🔴｜Is the Global Economy Facing Another Waterloo?
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Cryptocurrencies like Bitcoin have once again faced a Waterloo, with Bitcoin experiencing a drop of up to 7%, hitting a low of $77,000, while ETH saw an even more dramatic drop of over 12%. The situation for altcoins is even more dire.
Not only in the crypto market, but the stock markets of China, Japan, and South Korea also opened with significant declines. The Nikkei 225 index dropped 7%, the Korean KOSPI fell 5%, and our A-shares also saw a drop of 7%.
Amidst this intense volatility, retail investors have suffered substantial losses. 290,000 people have been wiped out, with liquidation amounts reaching $900 million.
The recent price plunge of Bitcoin is closely related to the complex global economic situation. The restrictive global trade policies implemented by U.S. President Trump continue to impact the global financial markets.
Since April 2, when President Trump signed an executive order regarding the so-called 'reciprocal tariffs' at the White House, announcing a 10% 'minimum benchmark tariff' on trade partners and imposing higher tariffs on certain partners, this news prompted investors to liquidate their risk assets, leading to a massive impact on the crypto market.
💡 However, often there is opportunity in crisis. The current support level of BTC at $77,000 is facing its third test. As the saying goes, if it doesn't go down, then it must go up.
If it breaks below $76,000, that will be our stop-loss line, while the take-profit can be set at $84,000, which is the first minor resistance, suggesting a risk-reward ratio of 7:1. $BTC
