The recent Bitcoin market was moving in an interesting way. It fluctuated from around $65,900 to just below $67,000. The reason was that Trump made a statement that the U.S. trade deficit was reduced by 78% thanks to tariffs. It seems the market reacted to that.

However, honestly, what market participants are more concerned about isn't the accuracy of that statement. When the tariff issue intensifies, long-term interest rates might stay high, strengthening the dollar, which could put pressure on risk assets like Bitcoin. In fact, the U.S. trade deficit in January shrank to about $29.4 billion, so there's a suspicion that this trend might be genuine.

Currently, Bitcoin tends to move as a macroeconomic indicator. It reacts sensitively to interest rate outlooks and liquidity changes, and the influence of financial environment factors is greater than that of typical crypto-specific factors. If the tariff issue doesn't just become political noise but actually leads to tightening financial conditions, further upward movement could become quite difficult. On the other hand, if this turns out to be temporary, a different trend might emerge. By the way, the current Bitcoin price is around $74,000.