BTCUSD correction intensifies selling pressure towards 76,000

On Tuesday, BTCUSD is consolidating near 95,500 amid uncertainty surrounding US President Donald Trump’s tariff policy. Since his inauguration, Trump has imposed 10% import duties on Chinese goods, and announced 25% tariffs on steel and aluminum, but temporarily postponed their imposition for Mexico and Canada. The US president is also considering retaliation against countries that tax imports from the United States.

Recent macroeconomic events affect the cryptocurrency market. Concerns over the US inflation and the possibility of the Federal Reserve’s monetary tightening reduce the attractiveness of non-performing assets such as bitcoin. 

The technical analysis of BTCUSD on the daily chart (D1) shows the formation of an uptrend. However, the formation of a double top pattern near the level of $108,500 may indicate a potential trend reversal. It will be confirmed by breaking through the support level near $92,000. 

In terms of wave analysis, after reaching the maximum near 109,580, the price started a pullback. This decline can be considered as a correction within the fourth wave. Since the third wave did not generate an upward momentum and did not consolidate above the top of the first wave, the completion of the ascending wave structure can be assumed. In this case, the scenario of decline according to the graphic analysis with the double top pattern looks more realistic.

Moreover, there is a shooting star pattern at the maximum of 109,581, which confirms the weakness of buyers. Subsequent candlesticks form a downward consolidation, indicating a possible test of the nearest support levels.

Bitcoin remains within an uptrend, but signs of a correction are intensifying.

Short-term prospects for BTCUSD suggest a price decline with the target of 76,000.00. Part of the profit should be taken near the level of 90,000.00. A Stop loss could be set at 110,500.00.

Since the bearish trend is medium-term, the trading volume should not exceed 2% of your total balance to reduce risks.