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Bitcoin (BTC) Price: Traders Eye Key $84K Barrier After Week of Losses
The cryptocurrency market has been hit hard by the recent announcement from President Trump regarding his plan to impose a 200% tariff on European alcohol imports. As a result, Bitcoin’s price has plummeted nearly 5%, erasing some of the gains made earlier this month.
This unexpected turn of events has led to a significant shift in investor sentiment, with many opting for safer assets such as gold. In response, Bitcoin’s price has been trading below $82,000, sparking concerns about a potential economic downturn in the United States.
With investors reducing their exposure to high-risk assets like cryptocurrencies, traditional safe havens have benefited from this change in sentiment. Gold prices have surged to record highs over the weekend, reflecting the shift towards risk aversion.
The upcoming Federal Reserve meeting is adding another layer of uncertainty to the markets. The Fed is expected to maintain current interest rates while assessing the economic landscape, as the brewing trade disputes could potentially drive up inflation.
In the short term, Bitcoin’s technical chart shows some resilience, with the cryptocurrency maintaining support above the $78,000 level. A recovery trajectory has been established above the $80,500 resistance point, with buyers briefly pushing the price above $82,000 but encountering resistance around $84,000.
The current price is trading above both $81,200 and the 100-hour Simple Moving Average. Key resistance levels to watch out for include $82,450, followed by critical barriers at $84,000 and $85,000.
A successful close above $85,000 could trigger further upward momentum towards $86,500 or even $88,000. However, if Bitcoin fails to break through the $82,450 resistance zone, it may face renewed selling pressure.
Immediate support can be found near $80,500, followed by major support at $79,600. Further support levels include $78,500 and $77,000, with primary support established at $76,500.
The cryptocurrency’s short-term direction will likely be influenced by both macroeconomic factors and technical patterns in the days ahead.
Source: https://coincentral.com/bitcoin-btc-price-traders-eye-key-84k-barrier-after-week-of-losses/
