The crypto market is again in the spotlight, as China denied trade talks with the US, contrary to what President Donald Trump mentioned. This puts the market, which is currently correcting, at risk of a significant crash, losing this week’s gains in the process.
What’s Next For The Crypto Market?
The crypto market is at risk of a decline following China’s denial of ongoing trade talks with the US and President Donald Trump. According to a Bloomberg report, China’s Commerce Ministry spokesman He Yadong dismissed talks about both parties making progress on a tariff deal, stating that “any reports on developments in talks are groundless.
He Yadong also urged the US to “show sincerity” if it wants to make a deal. This development comes after Trump remarked that there were active talks with China daily. As CoinGape reported, the US President also suggested that he would look to cut the 145% tariffs that he had earlier imposed on the Asian country.
The tariff war has had a negative impact on the crypto market and could again derail the rally that the market is currently witnessing. For context, the Bitcoin price has rallied to as high as $85,000 this week while altcoins have also recorded significant gains.
However, it is worth mentioning that the market, led by BTC, looks to have decoupled from stocks, with investors now viewing the leading crypto as a safe haven asset similar to Gold rather than a risk asset. As such, if uncertainty around the ongoing US-China trade war grows, then there is the possibility that Bitcoin and other crypto assets could sustain this rally.
What’s Next For BTC & The Broader Market
Crypto analyst Titan of Crypto has provided an update on the Bitcoin price action and what could come next for BTC and the broader crypto market. In an X post, he stated that the previous daily low (PDL) at around $92,700 has been taken, and a large Fair Value Gap is currently supporting the price.
The analyst stated that the next points of interest are the previous daily high and the previous monthly high at $95,000. Titan of Crypto remarked that the direction should favor upside if the lagging span manages to break out of the Kumo Cloud.
However, if a deeper pullback occurs, he mentioned that Tenkan remains the key support level to watch. The Tenkan is currently at around the $86,000 range.
It is also worth mentioning that Trump again stated that they had a talk with China today. As such, the crypto market could continue to rally if both parties reach an agreement.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/what-next-for-the-crypto-market-as-china-denies-trade-talks-with-the-us/
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