Bitcoin and most altcoins pulled back on Tuesday as cryptocurrency traders awaited the upcoming David Sacks press conference.
Bitcoin (BTC) hovered around the $100,000 mark, while most blue-chip altcoins like Ethereum (ETH), Cardano (ADA), and Ripple (XRP) were barely moved.
Smaller names like Raydium, Official Melania Meme, Bittensor, and Aerodrome Finance were the best-performing coins.
A likely reason for this market performance is the renewed trade war between the U.S. and China, which could lead to inflation. The U.S. has implemented a 10% tariff on Chinese imports, while China has responded with its own levies and an investigation into Google.
On the positive side, the two countries may agree to pause these actions to allow room for negotiations. The U.S. has already paused its tariffs on Mexico and Canada.
Bitcoin and altcoins are expected to react to a press conference by David Sacks, the AI and crypto czar, who will address key priorities for the industry. His conference will also feature crypto-friendly legislators like Tim Scott and John Boozman.
This press conference will be crucial, as President Trump has identified leadership in artificial intelligence and crypto as a key focus of his administration. Sacks is expected to outline the administration’s approach and potential priority areas.
Some of the likely topics include criteria for approving crypto exchange-traded funds and simplifying regulations.
Will Bitcoin and altcoins rise or fall after Sacks press conference?
Sacks’ conference comes at a time when technical indicators suggest a strong bullish breakout. The weekly chart shows that Bitcoin formed a cup and handle pattern between November 2021 and October 2023. This pattern had a rounded bottom and a handle that developed between March and October 2024.
Bitcoin has also formed a bullish flag chart pattern, consisting of a long vertical line followed by a flag-like consolidation. It has moved above the 50-week and 100-week moving averages, signaling potential strength.
As a result, Bitcoin will likely rebound and move toward resistance at $123,000. This target is calculated by measuring the cup’s depth—about 77%—and applying the same distance from the cup’s upper boundary.
A bullish breakout in Bitcoin would likely drive gains in altcoins like Ethereum, Solana, and Cardano, as they have a close correlation with BTC.
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