After President Trump completed announcing reciprocal tariffs, the US stock market and cryptocurrencies crashed. However, Bitcoin price managed to hold $82K despite the US event-driven sell-off. With this strength from BTC, here are two macroeconomic events to watch out for this week that could further impact BTC price.
Trump’s Liberation Day and Reciprocal Tariffs End, Bitcoin Price Holds $82K
On April 2, President Donald Trump announced reciprocal tariffs on more than 100 trading partners like China, India, European Union and so on. This move has rattled the US & Crypto markets alike. While the US stock market saw $1.3 trillion in liquidations, cryptocurrencies saw more than $500 million in liquidations with Bitcoin price crashing 7.21% from $88.5K to $82.1.
Despite this news-based sell-off, BTC’s value holding above $82K, which signals strength. However, this could come undone as two key macroeconomic events are yet to unfold this week that could rock Bitcoin and broader crypto markets.
Key Macroeconomic Events To Watch This Week
Although Trump’s Liberation Day and sweeping tariffs are behind us, investors must be cautious due to the upcoming macroeconomic events. Two key events that could influence Bitcoin price and crypto market moves include – Nonfarm Payrolls (NFP) and Fed Chair Powell’s Speech on April 4.
Although the ADP jobs data came in higher than expected, the forecast for March NFP data is 80K, much lower than the previous data of 151K. This would put further pressure on the Fed, which could perhaps be addressed by Fed Chairman Jerome Powell on April 4.
The CME Fed Watch Tool shows a 78.5% probability that the target interest rate will remain the same at 4.25% to 4.50%. However, the probability table shows a 61.3% chance that the Fed could cut rates by 25 basis points in June 2025.
What’s Next for Bitcoin (BTC)?
BitMEX founder and recently pardoned by Trump, Arthur Hayes, added that,
“if BTC can hold $76.5k now and on US tax day April 15, we’re out of danger.”
RektProof, a popular crypto trader, shared his thoughts. Based on his Bitcoin price forecast, there could be a deviation in BTC price either below $81K up to $76K, which will be a great buying opportunity.
On the contrary, if Bitcoin does not sweep lower, says RektProof, BTC could climb higher and sweep the $82K to $91K, which would also provide an opportunity to short the markets.
Either way, the outlook from RektProof remains uncertain with and short-sighted due to the current market conditions and upcoming events that could easily influence moves.
The post 2 Macroeconomic Events to Watch as Bitcoin Price Holds $82K After Trump’s Liberation Day appeared first on CoinGape.
CoinGape – Read More