Expert Says ‘Don’t Buy the Dip’
China’s Retaliatory Tariffs Shake Global Markets, Bitcoin Dips To $82K
The global market was rocked as the U.S. announced a significant 104% tariff on Chinese goods, effective immediately. This move marks a drastic escalation in the ongoing trade war between the two economic powerhouses, following previous threats from the White House. The decision to impose the new tariff came in response to China’s refusal to lift retaliatory tariffs on American exports.
Meanwhile, the cryptocurrency market saw Bitcoin facing a critical test as its price dipped to a key support zone between $75,152 and $77,672. Traders closely monitored this range, as it could determine whether Bitcoin would experience a rebound or further decline. The short-term price action for Bitcoin remains uncertain, with the cryptocurrency needing to surpass the $81,282 mark to indicate a potential shift towards a bullish trend. However, a more convincing breakout above $83,792 would be required for a stronger bullish signal.
In an interview with CoinDesk, Glen Goodman, a renowned crypto trader and author, shared his insights on whether investors should consider buying the dip in the crypto market following a recent crash. Goodman advised against trying to “catch a falling knife” by purchasing assets during a rapid decline, as it could lead to significant losses. Instead, he recommended waiting for the market to stabilize and show signs of recovery before making any investment decisions.
Regarding Bitcoin’s long-term outlook, Goodman acknowledged the cryptocurrency’s strong trend since 2023 but raised concerns about its growth pace following the recent dip. While it is still premature to determine if the bull market is over, Bitcoin’s performance in the coming months will be crucial in assessing its future trajectory.
Overall, the global markets are experiencing a period of uncertainty and volatility, with both traditional financial assets and cryptocurrencies facing challenges and opportunities. Investors are advised to exercise caution, conduct thorough research, and seek expert advice before making any investment decisions in these unpredictable times.
