Bitcoin Price Risks a Slip Below the $80K Mark

The threat of fresh US tariffs against Russia is pervading the space following President Trump's latest comments.

President Trump is sending shivers down the spine of investors with the threat of new tariffs on Russia. Bitcoin price risks a slip below the $80K mark amid pervading geopolitical tensions with Russia in the middle of it all.

The threat of fresh US tariffs against Russia is pervading the space following President Trump’s latest comments. The US President expressed disappointment at Russia over the perceived delay in reaching a lasting ceasefire deal in the conflict against Ukraine.

Trump disclosed plans to impose secondary tariffs on Russian oil “at any moment.” According to a report, Trump is eyeing an additional import duty of 25% on Russian oil in response to the botched conflict resolution processes.

With the threat of sanctions looming, BTC investors are steeling themselves for a drop below the $80,000 mark. Traditionally, economic uncertainty and trade wars have adversely affected Bitcoin price with investors turning to safe-haven investments.

There is also the grim possibility of global oil prices rising following the tariffs leading to higher energy costs. The fallout from rising energy costs will be miner capitulations, a grim event for Bitcoin price if miners sell their assets.

Amid the looming specter of tariffs, investors have withdrawn 6,000 BTC from exchanges braving the pervasive bearish sentiment.

A Drop Below $80K Is In Play For BTC

Outside of the grim fundamentals around the tariffs, technicals for Bitcoin price are largely pessimistic. The top cryptocurrency is headed downwards and currently trades at the $82K mark.

While Peter Brandt predicts a steep drop to $65,635, a decline below $80K is in play for Bitcoin in the short term. The MACD indicates no crossover in sight confirming bearish sentiments while RSI levels paint a similar picture.

“We’re stuck under a clean descending channel, and the price is now grinding within a high-interest demand zone just above the previous daily low (PDL) and weekly low (PWL), said pseudonymous analyst Crypto Dad.

A wave of institutional Bitcoin purchases has done little to stave off the asset’s decline. Marathon Digital has launched a $2 billion stock sale to power new BTC purchases while Metaplanet and Strategy continue to bolster their holdings.

The above is the detailed content of Bitcoin Price Risks a Slip Below the $80K Mark. For more information, please follow other related articles on the PHP Chinese website!