Bitcoin, Ethereum Rise, Dogecoin Dips After Trump Says He Will Delay 50% Tariffs On EU: Analyst Sees ‘Good’ Signs For BTC In The Coming Week – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)
Leading cryptocurrencies rose slightly on Sunday after President Donald Trump delayed tariffs on European Union imports by over a month.
What Happened: Bitcoin jumped to an intraday high of $109,775.28 overnight, lifting Ethereum and the broader market by a few notches. The second-largest cryptocurrency sailed past $2,550.
The rise comes after Trump agreed to delay the 50% tariffs on European Union imports until July 9 from June 1, following a call with European Commission President Ursula von der Leyen.
Stocks and cryptocurrencies were pulled lower Friday after Trump threatened to impose 50% levies on one of its biggest trading partners. Bitcoin’s red-hot rally was halted, and it fell as low as $107,500.
Over $200 million was liquidated from the cryptocurrency market in the last 24 hours, with longs accounting for $114 million.
Ethereum’s dominance increased to 1.68%, while altcoins’ share of the market dropped below 28%.
Bitcoin’s Open Interest rose 1.96% in the last 24 hours to $76 billion, following a decline from the highs of $80 billion on tariff developments.
Over 58% of Binance traders with open BTC positions were short on the leading cryptocurrency, suggesting further downsides could be on the way.
The cryptocurrency market retained the “Greed” sentiment, as indicated by the Crypto Fear and Greed Index.
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The global cryptocurrency market capitalization stood at $3.42 trillion, following a modest increase of 0.52% in the last 24 hours.
Stock futures climbed as well. The Dow Jones Industrial Average Futures rose 304 points, or 0.73%, as of 8:40 p.m. EDT. Futures tied to the S&P 500 gained 0.86%, while Nasdaq 100 Futures added 1.03%.
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Analyst Notes: Cryptocurrency analyst Cas Abbé noted a bullish pennant formation for Bitcoin. A bullish pennant is a continuation chart pattern, indicating resumption of an uptrend after a pause or consolidation period.
“It bounced back nicely from the support level, which is a good sign,” Abbé said. “I think the next week will be good for BTC. I can smell a new ATH again.”
Abbé also commented on ETH’s prospects, stating that the asset was trying to reclaim the Gaussian Channel.
The Gaussian Channel uses statistical principles to determine the upper and lower limits of an asset’s price movements.
“Since 2020, ETH has only reclaimed this channel twice. And both times, ETH pumped hard,” the analyst said. “If ETH reclaims this again, I’m certain of $4,000 ETH by Q3 2025.”
Photo Courtesy: alfernec on Shutterstock.com
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