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The US president signed an executive order to postpone the proposed tariffs on Chinese goods for an additional 90Days. This comes ahead of the current deadline, which was set to expire on August 12.
The price of Bitcoin (BTC) rose following this report, reaching $119,800 at the time of publication. According to CoinGape, the leading cryptocurrency is looking to reach its all-time high (ATH) of $123,000, after surpassing $122,000 earlier today.
However, this upward trend halted with the reversal of the Bitcoin price, dropping to $119,000 after the previous rise. It remains uncertain whether the news of the extension of tariff suspensions on China will lead to a new bullish trend, or if this sudden rise is just a "catastrophic bounce."
It is worth noting the gap in the CME exchange below the $119,000 level, which analysts like Titan of Crypto have pointed out needs to be filled before continuing its upward trend. Bitcoin price notably fills these gaps most of the time.
Meanwhile, other factors may determine the course of Bitcoin in the short and medium term. This includes inflation data in the U.S. Consumer Price Index and Producer Price Index, released on August 12 and 13, respectively.
These figures are extremely important, as they could strongly support the argument for a rate cut in September if they show a slowdown in inflation. The probability of the Federal Reserve cutting interest rates at the Federal Open Market Committee meeting in September is high.
Two scenarios for the potential path of Bitcoin
Crypto analyst, Altcoin Sherpa, highlighted two potential scenarios for the next price movement of Bitcoin. In the first scenario, he saw that the price could retrace and form a higher low over time. The analyst claimed that this could take weeks to form and lead to a more sustainable movement later.