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The Blockchain Bulletin, Apr 24: Trump Hints at Trade Truce, Markets React
President Donald Trump has made a significant move in the global economy by hinting at a potential trade truce with China. The announcement has sent shockwaves throughout the financial markets, and crypto assets are no exception.
According to reports, Treasury Secretary Scott Bessent suggested that the current levels of tariffs are not sustainable in the long run. This statement has sparked hopes of a reduction in tariffs, which could have a positive impact on the global economy. The market is reacting positively to this news, with Bitcoin prices surging by 5% to reach $93,708.78.
The sudden upswing in price has led some analysts to believe that we may be witnessing the end of the bearish cycle for the time being. Market expert Jelle highlighted the fact that the daily downtrend had officially ended and described the current pullback as a “golden opportunity” for investors.
Another analyst, Captain Faibik, echoed Jelle’s sentiments by posting a chart highlighting Bitcoin’s breakout from a descending wedge pattern. This development has given rise to hopes of a significant increase in price, potentially reaching 34.94% from the breakout point.
The move also saw Bitcoin reclaim its 50-day moving average, further solidifying the notion that this upward momentum may not be fleeting. The sudden surge in volume and bullish engulfing candle have led some analysts to believe that traders who were bearish at $75K will now start buying in due to FOMO (Fear of Missing Out).
As the crypto world continues to defy gravity, it is essential to keep a close eye on developments in global trade policy, interest rates, and Bitcoin’s resilience. It remains to be seen whether this move can sustain itself or not.
The article was written by Yusuf Islam
Source: https://cryptotale.org/the-blockchain-bulletin-apr-24-trump-hints-at-trade-truce-markets-react/
