Make Hollywood Great Again? Tariff Drama Adds to Market Tension

Bitcoin and the S&P 500 remain relatively flat, each moving less than 1% from the open—Bitcoin edging slightly higher, while the S&P 500 trades marginally lower. Meanwhile, gold has snapped a two-week downtrend, rallying strongly and setting its sights once again on all-time highs.

Despite the muted movement in risk assets, markets remain gripped by uncertainty as we count down to Powell’s upcoming presser. The volatility index (VIX) has returned to its prior consolidation range—calm on the surface, but clearly in wait mode. The flow of capital paints a clear picture: risk-off assets are seeing renewed interest. Gold surges, Bitcoin ticks up, and traditional equities lag—markets are preparing for potential fireworks.

Tariff Turmoil: Mixed Signals from Washington

Tariff developments continue to generate confusion and fear. Following yesterday’s announcement that Trump intends to impose 100% tariffs on non-U.S. film imports—part of his effort to “Make Hollywood Great Again”—the White House today walked back the certainty of those measures, stating they are not yet confirmed. This mixed messaging only fuels further market hesitation.

Adding to the friction, the U.S. has rejected Japan’s request for a full exemption from its new “reciprocal” tariff regime, reinforcing a protectionist tone that’s clearly unsettling global investors.

What’s Next: Calm Before the Storm?

We can likely expect continued slow price action and consolidation in the lead-up to Powell’s press conference. But make no mistake—volatility is coming. The presser could very well dictate the next directional move across asset classes.

Stormrake Spotlight: Bittensor (TAO) ($374)

While the broader crypto market drifts, TAO stood out, rallying 9% on the day and returning to a confluence of previous highs around $380. This level has now rejected price action three times in the past 10 days. Expect continued resistance here, but a break above could open the door toward $440—the next CPR target.

Should TAO fail to break through, a pullback to one of the identified support levels on the chart is likely.

BTC/USD Key Levels and Price Action:

Bitcoin has reentered its consolidation range after last week’s failed breakout. Now wedged between key moving averages, BTC leans bearish, with the 55EMA still above the 21EMA.

A key level to watch is the $93.5K support—the closing price from 2024—which has held firm, producing two intraday bounces over the past 48 hours.

BTC Total ETF Flows for 5 May: $ - 105.7 million

*All prices are denominated in USD unless stated otherwise*

Written by Alexandar Artis

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