Bitcoin seems to be recovering somewhat after that volatile session yesterday. The price fluctuated between $65,900 and $67,000, and now we're seeing some upward momentum toward the $72,920 range. The funny thing is that many traders don't really care much about the exact figures Trump mentions regarding the trade deficit, but focus more on what it means for interest rates.

That is actually the real catalyst here – not Trump's claim itself, but how those discussions about rates cause markets to start pricing in higher interest rates for a longer period. And that's exactly what Bitcoin is struggling with right now. The coin has mostly become a macro proxy in recent weeks, so you see it move in tandem with liquidity and interest rate expectations rather than crypto-specific news.

If that rate discussion persists and the dollar strengthens, it could become difficult for Bitcoin to sustain a rally. Higher interest rates, a stronger dollar, less appetite for risky assets. That’s the catalyst you need to watch. On the other hand, if all this political noise turns out to be just that and the market relaxes, Bitcoin could revert to tracking money flows and leverage. So it really depends on how this rate story develops over the coming weeks.

By the way: Bhutan has quietly sold about 70 percent of its Bitcoin reserves. That also says something about how different parties view this moment. It will be interesting to see what the next catalyst will be.