TLDR
- The cryptocurrency giant, Bitcoin, is currently trading at approximately $87,000, showing little fluctuation amid market concerns.
- Starting April 2, Trump will impose a 25% tax on imported vehicles, stirring anxiety across the financial world.
- Bitcoin is encountering resistance at the $88,200 mark, while it finds support at $85,500, indicating a potential trading range.
- GameStop is stepping into the crypto realm by deciding to hold Bitcoin as one of its treasury assets.
- Several companies are mirroring Bitcoin strategies akin to those pioneered by Strategy, once known as MicroStrategy.
Bitcoin has been circling the $87,000 mark, an occurrence happening alongside the latest wave of market uncertainty fueled by Trump's 25% tariff announcement on foreign autos.
Recently trading close to $87,315, Bitcoin showed a notable recovery from earlier March lows yet lags its high of almost $110,000 from January.
From a technical viewpoint, Bitcoin is clinging to the $85,500 area as a support base, hinting at upward potential should it surpass crucial resistance benchmarks.
Currently trading above the 100-hourly simple moving average, Bitcoin presents a mildly optimistic short-term forecast amid broader market pressures.
Bitcoin faces immediate upward pressure around the $87,700 level, which notably corresponds with the 76.4% Fibonacci retracement from a recent decline between $88,259 and $85,853.
A critical resistance level at $88,000 beckons, with a downward-trending line adding more resistance at $88,200 on the hourly BTC/USD chart.
Should Bitcoin transcend the $88,200 resistance barrier, it might aim for $89,500 and potentially challenge the elusive $90,000 psychological threshold.
Looking at the downside, Bitcoin's safety net rests near $87,000, with a more significant cushion developing around $85,500.
The MACD is gaining traction in the positive zone, while the BTC/USD RSI remains above 50, indicating moderate buyer interest.
The moment of truth…
Bitcoin's movements are constrained by a rising wedge pattern, creating a bearish outlook.
The markets are particularly focused on stocks today following Trump's 25% tariff announcement on imports of cars.
🚨 GDP figures and unemployment claims are set to be released later on. pic.twitter.com/rjtAkeThgs
— Trader Edge (@Pro_Trader_Edge) March 27, 2025
President Trump's latest word on car taxation is brewing more turbulence in the markets, with plans for a 25% duty on all car imports to start on April 2.
This strategy aims to boost domestic car industries, but it has prompted investors to worry about trade tensions expanding, pushing a risk-averse posture across markets.
Investors, wary of unsteady periods, frequently pivot away from high-volatility holdings like crypto. Trump's tariffs caused global stock sell-offs, leading the S&P 500 down by 1.1% and the NASDAQ by 2%.
In contrast, as stocks dipped, gold prices surged, favoring the traditional safe-haven assets when the economic climate is unstable.
The pace picks up in corporate Bitcoin acquisition.
Turning to other topics, GameStop recently unveiled it plans to embrace Bitcoin Bitcoin as part of its treasury strategy, drawing from its $4.75 billion cash stash and potential future funding to acquire Bitcoin.
GameStop shares soared by about 20% post-announcement, as traders anticipate similarities with Strategy's previous Bitcoin acquisitions, which drove their stock up by 3,000% since 2020.
Strategy now holds around 500,000 Bitcoin With $42 billion worth of Bitcoin accumulated, Michael Saylor forecasts a 'Cambrian explosion' where firms and nations may start acquiring Bitcoin.
Entities like Metaplanet and Semler Scientific are jumping on the Bitcoin treasury bandwagon, hinting at rising interest among institutions for cryptocurrencies.
The broader altcoin sphere shows mixed performances, with Ethereum down by 1.6% at $2,025.96 and XRP falling 4% to $2.3661.
Solana shed 3%, and Cardano trimmed 1.9%, while meme coin Dogecoin saw a 1.8% increase and the $TRUMP token nudged up by 0.3%.
