Bitcoin's price movement today has been influenced by a combination of geopolitical and economic factors. The recent announcement by the Trump administration regarding plans to establish a national Bitcoin reserve has sparked interest, as it signals potential regulatory support for cryptocurrencies in the U.S. This development comes amid ongoing discussions with Congress to create a clear legal framework for digital assets, which could foster a more favorable environment for Bitcoin's growth. However, the market remains cautious due to the tightening of USD liquidity, as noted by Arthur Hayes, chief investment officer at Maelstrom, who highlighted the increase in the U.S. Treasury General Account's cash balance as a factor that could dampen Bitcoin's momentum.
Despite these positive signals, Bitcoin's price has faced downward pressure due to concerns over new U.S. tariffs on imports from Canada, Mexico, and China. These tariffs have raised fears of inflation and reduced the likelihood of a Federal Reserve rate cut, which could negatively impact non-yielding assets like Bitcoin. The cryptocurrency has also been affected by technical indicators, with analysts at Matrixport suggesting that the Relative Strength Index (RSI) is not yet at a level that typically signals strong buying opportunities. This has led to a cautious approach among investors, who are advised to wait for more favorable entry points.
Bitcoin's current price is $97,439.23, reflecting a 0.38% decrease today. The cryptocurrency reached a high of $98,828.83 and a low of $97,251.81 during the day.