Bitcoin price is hovering around $81,360, slipping below $82K.
Trump’s upcoming tariffs on “Liberation Day” resulted in the crypto market sell-off. The crypto market has been facing hard times so far this year. Trump’s presidency is focused on bringing clear regulations to take the country ahead in terms of tech innovation. However, the same presidency is the reason behind the dull market performance of the crypto market. Tariffs and uncertain trade tensions among countries adversely impacted crypto.
Bitcoin price slumped to $81K today with a 2.09% drop in the last 24 hours. The BTC price recorded 6.54% and 4.01% weekly and monthly price drops, respectively. Bitcoin is down by around 7% from its recent peak of $88,300 recorded last week. Bitcoin’s price has maintained a sustained price drop with no signs of recovery since then. Bitcoin price will have a significant impact on the broader crypto market. The present considerable drop in Bitcoin price has caused crypto liquidations to hit $260 million in the last 24 hours. While the overall crypto market cap dropped by around 3%, the crypto fear and greed index continues to indicate fear sentiment.
Trump’s Impending Tariffs on Liberation Day Impact Bitcoin Market
President Trump is about to reveal “reciprocal tariffs” on Liberation Day, which is on April 2 this week. The anticipation of the upcoming tariffs added pressure to the crypto market. Bitcoin started this week with a price drop below its $82K support level as a result of upcoming tariffs. Other macroeconomic signals are also causing uncertainty in the market. Core PCE data was released last week. And, it indicated a higher-than-expected inflation. Consumer confidence dropped to its lowest level, further adding to market uncertainty. This explains decreasing investor confidence in cryptocurrencies along with price drops.
What’s Ahead for Bitcoin Price?
Renowned market analyst Ali Martinez made a post earlier today on the Bitcoin price. As per his technical analysis, Bitcoin should clear two critical levels to resume its bull trend. They are a short-term holder realized price at $90,700 and a 3-month realized price at $97,300. Trump’s upcoming tariff announcement on April 2, i.e., Liberation Day, is focused on decreasing US dependence on foreign goods. It is expected to target mainly countries such as the European Union, South Korea, Brazil, and India. Bitcoin market price movements depend on Trump’s decisions on April 2 as anticipation builds up across the crypto community.