The US markets are facing one of the biggest crashes, with over 4% loss in the SPX, which is extremely huge. Over $2 trillion has been wiped out of the markets as the Dow lost over 1500 points on the day. Besides, the Nasdaq 100’s decline officially exceeds over 1000 points on the day and is now just 2% away from entering a bear market. Meanwhile, the mega-caps like NKE, AMZN, AAPL, META, etc., and a few more are bleeding, pushing the market participants into full panic.
A significant impact on the crypto markets has also been seen with the prices of Bitcoin, Ethereum, and XRP taking a major hit. The current market dynamics appear to be a reaction to the tariffs announced yesterday, suggesting that the US growth in 2025 is likely to be slower than the 1.7% that had been projected in March. Meanwhile, the Bitcoin price is still sustaining over the crucial support at $81,000, and only a drop below the levels could be dangerous for the upcoming price action of the entire crypto markets.
Does this point towards the beginning of a major pullback? A popular analyst anonymously known as Gordon finds it a good opportunity.
The analyst believes the people are currently fearful, which flashes a huge buying opportunity, and the S&P 500 has taken the worst hit after Trump’s inauguration compared to the previous presidents including Biden and Obama. Besides, Trump has been a huge crypto proponent and aims to put more governance and policies in place. However, his memecoin drained the liquidity and added uncertainty to the market. Therefore, the analyst suggests his 736.5K followers trust Trump’s process as greener days seem to be on the horizon.
The BTC price has slumped below $82,000, while the volume continues to rise, largely dominated by the bears. This hints towards a potential pullback that may drag the levels below $80,000 if the support at $81,017 is not defended. If, in case, the star crypto loses crucial support, the entire market is expected to plunge further. Meanwhile, the fearful market sentiments have not yet dropped ahead, which hints towards a potential rebound. Therefore, the BTC price is expected to revive a strong rise and prevent the crypto markets from plunging below the pivotal support.
Credit: Source link