Bitcoin's market reaction centers on the critical $92,000 mark, as noted in a recent Glassnode report. The cryptocurrency extended its recovery, trading above this threshold on Thursday after a 5% rally over the past two days. Should Bitcoin face a downturn, the $71,000 level remains a pivotal support point.
Meanwhile, gold prices are consolidating for the second consecutive day around $2,900. Investors are closely watching the precious metal's movement towards its all-time high of $2,956. The stability in gold pricing reflects ongoing market apprehensions over global economic conditions.
In the automotive sector, Canada and Mexico may experience some temporary relief as the United States considers delaying car import tariffs. However, reciprocal tariffs are slated for enforcement starting April, adding to the economic complexities.
The European Central Bank (ECB) is poised to deliver another 25 basis points cut, with an announcement expected on Thursday at 13:15 GMT. The ECB has already reduced the benchmark rate on deposit facilities from 2.75% to 2.5% following its March policy meeting. These actions aim to stimulate economic activity amid varying global economic pressures.
In currency markets, the GBP/USD pair has slipped below 1.2900 during the European session on Thursday. This decline is influenced by a cautious market sentiment and concerns about an economic slowdown in the United States due to tariffs imposed by President Trump. Concurrently, the US Dollar is attempting to consolidate its weekly losses under the weight of these tariff-induced uncertainties.