The United States of America trade court on Wednesday, 28 May blocked the reciprocal tariffs act of US President Donald Trump which was announced on April 2. This comes after Trump exceeded his authority by trying to impose blanket duties on importing goods.
Moreover, the Manhattan-based Court of International Trade said the Constitution grants Congress the power to regulate international commerce, which cannot be overruled by the President’s emergency authority to protect the economy.
Notably, just a week later, many of these country-specific tariffs were put on hold. Adding to this, the recent court order against Trump’s tariffs had a huge positive impact on major global stock markets. This suggests a high possibility of a positive trend during the upcoming time.
Following this, Bitcoin initially displayed a positive price action but the gain was short-lived. Moreover, the technical indicators suggest a strong bearish reversal in the upcoming time. Considering the present global market statistics, is this a good time to invest in BTC? Let’s find out the possible Bitcoin price prediction today.
Bitcoin Price to Record a Bearish Reversal?
The largest cryptocurrency has displayed a strong bearish reversal after trading under a bullish sentiment for a brief period. Reportedly, the Bitcoin price has dropped approximately 2% in 24 hours and 5.50% over the last seven days. Moreover, with a monthly return of +11.09%, it has a market capitalization of $2.11 trillion.
The Moving Average Convergence Divergence (MACD) displays a constant rise in the red histogram. Moreover, the 12 & 26-day EMA records a negative crossover in the daily time frame, suggesting an increase in the bearish action for the largest cryptocurrency in the market.
The Simple Moving Average (SMA) is on the path of witnessing a bearish convergence in the Bitcoin price chart. This indicates a negative price action for it in the upcoming week.
Will Bitcoin Price Recover in June 2025?
On the other hand, if a bullish trend reversal occurs, this may result in the price of BTC token retesting its resistance level of $110,000. Maintaining the price around that level could set the stage for it to head toward its ATH of above the $112,000 mark in the coming time.
On the contrary, a sustained bearish action could result in it retesting its immediate support trendline of $105,000. Furthermore, if the bearish sentiment intensifies, the BTC price may plunge toward its $100,000 next month.
Also Read: Elon Musk’s Tesla to Buy $3 Billion in Bitcoin: Fact Check
