his updated analysis for Bitcoin and Ethereum.
Speaking to Barron’s, Alex Kuptsikevich noted that Bitcoin and altcoins responded to the news of Trump’s tariff suspension by rising, but not as much as stock markets.
Stating that volatility continues in the cryptocurrency market at this point, the analyst said that BTC’s movements around $80,000 will determine whether it can break out of the correction trend.
Stating that the real test for Bitcoin has now begun, Kuptsikevich stated that it is still a bit early to say that the correction trend is over:
“Bitcoin temporarily rose to $80,000, but it remains unclear whether the correction is over in the medium to long term. At this point, Bitcoin is currently nearing the upper end of its downtrend and is being retested to see if it can break out of the correction that has been going on for the last two months. If it can stay above $80k, it will pass the test.”
Finally, the analyst said that Ethereum has also been recovering recently, but it is important to see whether it can break through the $1,900 resistance to say that the correction trend is over.
“Ethereum also recovered from the lower support line, but whether it can break the upper resistance line at $1,900 will determine the future trend.”
*This is not investment advice.