Bitcoin again fails to copy a gold rally as risk assets sag over US trade tariffs, but traders see BTC price gains taking the market past $90,000 next.
Bitcoin
BTC $85,931 faced mixed forces on March 27 as a combination of fresh US trade tariffs and macroeconomic data weighed on risk assets.
Gold leaves Bitcoin in the dust amid tariff woes
Data from Cointelegraph Markets Pro and TradingView showed BTC price volatility returned at the Wall Street open.
BTC/USD displayed uncertain trading behavior in line with US stocks as the second revision of US Q4 GDP came in above the median forecast of 2.3%.
At the same time, initial jobless claims fell short of estimates, potentially emboldening more hawkish financial policy from the Federal Reserve in the form of higher interest rates.
However, the main talking point among market commentators was tariffs on non-US-made cars imposed by President Donald Trump. These added to existing concerns over a round of tariffs due to commence on April 2.
“These tariffs are going to have MASSIVE implications,” trading resource The Kobeissi Letter wrote in part of its response on X, noting the UK’s $10 billion auto export market to the US.
Already sensitive to tariff surprises, risk assets thus failed to climb, with the clear winner from the latest news being gold.
XAU/USD hit new all-time highs of $3,059 per ounce on the day, repeating an existing trend of gaining while Bitcoin treads water.
“Gold has now added +$7 trillion of market cap over the last 12 months. It’s also nearing $21 trillion in market cap for the first time in history,” Kobeissi added.
“Gold is telling us something.”
BTC price gets $91,000 short-term target
Some positive BTC price perspectives nonetheless remained on the day.
Popular trader Titan of Crypto eyed a potential climb to $91,000 as part of an upside breakout from a “bullish pennant” on the 4-hour BTC/USD chart.
This week, Titan of Crypto revealed a breakout on daily timeframes, ending a multi-month downtrend.
Continuing on the latter theme, fellow trader Mikybull Crypto gave a BTC price target of $112,000.
“Market structure is shifting – is the pump finally here?” another popular trading account, Merlijn The Trader, queried about the breakout.
Source: Cointelegraph
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