Swyftx’s chief analyst, Pav Hundal, conveyed his concerns to Cointelegraph, stating, “The primary risk for bulls at this moment is the potential stagnation over the forthcoming two months, as we seem to be ensnared in this continuous cycle of infinite tariff ultimatums.”

Hundal suggested that US policymakers might postpone monetary loosening until they obtain “concrete data” on the ramifications of Trump’s tariffs, which could potentially trigger a “slowdown in growth”. On May 7, the Federal Reserve’s rate-setting committee retained the rates within the 4.25% to 4.50% bracket due to the escalating risks of increased unemployment and inflation.

Hundal expressed concerns that maintaining this uncertainty could overshadow risk-on markets. He added, “If bears have their triumphant moment, Bitcoin could potentially slump below $100,000.”

When Trump first broached the topic of tariffs in early February, Bitcoin experienced a drop below $100,000, with its volatility influenced by decisions regarding trade policy, pauses, and announcements. It hovered below this level for more than three months until May 8.

On May 28, the US Court of International Trade restrained Trump from imposing his tariffs, arguing that he transgressed his authority. Nevertheless, Trump recently amplified tariffs on foreign steel and aluminum to 50%.

Hundal voiced that this uncertainty might have put the inflation target for the year in jeopardy. He remarked, “Just six months ago, a 2% inflation target seemed achievable; now, it’s under long-term risk from tariffs.”

However, Hundal noted that the ideal outcome would be the cessation of “tariff posturing”, which could pave the way for Bitcoin to attain $120,000 in June. Bitfinex analysts had previously predicted that Bitcoin might skyrocket to new peaks above $115,000 in July if institutional purchasing persists and US job data underperforms expectations.

The analysts opined that a “less than anticipated” report could bolster the “disinflation narrative” and prompt the Federal Reserve to contemplate reducing interest rates earlier, which would be advantageous for Bitcoin.

Disclaimer: This article does not provide investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The post Crypto Analyst Warns of Bitcoin’s Threat Amidst Unsettled Tariff Disputes appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Key market players are carefully weighing the risks associated with a potential U.S. economic slowdown. Furthermore, Trump’s trade war has been a source of market anxiety, with its potential to destabilize the financial landscape.

As the situation continues to unfold, the Forex market indices reflect this uncertainty. The DXY index shows a slight decrease of -0.04%, while the USDJPY index indicates a modest increase of +0.36%. Additionally, the US10Y index has risen by +0.45%, and the EURUSD index is up by +0.14%.

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The Total Crypto Market Cap (TOTALCAP) experienced a bounce last week, validating the $1.10 trillion horizontal support area. However, the bounce wasn’t strong enough to negate the preceding bearish engulfing candlestick, leaving uncertainty about whether the price will resume its upward trajectory or break down toward the next support level. If the price bounces back, the next resistance will be at $1.25 trillion. However, if it gets rejected, a drop to $1.10 trillion could occur.

In other news, Bitcoin’s average daily transactions over a week reached a new all-time high of 396,350. Venmo is launching a new crypto transfer feature, allowing users to transfer cryptocurrencies between Venmo wallets.

Bitcoin Struggles to Clear Resistance

Similar to TOTALCAP, the Bitcoin price last week wasn’t sufficient in clearing the main resistance at $29,700. Additionally, it didn’t negate the previous bearish engulfing candlestick. If a decrease follows, Bitcoin could fall to the next closest support at $24,400. However, if the price breaks out, the rate of increase could accelerate to $42,500.

SingularityNET’s Uncertain Future

The SingularityNET (AGIX) price has been decreasing inside a descending wedge since March 17. Typically considered a bullish pattern, an eventual breakout from the wedge is the most likely scenario. However, AGIX has touched the wedge’s support line multiple times, indicating that a breakdown from the pattern is possible.

If a breakdown occurs, the price could decrease below $0.28 and fall to $0.20. On the other hand, if it bounces, an increase to the wedge’s resistance line at $0.34 is the most likely scenario. In conclusion, the crypto market’s recent downturn has created uncertainty for various cryptocurrencies, with key support and resistance levels being closely watched by traders and investors alike.

The post What’s Causing the Crypto Market Downturn Today Key Factors and Analysis appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.