Bitcoin (BTC) slumped below $100,000 on Sunday as Donald Trump’s proposed Tariffs on Canada and Mexico kicked in. Canada and Mexico have retaliated and imposed retaliatory tariffs on the US. The prospect of a renewed trade war between major countries and mass deportations of illegal immigrants could lead to a spike in inflation in the global economy. Bitcoin (BTC) In The Doldrums Bitcoin (BTC) is in the red for the third consecutive day as a brewing trade war took its toll on the flagship currency. The US has imposed tariffs on all goods imported from China, Mexico, and Canada, and are set to begin on Tuesday, according to executive orders issued by President Donald Trump. The orders introduce a 25% tariff on Canada and Mexico, and a 10% tariff on China. Canadian energy also faces a 10% tariff. According to Trump, the tariffs are a necessary measure to hold the countries accountable for illegal immigration and drug trafficking. Canada and Mexico have imposed retaliatory tariffs on the US. Canadian Prime Minister Justin Trudeau said Canada will impose 25% tariffs on various US goods, ranging from drinks to appliances. Earlier, Mexico had announced a 25% tariff on US goods. Meanwhile, China has said it will file a case against the US at the World Trade Organization and vowed several countermeasures against the US to safeguard its interests. The potential renewal of a trade war could lead to a spike in inflation and weaken the case for speedy Fed rate cuts. BTC’s current price action mirrors these concerns. BTC’s dramatic decline has also weighed down other altcoins which have registered substantial declines. The crypto market cap is down over 3.50% and is currently at $3.37 trillion. Is Bitcoin (BTC) In Trouble? An analysis by Kevin Capital has suggested Bitcoin (BTC) could be in trouble. According to the analyst, a bearish pattern that led to a market crash during the last cycle has returned. The analysis was explained in a post on X, adding the pattern formed at the same time as it did during BTC’s previous cycle, which caused a significant dip. However, another analyst posted a more optimistic view, stating that BTC’s mark-up phase is beginning and the consolidation phase could be ending, adding that the flagship currency could rally to $117,000. Another analyst, CobraVanguard posted a bullish outlook for BTC , predicting it could rally past $120,000. Bitcoin (BTC) Price Analysis Bitcoin (BTC) fell for a third consecutive day, slipping below $100,000 during the current session. Price action has been muted, with BTC unable to move past $107,000 thanks to upper-level resistance. However, bulls had not ceded much ground to sellers and kept BTC above $100,000 until Sunday. BTC had started the week on a bearish note and is set to end it in the red as selling pressure intensifies and key indicators flash bearish. BTC began the week with a drop below $100,000 as it fell to an intraday low on Monday. However, it recovered from this level to reclaim $100,000 and settle at $102,064. Sellers retained control on Tuesday after thwarting a recovery attempt, and the price fell 0.69% to $101,362. Buyers returned to the market on Wednesday as BTC rose 2.27% to $103,666. BTC attempted to move past the resistance around $106,000-$107,000 on Thursday, rising to an intraday high of $106,296. However, it lost momentum after reaching this level, ultimately settling at $104,559, rising nearly 1%. Source: TradingView Bearish sentiment returned on Friday after a failed attempt to move past $107,000. As a result, BTC dropped nearly 2% and settled at $102,616. Sellers retained control on Saturday as BTC fell 1.54% and settled at $101,041. Despite selling pressure, buyers had kept the price above $100,000. That changed during the current session as BTC slipped below $100,000, dropping to a low of $98,577 before moving to its current price of $99,625. Buyers will look to retake control and push BTC above $100,000. However, if sellers retain control and BTC closes below $100,000, we could see a drop to $90,000. Key indicators indicate a growing bearish sentiment with the RSI below the neutral zone. Additionally, the MACD is also bearish, indicating a downtrend. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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