Cryptocurrencies Continue Their Collapse

BTCUSD

Bitcoin dropped in the morning trading until prices reached the support zone of $91,500 and then rebounded upwards. Therefore, prices are likely to move sideways between the aforementioned support zone and the resistance zone of $97,500.

Bitcoin witnessed a significant drop in value today, declining by 5.03% to reach $91,500. This sharp decline is attributed to President Donald Trump’s announcement of imposing a 25% tariff on imports from Canada and Mexico, along with a 10% tariff on Chinese goods. This has raised investor concerns about escalating global trade tensions and their negative impact on high-risk assets, including cryptocurrencies.

This decline in Bitcoin’s value follows a period of relative stability, during which it was trading above the $100,000 level. Now, investors are cautiously monitoring geopolitical and economic developments, focusing on Bitcoin’s key support levels, estimated at around $91,500. If this level is breached, further declines toward $87,500 may be observed.

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