Bitcoin Price Drops Below $63K Amid US Tariff Announcement

The recent drop in Bitcoin's price has been attributed to a confluence of macroeconomic pressures and market-specific dynamics. On Saturday, US President Donald Trump announced a 15% global tariff on imports, which took effect today. This move has amplified economic uncertainty, prompting a broad sell-off across risk assets.

Investors are fleeing volatile holdings in favor of stability, with Bitcoin holders selling at a loss. On-chain data shows over $2.3 billion in realized losses in the past week alone. Analysts have described this behavior as one of the largest capitulation events in BTC history.

The Crypto Fear and Greed Index has plummeted to extreme fear levels, further fueling the cycle of sales. Without a reversal in flows, the downward momentum could persist, pushing BTC lower as institutional selling dominates. From a technical standpoint, Bitcoin's price action paints a bearish picture, with a prominent bear pennant pattern emerging on the daily time frame.