Bitcoin and Altcoins Await David Sacks Press Conference as Market Pulls Back

Bitcoin (BTC) hovered around the $100,000 mark, while most blue-chip altcoins like Ethereum (ETH), Cardano (ADA), and Ripple (XRP) were barely moved.

Bitcoin (BTC) and most altcoins pulled back on Tuesday, as cryptocurrency traders awaited the upcoming David Sacks press conference and reacted to the latest developments in the U.S.-China trade war.

Bitcoin hovered around the $100,000 mark, showing minimal movements. Meanwhile, several smaller altcoins, such as Raydium, Official Melania Meme, Bittensor, and Aerodrome Finance, experienced significant gains.

On the other hand, blue-chip altcoins, including Ethereum (ETH), Cardano (ADA), and Ripple (XRP), barely reacted to the market movements.

One of the key factors influencing the cryptocurrency market is the renewed trade war between the United States and China, which has sparked concerns about inflation.

In the latest round of tariffs, the U.S. has imposed a 10% levy on Chinese imports, prompting China to respond with its own tariffs and an investigation into Google.

However, there are also positive signs, as the two countries may agree to pause these actions to allow for negotiations. Notably, the U.S. has already paused its tariffs on Mexico and Canada.

Importantly, Sacks' press conference is expected to shed light on the Trump administration's priorities for the cryptocurrency industry, which could significantly impact Bitcoin and altcoins.

This press conference will address crucial topics, including criteria for approving crypto exchange-traded funds (ETFs) and simplifying regulations, which are highly anticipated by the cryptocurrency community.

As the press conference unfolds, traders will closely monitor technical indicators to assess the potential direction of Bitcoin and altcoins.

On the weekly chart, Bitcoin has formed a cup and handle pattern, which began with a rounded bottom forming between November 2021 and October 2023. This pattern typically indicates a bullish trend.

Moreover, Bitcoin has also formed a bullish flag chart pattern, which consists of a long vertical line followed by a flag-like consolidation. It has moved above the 50-week and 100-week moving averages, further signaling potential strength.

If Bitcoin sustains its bullish momentum, it will likely encounter resistance at $123,000. This target is calculated by measuring the depth of the cup—which spans about 77%—and applying the same distance from the cup's upper boundary.

A bullish breakout in Bitcoin would likely drive gains in altcoins such as Ethereum, Solana, and Cardano, given their close correlation with BTC.