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Even with Trump's new tariff announcement, Bitcoin remains surprisingly resilient. Looking at the market on Friday, possibly influenced by the Supreme Court functioning as a new arbiter, BTC rose close to $68,000. Altcoins like DOGE, ADA, and SOL also showed gains of about 3-4%. The CoinDesk 20 Index finished up 2.5%.
What’s interesting is that even with the negative news of an additional 10% global tariff, the market didn't react much. Instead, risk assets overall are trending slightly higher. The S&P 500 also gained 0.9%, and crypto-related stocks are holding steady. However, minor coins are down 3-6%, showing weakness.
According to a director at a trading firm, unless there's a macro shock, cryptocurrencies are likely to continue in a range-bound pattern for the time being. The low trading volume is concerning, and confidence in an upward breakout seems weak. Geopolitical risks related to Iran also warrant close attention. Currently, Bitcoin is trading in the $73,000 range, and short-term price movements are likely to be limited.