Key Takeaways:
Bitcoin fell to $114,250, its lowest level since June 11, after Trump’s tariff order rattled global markets.
$630 million in crypto liquidations hit traders in 24 hours, mostly long positions.
Analysts see the dip as a temporary correction, but warn further downside to $111K support is possible.
Bitcoin Slides to 3-Week Low
Bitcoin (BTC $115,590) dropped to $114,250 during early Asian trading on Friday, its lowest level in three weeks, after U.S. President Donald Trump signed an executive order imposing new trade tariffs.
The move broke BTC out of its three-week range-bound channel. Analysts warn that if Bitcoin fails to rebound, the next major support zone is around $111,000.
Today’s 2.6% decline leaves Bitcoin 6.5% below its $122,800 all-time high from July 14
$630M in Liquidations
Data from CoinGlass shows that:
158,000 traders were liquidated in the past 24 hours
Total liquidations reached $630 million, mostly from long positions
Roughly $110 billion exited spot crypto markets in just 12 hours before Trump’s announcement, indicating that traders were already cutting risk ahead of the tariff deadline.
Trump’s Tariff Shock
Trump’s executive order locked in weeks of tariff threats, including:
Raising tariffs on Canada from 25% to 35%
Setting new rates for countries like South Africa, Switzerland, Taiwan and Thailand (19%–39%)
He also formalized trade agreements with the EU, Japan, South Korea and the UK.
The tariff escalation triggered a sell-off in Asian equities and crypto markets on Friday.
Analysts: Correction, Not Collapse
Henrik Andersson, CIO of Apollo Capital, said:
“Combined with the uncertainty over tariffs, it is natural to see some profit-taking after a very strong run in both equities and crypto markets. If a deal with China can be made, it would remove a lot of the current uncertainty.”
Nick Ruck of LVRG Research added:
“This week’s market dip reflects a mix of tariff deadline fear and broader macroeconomic uncertainty. While tariffs contributed to the pullback, the dump was likely exacerbated by profit-taking after recent ATHs and lingering geopolitical tensions.”
July Closed With Record Monthly Candle
Despite Friday’s sell-off, July still marked Bitcoin’s highest monthly close ever at $115,784.
All-time high: $122,800 (July 14)
Largest monthly candle remains November 2024, when BTC surged $26,000 in one month after Trump’s election victory, according to Cointelegraph.#Binance #WhiteHouseDigitalAssetReport #BTC #MarketPullback
