Key points:-
- Bitcoin struggled as market opinion worsened between Trump’s tariffs and economic uncertainty.
- Erasing billions from crypto markets through Bybit hack attack, intensifies panic among the market.
- Current market condition for Bitcoin.
Donald Trump Continues the Tariff War
After Donald Trump’s tariff announcement on Canada and Mexico, the crypto market has begun its downward trajectory. After a brief recovery from the turbulence triggered by Donald Trump’s tariff announcement.
During his first cabinet meeting Donald Trump announced to impose a 25 percent tariff on the European Union. 26th of February speaking at the first cabinet meeting, Trump said “ We have made a decision and we will be announcing it very soon. It will be 25 percent generally speaking and that will be on cars and all other things.”
According to CoinMarketCap’s latest data, the global crypto market capitalization has gone down by 3.61 percent in the past 24 hours, settling at $2.83 trillion. Third consecutive day of losses, Bitcoin is trading at $86,112.34 after a 3.01% drop. Bitcoin Touched it’s lowest price for a short time at $82,256 since 11th November 2024. However, market data indicates that further corrections may be on the horizon before stability returns.
Bitcoin Analysis: What the Chart Says?
Commenting on the same, independent market analyst Scott Melker posted the chart on Social media platform X and said, “Bullish divergence with oversold RSI STILL very much in play. At the moment, RSI still is making a higher low. We need to see a clear “elbow up” on the next candle to confirm. Nothing here yet.”
As Bitcoin wobbles on the edge of the $80,000 range, markt’s opinion has significantly declined.The Crypto Fear & Greed Index has fallen to 10, its lowest level in a year, indicating “extreme fear”. Traders have different opinions about Bitcoin’s price where it will be settled. Many anticipate a potential bottom between $80,000 and $71,000.
Meanwhile, data shared by Velo on X shows Bitcoin’s worst three-day performance since 2022, accompanied by substantial capital outflows from spot BTC ETFs.
Beyond market instability, broader economic concerns loom, as the Trump administration has issued directives to federal agencies outlining plans for large-scale layoffs, adding further uncertainty to the financial landscape.
The recent Bybit hack on the 21st of February has further shaken investor confidence.The exchange reportedly suffered a staggering $1.4 billion loss. This marked the largest financial heist in history.
With such events clouding the crypto ecosystem, it remains to be seen whether Bitcoin finds new support or continues to decline.
