Cryptocurrency markets are falling as president Trump signals a possible hike in U.S. tariffs on Chinese imports.
Notable Statistics:
- Coinglass data shows 204,514 traders were liquidated in the past 24 hours for $882.99 million.
- In the past 24 hours, top gainers include Zcash (CRYPTO: ZEC), Bittensor (CRYPTO: TAO) and Litecoin (CRYPTO: LTC).
Notable Developments:
Trader Notes: Crypto trader Ansem expects Bitcoin to consolidate above $119,400, forming a weekly higher high with short-term sideways action before a potential expansion.
Most altcoin positions remain underexposed to BTC, while gold trades near $4,000, indicating Bitcoin has yet to fully catch up. The BTC/XAU pair has bottomed around 31.
If weekly support fails, a bid could emerge on a fakeout below the Q4 open near $110,000.
CryptoUB noted that reclaiming $119,500 is the first step for any bullish scenario.
Historically, tariff headlines have acted as buy signals, but it remains important to wait for key levels to be tested or reclaimed.
Consolidation around this area followed by a reclaim could set up a deviation long opportunity.
CrediBULL Crypto emphasized that dips into the $108,000–$118,000 zone should be viewed as potential buying opportunities.
Lark Davis highlighted Bitcoin faked out the market twice at $120,000, trapping breakout chasers and pushing price back down.
That level has now flipped to support, with Bitcoin breaking above $120,000 and consolidating on top, a classic support retest.
If the floor holds, bullish momentum should continue, with the next target near the 1.618 Fib around $130,000.
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