Bitcoin Struggles to Hold $85K as Market Pressures Continue to Rise
The post Bitcoin Struggles to Hold $85K as Market Pressures Continue to Rise appeared on BitcoinEthereumNews.com.
Trump’s crypto summit announcement triggered the Bitcoin (BTC) price to climb above $86K. Still, BTC is facing multiple rejections at $85K, trading at $84,809. Technical indicators and analysts warn of a further decline for Bitcoin. Bitcoin (BTC) is experiencing a tough time, dipping below $80K and recording an intraday low of $78,248.92. This significant drop was caused by a mix of political decisions, inflation, and an increase in tariff concerns. U.S. President Donald Trump’s recent announcements on the implementation of a 25% tariff on Mexico and an additional 10% tariff on Chinese goods have reduced investor confidence, resulting in massive selloffs and outflows from the cryptocurrency market. It’s not only Bitcoin alone, as this environment isn’t profitable for major cryptocurrencies as well. Bitcoin Price is now down 18% since Trump’s inauguration and 24% from its all-time high of $108,000. Additionally, Ethereum (ETH), the second largest crypto also suffered a 6% decline on Friday and XRP lost nearly 2% as well, trading at $2.10. However, the crypto market is trying to recover after Donald Trump announced the White House’s first crypto summit, set for next Friday, highlighting his growing support for the industry. At the time of writing, BTC is priced at $84,947 in the Asian trading hours, reflecting a 6% rally in the past 24 hours. Despite the price surge, Bitcoin’s daily trading volume, which was high due to selloffs the previous day, has now declined by around 10% to $63.36 billion. Also, experts warn that Bitcoin could hit further decline. Steve Sosnick, chief strategist at Interactive Brokers, in an exclusive interview points to Bitcoin’s 200-day Simple Moving Average of $96,536 as a key indicator. If Bitcoin fails to maintain its current market, which is currently at $85,000, Sosnick believes the next support levels could be in the “high $60,000’s/low…
Filed under: News - @ March 1, 2025 12:15 pm