Bitcoin Surges: BTC Price Breaks $90K amid Delay in Canada, Mexico Auto Tariffs by Donald Trump
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Bitcoin (BTC) has been on a roller coaster ride lately, influenced by twists and turns in the global economy and political arena. One major twist was the delay of auto tariffs on Canada and Mexico by President Donald Trump, a move that rocked the boat of global trade and economic stability. Trump even stirred the waters further by hinting at setting up a strategic cryptocurrency reserve, adding fuel to the fire of Bitcoin’s price rollercoaster. Let’s dive into the wild world of Bitcoin’s recent price journey and the forces at play.
Bitcoin’s Price Rollercoaster
Bitcoin’s price resembled a thrill ride, shooting up to nearly $95,000 after Trump’s talk of a strategic cryptocurrency reserve. The high spirits were short-lived though, as the price dipped back to around $87,600 in early March 2025. Despite this drop, Bitcoin bucked up and briefly breached the $90,000 milestone in recent trades, showing that the market still holds hope for more bullish moves.
Trump’s Cryptocurrency Reserve Buzz
Trump’s idea of a strategic cryptocurrency reserve, with a nod to Bitcoin, initially pumped up investors’ spirits and set off a price surge. But the hurdles of legality and logistics in implementing such a reserve cast a shadow of doubt and questioned its sway on the market. Yet, Trump’s proposal shed light on the growing acknowledgement of cryptocurrencies by key figures, potentially paving the way for wider adoption and investment in the sector.
Economic Twists and Tariff Turns
Postponing auto tariffs on Canada and Mexico was part of Trump’s grand scheme to put global trade ties on a firmer footing. This maneuver might calm the economic waters and give investors more confidence across various markets, including cryptocurrencies. While Bitcoin’s price doesn’t have a direct link with these tariffs, stable economic conditions could paint a brighter picture for digital asset investments.
Market Deep Dive and Future Glimpse
Technical Tightrope
As Bitcoin tiptoed on the technical tightrope, a false climb above $90,623 hinted that bears might regain control if the daily finale falls below this mark. The Relative Strength Index (RSI) signaled a less bearish vibe, yet a leap over the neutral 50 is crucial to confirm bullish vibes. Support levels are seen at $85,000 and $73,000, while $90,000 and $95,000 act as hurdles.
ETF Waves and Institutional Currents
Recent ETF flows swayed in mixed directions, with a $94.3 million plunge into spot Bitcoin ETFs by February’s end, followed by a $217.7 million outflow in early March. These institutional waves reveal the market’s ongoing uncertainty.
Anticipated White House Crypto Huddle
The inaugural White House Crypto Summit, slated for early March, promises to shine a spotlight on cryptocurrency rules and innovations. This grand event could bring fresh clarity on regulations, potentially steering Bitcoin’s trajectory and market mood.
Final Curves
Bitcoin’s recent voyage dances to the tune of political drama, economic ripples, and market feels. While Trump’s tariff sidestep and crypto reserve murmurings stir the pot, the upcoming White House Crypto Summit might hold the key to steering cryptocurrencies into clearer waters. As Bitcoin wades through these turbulent currents, investors keep a watchful eye for signs of a stable growth path ahead.
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Related sources:
[2] www.fidelitydigitalassets.com
[3] www.fxstreet.com
[4] u.today
