Bitcoins and most ultcoin pulled back on Tuesday as cryptocurrency traders waited for the upcoming David Sachs Press Conference.
Bitcoin (BTC) hovering around a mark of $ 100,000, while most blue-chip ultcinas such as atherium (Ath), Cardano (ADA), and Ripple (XRP) barely moved.
Small names such as radium, official meme, bitenser and aerodrome finance were the best performing coins.
A possible reason for the performance of this market is the new trade war between the US and China, which can lead to inflation. The US has implemented 10% tariff on Chinese imports, while China has responded with its own levy and Google examination.
On the positive side, the two countries may agree to stop these tasks to allow room for interaction. The US has already stopped its tariffs on Mexico and Canada.
Bitcoins and altcoins are expected to react to a press conference by David Sachs, AI and Crypto Caesar, which will address important preferences for the industry. His conference will also include crypto-friendly MLAs like Tim Scott and John Bazmann.
This press conference will be important, as President Trump has identified leadership in Artificial Intelligence and Crypto as the major focus of his administration. The sack is expected to create administration approaches and outlines of potential priority areas.
Some of the potential themes include the criteria to approval the Crypto Exchange-traded funds and simplify the rules.
Bitcoin and ultcoin will grow or fall after bitcoin press conference?
The conference of Sachs comes at a time when technical indicators suggest a strong rapid breakout. The weekly chart suggests that Bitcoin formed a cup and handle pattern between November 2021 and October 2023. The pattern had a round floor and a handle developed between March and October 2024.
Bitcoin has formed a rapid flag chart pattern, which includes a long vertical line, followed by a flag-like consolidation. It has gone above the average due to 50-week and 100-week, indicating potential power.
As a result, bitcoin will possibly move to rebound and resistance to $ 123,000. This goal is calculated by measuring the depth of the cup – about 77% – and applying the same distance from the upper range of the cup.
A rapid breakout in bitcoin will probably receive benefits in altcoins such as atherium, solana and cardano, as they have a close relationship with BTC.
