Bizarre Tariff Tussle: Will Bitcoin Survive? 🤯

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In a universe full of improbable coincidences, the Trump administration decided it might be a good idea (or at least spectacularly entertaining) to scatter tariffs across the globe like confetti at an interplanetary wedding. Alas, this confetti has resulted in the S&P 500 plunging a staggering 21%—a number that would make even the bravest cosmic hitchhiker cringe. Meanwhile, a band of hopeful Bitcoin enthusiasts, presumably wearing capes and eating popcorn, are desperately trying to keep the iconic crypto from meeting an undignified end. Will their efforts prevail? Stay tuned.🥁

Speaking of quaint little taxes, a monumental 104% tariff just descended upon certain Chinese goods with all the subtlety of a hippo on a trampoline. To make things extra thrilling, there’s an additional 50% levy in a grand game of tit-for-tat that the US and China have unleashed. It’s like attending two warring family reunions simultaneously, minus the free punch. 🥤

Now that the US/China trade war has gone from simmering dispute to full-on meltdown, Europe has been forcibly dragged away from its morning croissant by a 20% tariff, and countless other nations are deciding whether to join in or politely decline the invitation to this grand dance of global economic mayhem.

S&P 500 forming a bottom?

Amid these joyous festivities, the S&P 500 has dropped an impressive 21%, bouncing precariously off the $4,800 horizontal support. Is this the bottom or just another cunning misdirection before the swirling tariff tornado uproots it further? Time will tell—but it certainly makes for compelling drama. 🍿

U.S. 10-year bond yields spike back

Poor U.S. treasury secretary Bessent now has the lovely job of watching 10-year bond yields soar into the stratosphere, possibly with “Ride of the Valkyries” playing in the background. Since these yields influence the refinancing of a meager $7 trillion, one can understand the mild sense of panic. If yields don’t behave, she may soon resort to interpretive dance to appease them.

Bitcoin still plumbing the depths

Bitcoin (BTC), theoretically the rebellious stepchild of government-backed assets, is still being sold off in dramatic fashion. We’re left wondering if it’s about to test that infamous $69,000 support line, which is colored a lovely shade of orange on the chart. If it breaks through, we might see some truly spectacular turbulence (bring goggles). 👀

At this point, it seems the price could tumble right into that $69,000 zone, with dramatic flair. Should that level fail, the words “really ugly” are being whispered by onlookers, and it’s not about the décor.

One good and one bad indicator for $BTC macro picture

A quick glance at the weekly chart for $BTC reveals the good news: the 50 SMA is lending moral support (and presumably tiny motivational posters). This cheery line has been steadfast throughout the entire bull market. 🏆

On the bad side, the RSI is hinting it might fall below the 44.00 level, which has historically acted like Gandalf yelling, “You shall not pass!” over Bitcoin’s entire existence. We still have a few days to see if the RSI listens or strolls right by, but it’s definitely worth setting an alarm or two.

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2025-04-09 13:11