Following a strong stance by Trump last Friday, Bitcoin (BTC) maintains buyer interest above $107,000. The European Union is carefully assessing the recent U.S. tariff proposal and has held back from escalating tensions, hinting at a possible tariff accord between the EU and the U.S. But what impact does this have on the cryptocurrency market?
Is Bitcoin Gaining Traction?
Bitcoin’s performance has spotlighted a potential uptick despite altcoin investors experiencing limited gains in the closing days of June. Following several notable events, the altcoin market has seen downturns, complicating upward momentum over recent months. This scenario was anticipated by Trump’s trade secretary at the tariff announcement.
Will Market Recovery be Achieved?
The initial quarter of the year was overshadowed by tariff chaos, with negotiations defining the second. The third quarter comes with expectations for agreements and subsequent recovery, as addressed months in advance. Significant April rate adjustments indicate that if pending tariff resolutions materialize, they might drive market resurgence.
BTC had challenges in firmly closing above $106,300, but sustained closings may create a robust base if prices remain buoyant. Surpassing $108,300 might set BTC on a path to reaching all-time highs.
It’s crucial for BTC to sustain $105,800 to prevent downturns, as slipping below this might trigger a return to loss levels around $100,165.
The aggregate market value of cryptocurrencies reverted to $3.3 trillion, while trading volumes have declined by 30% to $65 billion due to the typical Sunday dip. BTC maintains strong dominance, with ETH struggling below $2,500. Prices almost reached $3,000 during the China-Paris accord, but developments in the Iran-Israel conflict disrupted progress. Although a ceasefire is in place, prices have yet to recover.
Positive developments from tariff negotiations could catalyze another uptrend attempt. Meanwhile, Trump’s tax policy passed as undecided senators withdrew their opposition, signaling potential benefits for lower-income groups. This can act as a liquidity support mechanism in both conventional and crypto markets.
Weekly market highlights include PENGU, which rose by 60%, while SEİ, SYRUP, and FARTCOIN saw increases between 30% and 44%.
The current atmosphere in crypto markets appears cautiously optimistic, awaiting further decisive moves as political and economic narratives unfold globally.
