Bitcoin Price Today is Up 3.7%, Trades at $82K As China Slaps US with 125% Tariff

Bitcoin price today rose by 3.7% even as the game of chicken between the United States and China on tariffs continued, raising the risk of a recession. After initially falling to $74,467 earlier this week, the BTC price has recovered moderately to above $82,700. This article explores how the coin will trade after China imposed its retaliatory tariff on US goods.

The BTC price pointed upwards on Friday, helping to boost the market cap of all coins to over $2.6 trillion. Other top cryptocurrencies like Ethereum, XRP, and Cardano also rose slightly. Altogether, Bitcoin has dropped by just 0.22% in the last seven days, as it continues to consolidate. 

Bitcoin’s 3% jump mirrored the performance of the stock market where futures tied to the Dow Jones and Nasdaq 100 rose by over 200 points. That is a sign that investors are buying the dip hoping that the ongoing trade war between the US and China was unsustainable and would force the two sides to negotiate.

Bitcoin’s resilience is also happening after Donald Trump paused his tariffs on most countries as the stock market crashed.

BTC Price Ignores Escalating China and US Tariffs

The ongoing Bitcoin price rally happened even as China increased its tariffs on US goods to 125%. In a statement, the Ministry of Finance blamed the US for imposing high tariffs on Chinese goods. On Thursday, Trump boosted his tariffs on Chinese goods shipped to the US to 145%, and threatened to go higher if China failed to negotiate. Beijing said:

“The US’s imposition of abnormally high tariffs on China seriously violates international economic and trade rules, basic economic laws and common sense, and is completely a unilateral bullying and coercion.”

This trade war between the two biggest economies, together with the base 10% tariff on imports, risks pushing the US to a recession. Mark Zandi, Moody’s Chief Economist, maintained his 60% probability of a recession this year. These odds have also continued rising on Kalshi and Polymarket.

A recession would be a good thing for Bitcoin price as it would push the Fed to start cutting interest rates, boosting risky assets. 

Bitcoin Price Technical Analysis: a Rebound is Still Possible

Most analysts, including CryptoQuant’s CEO, have warned that the Bitcoin price rally is over. However, the weekly chart shows that the coin has formed two bullish patterns that may push its price higher in the longer term. 

The first pattern, shown in yellow, is known as the cup and handle whose depth was about 80%. Measuring 80% from its upper side about $122,000. A surge to the target of the C&H pattern is never a linear process, which explains why the ongoing pullback is understandable. 

It is also forming a megaphone or a broadening wedge pattern shown in green. This pattern is made up of two ascending and diverging trendlines and is a highly bullish sign. 

BTC Target Prices

Therefore, the most likely scenario is where Bitcoin price drops and retests the upper side of the cup. This price also coincides with the lower side of the megaphone and then resumes its bullish trend. The coin will likely cross the all-time high of $109,200 and move to the C&H target of $122,000.

A drop below the lower side of the megaphone will invalidate the bullish BTC price forecast and point to more downside.

Frequently Asked Questions (FAQs)

1. Why did Bitcoin price today rise after China’s 125% retaliation on tariffs?

The coin rose as investors anticipate that the US and China will talk and end the ongoing game of chicken. The hope is that the Federal Reserve will intervene and interest rates.

2. What is the most likely BTC price prediction?

Bitcoin will likely have some volatility soon, but the bullish trend remains in the long term. The potential target is $122,000. It has formed a megaphone pattern and a cup and handle.

3. Will the Fed intervention boost Bitcoin price targets?

There are odds that Federal Reserve’s interventions may boost Bitcoin and other crypto prices in the long term.

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crispus

Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.

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