Bitcoin and a majority of altcoins experienced a dip on Tuesday as traders geared up for an important press conference featuring industry figure David Sacks.
Bitcoin (BTC) remained near the $100,000 threshold, with major altcoins such as Ethereum (ETH), Cardano (ADA), and Ripple (XRP) showing minimal movement. In contrast, smaller cryptocurrencies like Raydium, Official Melania Meme, Bittensor, and Aerodrome Finance emerged as the top performers in the market.
This market trend may be influenced by escalating trade tensions between the U.S. and China, raising concerns about potential inflation. The U.S. has recently imposed a 10% tariff on Chinese imports, while China has retaliated with its own tariffs and an investigation into a prominent tech company.
On a more optimistic note, there is a possibility that the two nations will consider suspending these tariffs to foster negotiations, similar to the U.S. halting tariffs on Mexico and Canada.
Cryptocurrency and Bitcoin markets are poised to respond to Sacks’ press conference, where he will outline crucial industry priorities. The event will also include participation from forward-thinking legislators.
This press conference holds significant importance as leadership in artificial intelligence and cryptocurrency has been pinpointed as a priority by the current administration. Sacks is expected to detail the administration’s strategies and potential focal areas.
Key discussion points are likely to include guidelines for approving cryptocurrency exchange-traded funds (ETFs) and efforts to streamline regulations.
Will Bitcoin and Altcoins See Gains Post Sacks Conference?
Sacks’ upcoming conference coincides with technical indicators hinting at a potential bullish breakout for Bitcoin. Recent weekly charts reveal a cup and handle pattern formed from November 2021 to October 2023, showing a rounded bottom and a handle that developed over a six-month period.
Additionally, Bitcoin has established a bullish flag chart pattern characterized by a long vertical rise followed by a consolidation phase. The cryptocurrency has already moved above the 50-week and 100-week moving averages, reinforcing the prospect of upward momentum.
Given these signals, Bitcoin is likely to rebound and aim for resistance around the $123,000 mark, calculated by measuring the cup’s depth—approximately 77%—and applying this distance from the cup’s upper boundary.
A bullish performance in Bitcoin would likely catalyze gains in altcoins such as Ethereum, Solana, and Cardano, which historically exhibit a strong correlation with BTC.
