Bitcoin (BTC) has managed to maintain a stronghold at $82K, despite a sharp sell-off triggered by President Donald Trump’s recent tariff announcements. However, the cryptocurrency market remains on edge as two major macroeconomic events loom this week, potentially influencing Bitcoin’s price trajectory.
Trump’s Tariffs and Bitcoin’s Resilience
On April 2, Trump unveiled reciprocal tariffs on over 100 trading partners, including China, India, and the European Union. This announcement caused turmoil in both the U.S. stock market and the cryptocurrency sector, leading to over $1.3 trillion in stock market liquidations and $500 million in crypto liquidations. Bitcoin’s price dropped by 7.21%, falling from $88.5K to $82.1K.
Despite the market-wide sell-off, Bitcoin demonstrated remarkable resilience by holding its ground at $82K. This price level has raised optimism among investors, signaling potential strength in the digital asset. However, with two critical economic events on the horizon, the outlook for Bitcoin remains uncertain.
Key Macroeconomic Events to Watch
Nonfarm Payrolls (NFP) Report: The March NFP data is expected to show only 80,000 new jobs, significantly lower than the previous month’s 151,000. A weaker NFP reading could put additional pressure on the Federal Reserve, potentially influencing its monetary policy decisions.
Fed Chair Jerome Powell’s Speech: On April 4, Fed Chairman Jerome Powell will address the public, and his remarks could provide further insight into the central bank’s stance on interest rates. Currently, the CME Fed Watch Tool shows a 78.5% probability that the Fed will maintain the target interest rate at 4.25% to 4.50%. However, there’s a 61.3% chance of a 25 basis point rate cut by June 2025, which could impact market sentiment.
What’s Next for Bitcoin?
With Bitcoin holding above $82K, some analysts remain optimistic. Arthur Hayes, founder of BitMEX, believes that if BTC can maintain the $76.5K level by U.S. tax day (April 15), the market could avoid further declines. On the other hand, popular crypto trader RektProof suggests that Bitcoin could dip below $81K to $76K, presenting a potential buying opportunity. Conversely, if Bitcoin avoids further drops, it may climb toward the $82K-$91K range, offering opportunities for traders to short the market.
The outlook for Bitcoin remains uncertain, with upcoming macroeconomic events likely to drive significant price movements. Investors should remain cautious as these events unfold, as they could easily sway market sentiment and influence Bitcoin’s short-term direction.
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