In the last 24 hours, Bitcoin (BTC) has been seen falling towards $83,770 with a 1.10 percent loss. This has come after a very sharp rally in Gold (XAU), taking it almost through $3,200, which happened following an announcement by President Donald Trump regarding his 'Liberation Day' speech.
The announcement has created aggressive reciprocal tariffs on major trade partners. The new tariffs greatly rattle the global market into a speculative sell-off in assets such as Bitcoin, with increasing demand for traditional safe havens like Gold.
Sell-Off Pressure on the Asset is Coming from Miners. As per Cryptoquant, BTC miners sold 1,500 BTC for a week, which goes for around $127.50 million. Further, with the strain in selling, this has coincided with the push of BTC in maintaining critical levels in support.
As per Ali Martinez, BTC is hovering in a very critical range of between $86,900 and $84,800. Watch for a break on either side, as it may indicate the next direction the price takes. If this is not maintained for support, the likelihood of further downside opens up very significantly.
Since the announcement, at the time of entering the high volatility price for the price, it would first peak out before continuing this uptrend. This was achieved through a recent high of $88,554, after which it quickly fell to a low of $82,185 within the same time frame.
On the daily chart, Bitcoin broke through its long-standing descending trendline that extends back into January. However, it again faltered at the critical upward resistance bump it had created at $89,000, which led to a renewed downtrend. The asset also continues to follow the 50, 100, and 200-day Exponential Moving Averages (EMAs).
Sources- TradingView
Relative Strength Index (RSI): The Relative Strength Index (RSI): This shows that sellers still have a moderate hold over market activity, with an RSI below 50.
MACD (Moving Average Convergence Divergence): The MACD is losing ground in bearish territory for the sake of argument.
Fibonacci Retracement: An immediate resistance barrier for the asset is situated at $85,000; however, with a break above $85,550, an upward movement to $86,800 or even to $88,500 will likely follow.
Downside Risks: Will Bitcoin Drop to $80K?
New selling pressure will pull prices lower under the $85,000 mark. That should then open tests around critical support levels. The first support level tests in towards $82,200, with a stronger test at $81,350, and the all-important psychological mark at $80,000, below which an accelerate down-move is anticipated.
The world's largest cryptocurrency is at a crucial stage. A tricky macroeconomic environment and technical resistance are at play. It is best if traders would watch for the key price points especially. A break above $85,550 may usher in bullish momentum, while failure to hold above $82,000 may result in a deeper correction.
Since uncertainty looms over U.S. trade policy, investors should also brace themselves for bigger volatility. Will Bitcoin recapture lost territories, or is a downside destined?
Also read: Pi Network Price Prediction: Can PI Recover from Its 77% Drop?
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
04-04-2025
04-04-2025
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