EU Retaliatory Tariffs May Lead to Bitcoin Pullback to $75,000
The EU's latest retaliatory tariffs have intensified macroeconomic uncertainty, prompting increased volatility in Bitcoin prices, which may dip below the critical support level of $75,000.
On March 12, the European Commission announced that the EU would impose counter-tariffs on $28 billion worth of U.S. goods starting in April, in response to President Trump's recent imposition of a 25% tariff on imported steel and aluminum. This move is the latest retaliatory tariff statement against U.S. import tariffs and could trigger new trade war concerns and market volatility in the short term.
Counter-tariffs are not a positive signal, as they indicate that the other side may rebound again. This may cause Bitcoin's price to re-test $75,000 from $83,855. A temporary pullback of Bitcoin's price below $72,000 in the current bull market cycle is part of a 'macroeconomic adjustment,' after which Bitcoin is expected to continue its upward trend.
