The crypto market is also falling because of the overall market risks. While the US reached a truce with China, it maintained a 30% tariff. Officials also maintained the baseline 10% tariff on most goods from the UK, and talks with Japan have stalled. As such, there is a risk of a recession in the US, with Polymarket traders bringing the odds to 38%.
Meanwhile, Moody’s, one of the top three rating agencies, downgraded the U.S. on Friday after the market closed. It cited the country’s large public debt and Washington politicians’ deteriorating fiscal policies.
Will the crypto market go back up
The best way to predict whether crypto prices will bounce back is to look at Bitcoin. On the daily chart, there are signs that it is slowly forming the bullish pennant pattern, comprising a vertical line and a triangle pattern.
Bitcoin is also forming a cup-and-handle pattern, a popular bullish continuation sign. It also remains above the 50-day moving average. Therefore, it may bounce back and hit its all-time high of $109,300.
Moving above that level will point to more gains in this cycle, leading to a strong rebound of most altcoins.
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Bitcoin price remains range-bound hinting towards a slow weekend
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Bitcoin price remains range-bound hinting towards a slow weekend
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