1: Donald Trump Announcement
Bitcoin's price is experiencing a downturn due to a combination of factors. One major contributor is the recent announcement by Donald Trump of new trade tariffs, which has sparked broader market uncertainty.¹ This has led to a risk-off environment, where investors are moving away from volatile assets like cryptocurrencies.
2: Strengthening US Dollar
Additionally, the strengthening US dollar and declining stock futures have also played a role in Bitcoin's decline. The cryptocurrency market is increasingly correlated with traditional financial markets, making it more susceptible to external economic factors.
3:Geopolitical and Economic Uncertainties.
It's worth noting that Bitcoin has maintained strong technical support at around $92,000, which has proven to be a reliable defense line over the past two months. However, short-term volatility should be expected as the market digests current geopolitical and economic uncertainties.
4: Dropped By Over 4% In 24 Hours
In the past 24 hours, Bitcoin's price has dropped by over 4%, testing support levels below the critical $95,000 mark.² Despite this, some investors remain optimistic, with MicroStrategy recently purchasing an additional $5.4 billion worth of Bitcoin.
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