Trump's Press Announcement and Potential Market Impact
At 19:00 Turkey time, Donald Trump is scheduled to make important announcements that could have significant implications for cryptocurrency investors. The White House disclosed the details of this press statement, but they have not yet been revealed. As Bitcoin strives to maintain its USD 103,000 price level, altcoins are attempting to reclaim their support levels. The question remains: what can we expect from these upcoming announcements?
Yesterday, the Supreme Court held a three-hour hearing concerning tariffs, during which both parties’ testimonies were heard. The process is not entirely complete and served more as a session where judges posed questions and listened to oral arguments from the parties involved. As testimonies conclude, the appeal process progresses to the second phase.
During the second phase, parties engage in a written review process, after which the court assesses and renders a decision. It is unlikely that the court will unanimously agree on a standpoint, with dissenting opinions expected from some judges. The decision might enable Trump to use the International Emergency Economic Powers Act (IEEPA) for customs tariffs without limitations, but this is highly improbable. Instead, the court may assert that he lacks such authority. Alternatively, the case could be sent back to a lower court, though this is less likely, as the lower court has already ruled against Trump.
Trump might address issues related to the Supreme Court during his announcement at 19:00 (Turkey time), a topic he did not fully cover yesterday.
There could be announcements regarding tariffs or new strategies or actions concerning closures. While unlikely, he might also discuss escalating military tensions with Venezuela or recent nuclear developments.
The subject of the 19:00 press release remains uncertain, potentially causing cryptocurrencies to respond to anticipated dynamics, leading to increased volatility post-announcement.
Current Bitcoin Status and Technical Indicators
Bitcoin (BTC) has been noted at USD 103,000, with XRP Coin regaining its USD 2.3 support level, paralleling actions by several altcoins. On November 4, Bitcoin’s price closed below the 350 DMA. The Daily Moving Average (DMA), used to track long-term trends, is an average of the closing prices over 350 days and is a key indicator of the market’s macro trend.
Long-term investors in assets like Bitcoin monitor these historical lows or potential turning points. On November 5, the price had dipped below this threshold. Turkish on-chain analyst anlcnc1 emphasized the importance of the latest closing, referencing their warning from November 5.
“Yesterday, Bitcoin successfully closed above the 350 DMA, similar to when it dropped to $76,000, only staying below for a day. Hopefully, it will see a similar reversal. Daily closings, rather than intraday dips, are what matter.”
The market will observe if BTC can rebound once again from its crucial support level.