📉 BTC$BTC Drops 2.55% in 24h — What’s Behind the Move?
#BTC pulled back to \~\$108K, losing 2.55% in the past 24 hours — here are the 3 key reasons (based on insights gathered via the new CMC AI by CoinMarketCap):
1️⃣ Trump’s Tariff Shock
On May 23, Donald Trump announced 50% tariffs on EU imports. This reignited global trade fears, triggering a risk-off move — similar to BTC's -6.5% dip back in April during earlier tariff tensions.
2️⃣ Technical Resistance
BTC$BTC failed to break through the \$110K level (Fibonacci 127.2% target at \$18880). RSI14 has dropped to 63.3, indicating weakening momentum.
Around \$544M in long liquidations occurred between \$106K–\$109K.
3️⃣ Risk-Off Across Markets
ETH dropped -4.3%, SHIB -3.5%. BTC dominance dipped from 63.15% to 63.13%, as capital shifted to cash and treasuries.
Bottom Line:
Geopolitics, technical exhaustion, and liquidations all weighed on price.
Still, BTC is up +16.83% over the past month.
Institutions (204 currently hold BTC) may provide support — but will it be enough?