Bitcoin Slips Below $80K Amid Trump’s Canada Tariffs
BTC Rally Stalls as Market Uncertainty Grows
Bitcoin lost traction after a 7% rebound on March 11, as fresh economic concerns fueled volatility.
Tariff Fears Pressure Bitcoin and Stocks
BTC/USD climbed to $82,154 before retreating. While U.S. JOLTS job figures slightly outperformed projections, President Donald Trump’s newly imposed tariffs on Canada dampened risk appetite.
The S&P 500 dipped 0.5%, continuing its choppy performance. The Kobeissi Letter pointed out that unlike Trump’s first term—when the index was up 5%—it has declined 7% since January 20.
QCP Capital flagged Trump’s “disregard for recession risks” as a market headwind but noted that easing Treasury yields and a softening U.S. dollar could favor speculative assets like crypto. The U.S. Dollar Index (DXY) slipped to 103.32, marking its weakest level since October 2024.
Bitcoin at a Decisive Moment
BTC’s trajectory remains uncertain, with no clear bullish triggers. More Crypto Online, applying Elliott Wave analysis, cautioned that unless Bitcoin decisively breaches resistance, fresh declines could follow.
Trader CrypNuevo identified strong support at the 50-week simple moving average (SMA) near $75,500—a level Bitcoin has held above since March 2023.