The price of bitcoin was above $ 95,550, even in the form of popular American stock indices and exchange-traded funds.
Bitcoin (BTC) was trading above $ 96,550 in the previous check on Saturday morning, the worst day of the US equity this year.
Nasdaq 100, S & P 500, and SCD Retreat
The Blue-Chip S&P500 index dives from 1.71%, while Tech-Office NASDAQ 100 had 455 points, rising 455 points. Similarly, Dow Jones and Small-Cap-Vated Russell 2000 fell to 1.70% and 3% respectively.
Schwab US Dividend Equity ETF fell 0.5%. This ETF, known as SCD, tracks some of America’s largest value shares and is highly popular among dividend income investors.
Many technology stocks including NVIDIA, Apple, Microsoft, and Meta platforms were among the top legords.
CNN Money Fear and Greed Index remained in the feer zone of 35, while Crypto Fear and Greed Index moved into the greed area of 38.
Bitcoin and American equities have retreated due to high market risk about President Donald Trump’s tariff and Federal Reserve.
This week’s fed minutes revealed that most of the authorities favor maintaining a restrictive policy as inflation has increased. Plants published earlier this month showed that the headline and core consumer price index increased to 3% and 3.3% in January, moving beyond the target of 2%.
When the Federal Reserve has a tone, bitcoin and other cryptocurrency do well. For example, they crashed in 2022 as the bank increased the rates, but a rebound between 2023 and 2024 as the bank started its axis.
Investors are also concerned about tariffs, possibly more market risks for risks. Trump has already implemented tariffs on sugar imports. Tariffs on Canada and Mexico, and steel and aluminum march will be closed. He is also considering levy on European goods.
High tariffs will probably lead to stability, a period where high inflation is accompanied by slow growth rate. This is a difficult period as there is a slow economic growth to increase the interest rate increase at a slow pace, while the rate cut triggers high inflation.
Bitcoin price chart points to a reversal
On the positive side, there are indications that the price of bitcoin will be a strong return in the coming weeks. The weekly chart suggests that it is creating a rapid flag pattern, made up of a long vertical line and some consolidation. This pattern eventually triggers a strong rapid brakeout.
Earlier, bitcoin value formed a cup-and-handle pattern. The depth of this cup is about 78%, which means the BTC price target is approximately $ 121,590. The target is installed by measuring the distance from the upper part of the cup.
