Bitcoin (BTC) is holding down the fort as the US trade war rages on into the third week of April.
BTC price action attempts to overcome a long-term resistance trend line without success as trade war concerns dictate traders’ expectations.
Tariffs are the key macroeconomic topic of the week as risk assets brace for potential surprise headlines.
Bitcoin ETFs lost almost $800 million in a week, while Strategy indicates it has purchased the dip.
Despite tariff pressures, the weakness of the US dollar could be a blessing in disguise for Bitcoin and risky assets.
Global M2 money supply is at an all-time high and rising — will Bitcoin follow history and replicate its past?
Bulls battle a key BTC price resistance line
With traders on the lookout for tariff-related volatility this week, BTC price analysis is zooming out.
BTC/USD closed last week up 6.7%, data from Cointelegraph Markets Pro and TradingView confirms.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Next, however, comes the real test — breaking beyond a downward-sloping trend line that has capped the upside for months.
$BTC – #Bitcoin: I’m watching this chart closely. We might be ready. pic.twitter.com/Dtv1jkrzkP
— Crypto Caesar (@CryptoCaesarTA) April 12, 2025
“Rejected at key resistance, following the trendline perfectly,” popular trader Bitbull wrote in his latest post on the topic on X.
“If the breakdown continues, eyes on the $70K-$72K support zone for a possible bounce.”
BTC/USD 12-hour chart. Source: Bitbull/X
Fellow trader and analyst Rekt Capital is also eyeing the trend line as a breakout proves hard to confirm.
“Bitcoin has Daily Closed above the Downtrend. Thus, breakout confirmation is underway,” he told X followers at the weekend.
“However BTC has previously Daily Closed above the Downtrend but failed its retest (a few of the red circles). Retest needs to be successful and it is in progress.”
BTC/USD 1-day chart. Source: Rekt Capital/X
Popular trader AK47 on X posted separate upside and downside BTC price targets depending on the outcome of the trend line retest.
“$BTC might push to $88K—but don’t get too comfy,” he…
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