This week, Bitcoin (BTC)
$0.000039 surged to its all-time high price, capturing the attention of investors and enthusiasts worldwide. However, global financial landscapes are fraught with uncertainty as U.S. President Trump stirs the pot with aggressive tariff negotiations. He has threatened the European Union with a 50% tariff before the deadline, yet, EU officials have managed to not escalate the situation further. The negotiation is expected to become more intense in the coming weeks, potentially influencing cryptocurrency markets. What are the forecasts for Pi Coin and Ether?
July 9 and Cryptocurrencies
The 90-day tariff hiatus will conclude in July as over 200 countries prepare to sign trade agreements post-negotiations. So far, only the United Kingdom has finalized an agreement. India is also expected to sign within 10 days. Despite the European Union agreeing to an additional annual $100 billion in imports weeks earlier, Trump continues his tough rhetoric, signaling to other partners with bold statements. Moreover, he has threatened a 25% tax on Apple products, indicating a fierce negotiation strategy.
Trump’s approach is undermining global trust in the U.S. and further fueling economic uncertainty. If major agreements are not signed by early July, markets might brace for another downturn reminiscent of the April 2 market scenario. This suggests that the current market uptrend may not last beyond mid-June.
Pi Coin and Ethereum (ETH)
Pi Coin, which maintained the support level at $0.740, experienced a rising trend during this month’s event. However, heavy short-term profit-taking above $1.23 cut the rally short. In the long term, issues like transparency and supply continue to pose challenges for Pi Coin. Consequently, many investors tend to view rising trends as an opportunity to capitalize.
Although Bitcoin’s price has paused its upward trajectory for now, a potential recovery could push it from $0.87 to $1, aiming for the previous peak of $1.67. However, rapid sales above $1.23 could present significant challenges to this target.
Ethereum
$2,529 is holding steady at the $2,500 support level but is moving forward with a 4% daily loss. Despite making attempts, the $2,700 resistance remains unbeaten consistently.
Following the May 8 spike, the ETHBTC pair has experienced a gradual decline. A return to the 0.0249BTC and 0.02624BTC range could spur movement in altcoins. For now, the overall upward trend is awaiting a stronger ETHBTC pairing.