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Now, this is exactly what I meant when I said the political landscape is so uncertain. Just two days ago, I wrote that the crypto market would be able to trade freely, with no major catalysts set to affect it until later next week. Yet here we are—Donald Trump has announced plans to introduce reciprocal tariffs, starting with multiple countries next week. This comes less than a week after trade tensions between the US and Canada and Mexico were put on pause. The timing has caught most by surprise, including the markets.
Bitcoin briefly traded back above $100K, but as soon as the announcement came out, BTC lost almost 3% within the first 30 minutes. Now, just seven hours later, it’s down 4.5% from the overnight high. As expected, altcoins have continued to struggle, extending the trend we’ve seen over the last few months. Bitcoin dominance is back above 62%, highlighting its strength within the market and reaffirming its status as the ‘safe haven’ of the industry.
We’re in a period of great uncertainty in both political and economic landscapes, meaning unexpected events will continue to shake up the crypto markets—both positively and negatively. During times like these, the main focus should be accumulating Bitcoin. Think back to last year: we spent six months consolidating between $50K–$75K before Trump’s election victory acted as a catalyst to break out. Could we be in for a similar consolidation now? Bitcoin has already established a range between $90K–$110K… Only time will tell. In the meantime, the priority should be buying Bitcoin.
Stormrake Spotlight: Ethereum (ETH) ($2,575)
Stormrake Spotlight: Ethereum (ETH) ($2,575)
Ethereum remains undervalued within the crypto space, but the uncertainty and lack of confidence in altcoins continue to hold it back. Until this broader sentiment shifts, ETH is likely to remain under pressure. The next key support level is $2,484 (CPR level)…
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin was flat-out rejected at the critical $100K level overnight and has since fallen through all major moving averages, now sitting on key support at $95.7K. Momentum and structure remain in favour of the bears—if this level fails, BTC is likely to drop further to $92.5K.
BTC Total ETF Flows for 7 Feb: $ (data not available)
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum mirrors Bitcoin’s price action, currently trading at a key support level. Momentum and structure remain in control of the bears, and we can expect the red CPR level at $2,484 to act as additional support.
ETH Total ETF Flows for 7 Feb: $ (data not available)
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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