Trump’s Tariffs Weigh on Bitcoin at $108K amid Bullish Signs
Bitcoin held near $107,900 despite President Trump’s renewed tariff threats on major trading partners starting August 1. Earlier extensions to import tariff deadlines until August 11 had eased geopolitical risk, but fresh 25% duties on Japan, South Korea and potential levies on BRICS-aligned nations reignited uncertainty. US stocks fell almost 1% and the dollar strengthened, while Bitcoin trading volume rose 2% to $26.9 billion. Derivatives data point to fading bearish bets: put-call ratios normalized, futures premiums briefly dipped below 5% then rebounded, open interest rose 7% and net longs reached $27.4 million. Technically, BTC formed a double-top at $109,500, with support at the 200-hour EMA around $107,300. A break below $107,300 may lead toward $106,300, whereas a move above $109,500 could target $112,000. Traders should watch derivatives sentiment, futures premiums and the August 1 deadline for potential volatility.
Bullish
The combined news highlights growing bullish signals for Bitcoin. Derivatives data show reduced bearish bets—put-call ratios normalizing, futures premiums rebounding and net-long positions rising—while trading volume increased amid geopolitical uncertainty. Technical support at the 200-hour EMA around $107,300 and the potential for a rally above $109,500 toward $112,000 reinforce a positive outlook. Although tariff threats and macro volatility could trigger short-term pullbacks, the overall sentiment and positioning suggest a bullish environment for Bitcoin.