Bitcoin (BTC) stabilizes at $80,000 as Trump-Canada trade conflict reduces retail demand
Bitcoin (BTC) is volatile this week. This week, crypto traders couldn't create a dominating trend due to contradicting market indications.
BTC traded over $83,300 on Friday, according to the chart. Bitcoin gained 3% this week from Sunday's starting price of $80,700.
Last week, US President Donald Trump's announcement of trade duties on Canada and Mexico caused an 8% sell-off and over $900 million in liquidations.
Bitcoin values fell below $80,000 for three days between Tuesday and Thursday.
If bitcoin prices drop so low next week, traders may have adjusted their stop losses or closed out long positions to prevent losses from the next retest, weakening support.
Key events affecting BTC prices this week:
Trump's trade war overhang negates CPI and PPI gains.
Canadian Prime Minister Justin Trudeau promised retaliation this week, escalating the Trump trade war narrative.
US Nonarm Payrolls data reported last Friday raised inflation concerns, putting global markets on edge heading into the week.
Bitcoin ETFs witnessed $143 million in withdrawals on Thursday after $13 million inflows on Wednesday—the first positive flows since March.
ETF sell-offs increase short-term Bitcoin price volatility as investors worry about the US trade war and Trump's crypto strategic reserve idea.
The measure prevents future governments from changing Trump's policy, which permits the US Treasury to store 200,000 Bitcoin and bans reserve Bitcoin sales. Donalds called the action a bulwark against the Democrats' “war on crypto.”
The measure needs 60 Senate votes and a majority House vote to pass.
Texas' $250 million Bitcoin reserve bill
Texas senators proposed allocating $250 million from the economic stability fund to Bitcoin and other digital assets in HB 4258.
The measure follows SB 778, which received bipartisan approval in the Texas Senate. If passed, HB 4258 will enable towns and counties to spend $10 million in digital assets by 2025.
