Bitcoin (BTC) Price Surge on Hold Amid Trump Tariffs Uncertainty?

After Treasury Secretary Scott Bessent had announced on Monday that several trade deals would be made over the following 48 hours, President Trump has upped the ante once again by threatening any countries with a 10% tariff if they do deals with the BRICS nations. Japan and South Korea also received notice of potential 25% tariffs. Can Bitcoin still surge to an all-time high in this kind of economic environment? More turmoil in US trade deals On Monday all seemed fairly serene as far as the long-running saga of US trade deals goes. However, US President Donald Trump put the cat back among the pigeons by announcing that any country that sided with the BRICS nations in deals that were “anti American”, would be hit by a 10% additional tariff. Not content with this, the US president also put allies Japan and S. Korea in the crosshairs, threatening a 25% levy on both, to come into force on 1 August. In the face of these impending tariffs, it might have been expected that the Asian stock market would be feeling the pressure. However, the opposite has been true. The Hang Seng Index is up more than 1% in overnight trading. Another fakeout narrowly avoided Source: TradingView In the midst of yet more tariff uncertainty, the 4-hour chart for $BTC shows that another fakeout has been narrowly avoided. The price was able to cling to the upper trendline of the bull flag without a candle body opening below. It seems that the price may just continue to roll along the top of the trendline until such time as the bulls are good and ready to send it skyward. SMAs on the daily are in order ready for upside move Source: TradingView The daily chart is shown with the simple moving averages (SMA). This illustrates that the 50 SMA (blue), 100 SMA (green), and the 200 SMA (red) are now in order. All three of these SMAs should now begin to angle upward, following the price as soon as it starts surging. At the bottom of the chart, the Stochastic RSI on this time frame has the indicators angled downward. If the price continues to move sideways for a few more days, the indicator lines can drop to the bottom and then tick back up, signalling upside price momentum for $BTC’s next rise. Weekly chart shows $BTC ready for lift-off Source: TradingView The weekly chart reveals that the $BTC price is just about ready to head higher. The breakout of the bull flag has happened, the confirmation has been made, and now it is just a matter of time. The indicator lines have crossed back up on the Stochastic RSI. What are the bulls waiting for? Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Crypto Daily