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Bitcoin (BTC) Price: Drops to $83,400 Following Trump’s Tariff Announcement
Bitcoin dropped sharply in response to President Donald Trump’s announcement of a comprehensive overhaul of U.S. trade policy. The price fell to $83,421.50, a significant decline from the recent highs of $88,500 earlier in the week.
The move comes as part of a broader global market sell-off, with major stock indices and cryptocurrencies across the board experiencing losses. The decision by Trump’s administration has sparked widespread concern among investors, leading to a sharp correction in asset values.
Despite the volatility, long-term holders have shown remarkable resilience, demonstrating their commitment to the digital asset’s long-term prospects. This cautious approach is reflected in Bitcoin’s velocity, which hit a five-month low last week. As a result, spending from this cohort has reached its lowest levels since mid-2021.
In the short term, BTC must reclaim $85,000 as support for any potential recovery to take place. Failing to breach this level could lead to a decline back to the next key resistance at $80,301.
It remains to be seen how Bitcoin will react in the coming days, but one thing is clear: investors should be prepared for continued market volatility as the impact of Trump’s tariff announcement continues to unfold.
Source: https://blockonomi.com/bitcoin-btc-price-drops-to-83400-following-trumps-tariff-announcement/
