Bitcoin's price has taken a significant hit following President Donald Trump's announcement to raise global tariffs to 15%. The cryptocurrency's value dropped below $65,000, with a decline of 5.36% in the session. This move has left investors on edge, with many bracing for a deeper market decline.
The tariff shock has also had an impact on other cryptocurrencies, with Ether falling nearly 6% to about $1,865.7. The selloff is not isolated to bitcoin, as traders are reducing exposure across the board in response to the macro stress caused by Trump's announcement.
Analysts believe that the current phase may resemble a classic bear-market stretch, with low volume, uncertain catalysts, and downside probes searching for a durable base. Markus Thielen, head of research at 10x Research, expects the break below $65,000 to be a significant psychological support zone watched by both discretionary traders and systematic strategies.