Bitcoin price erupted to less than 80,000 dollars for the first time in three months, as investors continued to reduce their exposure to high -risk assets amid tariff problems. BTC was traded at $ 79,885 at the time of writing, a decrease of 5.6 % on the daily chart. However, the Crypto Bellweether market lost more than 21 % of its value last month, with its revenues from year to year by -14 %.
The sharp encryption prices decreased by US President Donald Trump’s announcement of a new round of commercial tariffs against imports from the European Union. Euro region members can take revenge, and expand the Dragnet rating that was in China, Canada and Mexico.
With the world’s leading economies in harsh commercial practices, investors are alienated from risks. Founding investors and fund managers have reduced their exposure to ETFS.FORM, for example, the Bitcoin Sots investment funds have recorded net flows over the past eight days. The record includes $ 1.01 billion on February 25.
This trend is likely to continue in light of the current feelings fueled by the customs tariff, and can enhance the opposite winds against the price of bitcoin. The currency is currently trading less than the main moving averages, including 20, 50 and 200 SMAS, confirming the declining momentum.
In addition, the trading volume increased 24 hours in Bitcoin by 9.3 % at the time of writing this report, indicating the pressure pressure on the currency. This indicates the potential continuation of the declining direction by the price of bitcoin.
Bitcoin prediction
The momentum on the price of bitcoin calls for more direction without the axis mark at 81,770 dollars. The currency is likely to decrease and find the first support at 78,775 dollars, but the strongest momentum will reduce this level and may test the second support at $ 76,000.
Instead, a break above 81,770 dollars will prefer buyers to control. In this case, BTCUSD is likely to go top and face the first resistance at $ 84,680. The breaking of this level will nullify the narration of the negative side and may test the second obstacle at 86,960 dollars.
