Bitcoin Continues to Decline: What to Watch Next?
Bitcoin has fallen below $90,000, continuing its decline from last month's record high due to economic uncertainty. The tariffs imposed by the Trump administration on Mexico and Canada have contributed to this decline, as they are seen as inflationary and could hinder the potential for interest rate cuts. The price of Bitcoin, which recently dipped below $86,000 before recovering to around $89,000, faces a historically mixed performance in March. Despite a 5% decline since the beginning of the year, Bitcoin is up 25% since the last US presidential election.
Cryptocurrency charts show a double top pattern, confirmed by a sharp decline below the neckline. Key support levels to watch include $80,400 and $74,000, while resistance levels are at $98,500 and $106,000. Investors should keep an eye on these levels for potential buying opportunities or profit-taking. The analysis and opinions expressed are for informational purposes only.
