Bitcoin ( BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Data from
A deepening US-China trade war kept stocks on their toes, having
Highly unusual market behavior had accompanied US tariff announcements, and China’s response with reciprocal tariffs saw the S&P 500 smash records with its roundtrip from lows to highs and back.
“On a point basis, the S&P 500 just posted its largest intraday reversal in history, even larger than 2020, 2008 and 2001,” trading resource The Kobeissi Letter
“You have just witnessed history.”
S&P 500 chart. Source: The Kobeissi Letter/X
Kobeissi drew attention to volatility kicking in from the smallest of triggers, with markets particularly sensitive to statements from US President Donald Trump.
“The problem with markets right now: Both bulls AND bears feel ‘uncomfortable’ in these market conditions,” it
“Why? Because stocks can swing $5+ trillion in market cap on the basis of a single post from a single person: President Trump. This is why we are seeing ‘herd-like’ price action, where large daily gains turn into large daily losses, and vice-versa.”
Crypto Fear & Greed Index (screenshot). Source: Alternative.me
Crypto was no exception to the tug-of-war, with the
For Keith Alan, co-founder of trading resource Material Indicators, the status quo was unlikely to improve in the short term.
“Part of me wants to sit on my hands and wait for this shit storm to pass,” he
“Because I don't think it is going to pass quickly, I'm not too eager to buy, even though some of these assets are on sale at great prices. That said, the fact that bids are piling in on some assets makes them very enticing.”
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Focusing on BTC price action, popular trader and analyst Rekt Capital revealed a new nearby resistance level in the form of a recent “gap” in CME Group’s Bitcoin futures.
“On the CME Futures Bitcoin chart, price broke down from its sideways range (black-black),” he
“In confirming the breakdown from the range via a bearish retest, Bitcoin filled the CME Gap (red circle) in the process. That CME Gap is now a resistance.”
CME Bitcoin futures 1-week chart with gap highlighted. Source: Rekt Capital/X
Further analysis gave a new BTC price range with $71,000 as its lower boundary based on previous trading volumes.
“Bitcoin is experiencing downside continuation after upside wicking into the early March Weekly lows (red),” Rekt Capital summarized.
“Having confirmed this red level as new resistance, BTC is now dropping into the $71,000-$83,000 Volume Gap to fill this market inefficiency.”
BTC/USD 1-week chart with volume data. Source: Rekt Capital/X
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.