Top 3 Price Prediction Bitcoin, Gold, Silver: Support Levels Wear Thin Ahead of Tariffs Day in Court
Bitcoin (BTC) and commodity safe havens like Gold (XAU) and Silver (XAG) are on the verge of more downside, leaving traders and investors at the edge of their seats as crucial support levels give way.
Analysts anticipate further volatility, with the Supreme Court expected to decide if Trump’s tariffs are legal on Wednesday.
Bitcoin Eyes June Lows As $100,000 Breakdown Feels ImminentCrypto markets brace for volatility on Wednesday, when the Supreme Court is expected to decide whether Trump’s tariffs are legal.
“They can say what they want. I’m there to emphasize this is an economic emergency,” said Treasury Secretary Scott Bessent in an interview with Fox.
Meanwhile, Bitcoin continues to slide lower after descending to the $103,000 range on Tuesday. Prospects for further downside remain very much alive, with concerning actions by significant market players keeping traders on edge.
From a technical standpoint, bearish pressure is overpowering bullish momentum, seen with the yellow volume profiles (bears) dominating the bullish ones (grey). Meanwhile, momentum indicators such as the RSI (Relative Strength Index) suggest a waning of buying strength, as it continues to record lower highs.
Based on this, Bitcoin could extend a leg lower, potentially reaching the $100,000 psychological level. A daily candlestick close below $100,300, the midline of the demand zone between $102,120 and $98,200 could confirm the continuation of the downtrend.
Such a move would clear the clog for further downside, with BTC bulls waiting to interact with the Bitcoin price around $93,708. This could be the inflection point, offering the pioneer crypto a turnaround and entry for late bulls.
Bitcoin (BTC) Price Performance. Source: TradingView
Conversely, the position of the RSI, earmarked with a purple patch, shows that momentum could soon rise if history rhymes. Looking back, every time the RSI dropped to near 35, the momentum indicator bounced, and with it, the price.
Furthermore, the RSI is nearing oversold territory, which often precedes a pullback to the upside. Increased buying pressure, therefore, could cause the Bitcoin price to revert to the top of the ascending trendline.
Nonetheless, while a break above $111,999 and $117,552 would be ideal, only a break and close above $123,891 on the daily timeframe would indicate possibilities for new all-time highs.
Gold Slips Below $4,000 As Hopes for More Fed Rate Cuts FadeWhile Bitcoin teases with further downside, Gold is also dipping, having slipped below the $4,000 psychological level on Tuesday. Analysts attribute this slump to dwindling hopes for further rate cuts in 2025.
Gold slipped below $4,000 on Tuesday as hopes for more Fed rate cuts fade.
Some Fed officials pushed back against another cut in December after last week’s reduction that Powell hinted could be the last this year.
Markets now price just 65% odds of a December cut (vs 90%+ last… pic.twitter.com/inDorrQfGL