US President Donald Trump has named five cryptocurrencies that may be included in a special cryptocurrency strategic reserve. The announcement was made on Sunday and resulted in a significant uptrend in the crypto market. According to the comments of the US official, Bitcoin, Ethereum, XRP, SOL, and ADA will be included in the reserve. Apart from Bitcoin, other cryptocurrencies were mentioned by the US leader for the first time.

Bitcoin and Ethereum made a significant upside movement on Sunday. BTC managed to reach $94,000, while ETH passed the 2,500 mark. In total, the cryptocurrency market managed to add 10%. 

However, on Monday traders and investors saw a significant selloff, and major cryptocurrencies tested new local lows. Bitcoin plunged to $82,000+, while Ethereum seems to target $2,000. The cryptocurrency market is waiting for more information about the crypto reserve as well as some real steps instead of officials’ comments. 

Bitcoin is trading below the simple moving average of 50, which means that bears are currently in control. The closest support level is at $83,200, which prevents BTC from falling further to $78,800. On the upside, the closest resistance is at $86,500. By surpassing this area, the price is likely to reach the SMA50. 

EUR/USD: The Upside is LImited Due to Risk Aversion

The EUR/USD currency pair makes another attempt to grow and manages to hit 1.0500. However, the upside is limited due to risk aversion. The hopes of a potential Ukraine peace deal support risk assets currently allowing the currency pair to set new local highs. However, the upside is still limited due to several factors.

First, the European Central Bank is likely to cut rates during the upcoming meeting. While this event is already priced in, market participants still expect the ECB to make more monetary policy easing steps this year. Moreover, the tariffs that the US administration is likely to impose on goods coming from the EU also exert pressure on EUR. According to Donald Trump’s last comments, import tariffs on EU goods will be 25%. This may result in economic decline in the European Union and put additional pressure on the Euro.

When it comes to the technical perspective, EUR/USD is trading above the SMA50, meaning that buyers are controlling the situation at the moment. However, the price is testing the resistance level at 1.0500 for a while. On the upside, if EUR/USD manages to break above this round number, the next target will be at 1.0530. On the downside, after breaking 1.0470, which is the closest support level, EUR/USD is likely to target the SMA50.

GBP/USD: Pound Sterling Makes Temporary Gains Amid Fed Dovish Bets

The weak core Personal Consumption Expenditure Price Index (PCE) released on Friday together with worse-than-expected US Manufacturing ISM data caused the US dollar selloffs as market participants now are more sure about the Fed resuming its easing policy in June. This week traders and investors will focus on the US labor market data. According to forecasts, the unemployment rate is likely to remain at 4.0%, while the number of new jobs may increase by 156,000 in February against 143,000 in January.

Markets have enabled the risk-on mode due to the expectations of a possibility of a deal between Ukraine and Russia that may bring an end to confrontations and lead to sanctions abolishment. However, GBP remains under pressure as the Bank of England is likely to cut rates several times this year. The economic situation in the United Kingdom requires stimulation, which is likely to lead to more monetary policy easing in 2025.

From a technical point, the currency pair attempts to grow on Tuesday setting new local highs above 1.2700. GBP/USD is trading above the SMA50, meaning that bulls have total control. However, the upward is limited due to expectations of new interest rate cuts by the BoE.

On the downside, the closest support level is at 1.2700. By breaking this level, the currency pair is likely to move towards the SMA50 to test the dynamic support.

WTI: Oil is Under Pressure Amid Concerns over Global Demand

The latest comments from Donald Trump have put additional pressure on crude oil as market participants expect the global demand to plunge if the tariffs hit major economies. The major concern is the Chinese economy, which is among the major contributors to global oil demand.

Moreover, the negotiations between the US and Russia as well as between the US and Ukraine are considered as the first steps to bring peace to Europe. This may cancel sanctions against Russia and bring more oil to the market. 

When it comes to technical analysis, WTI quotes remain below the SMA50, which means that sellers dominate the market at the moment. The closest support level is at 67,00, which prevents the asset from moving lower. On the upside, we have the SMA50, which acts as a dynamic resistance area. 

XAU/USD: Gold Makes Gains on Tuesday on News Related to Tariffs

Gold is supported by market participants due to the fact that US President Donald Trump has announced that tariffs will be imposed as scheduled. This means that from now on, all goods from Mexico and Canada will be imported into the United States with an additional 25% tariff. Moreover, expectations of new tariffs against China and the EU give additional support to XAU/USD.

The Chinese government, in turn, promised to impose reciprocal tariffs on some foods coming from the United States. In particular, they will add 15% costs on chicken, pork, soy, and beef. According to the officials, the tariffs will take place on March 10.

From a technical point, gold is trading above the SMA50, which means that XAU/USD is supported by the market at this time. Gold is slightly above 2,900, which means that the 3,000 level is a target again. On the downside, the closest support level is at 2,900, which prevents gold from rushing at the SMA50, which is a dynamic support area at the moment.