This week, Bitcoin fell to less than the multiple support level of $ 90,000 and all the gains due in the post -election gathering that started in November after President Donald Trump won the 2024 elections.
The pressure of the total economy was the main factor behind the contraction this week, as the total market value of the cryptocurrency fell about 13 % to $ 2.91 trillion at the time of this report.
Market morale decreased to record its lowest levels in the intense fear area to 16, another level seen in June 2022.
Likewise, most Altcoins surrendered to market pressure and lost great value, with many large cryptocurrencies that spread two numbers.
Why do bitcoin decrease?
The latest sale of the increasing macroeconomic concerns comes, as Bitcoin’s reaction and the broader encryption market were on the US tariff policies targeting China, Mexico and Canada.
On February 27, President Trump announced an additional tariff of 10 % on Chinese goods, up to 20 % from March 4.
He also emphasized that 25 % customs duties on Canadian and Mexican imports will be in effect on the same day.
In response, Canadian Prime Minister Justin Trudeau warned against a “very strong and strong” anti -action.
The uncertainty surrounding this tariff has rocked the origins of risk, including encryption. The severe Bitcoin decreased in February also affected the demand for immediate traded investment funds, which led to external flows of about $ 3.65 billion.
On February 25 alone, investors withdrew $ 1.1 billion-the largest withdrawal for one day since the ongoing investment funds began.
With the total total conditions and the morale of investors at its lowest levels in nearly two years, the bitcoin price remains under pressure, and traders closely see the main support levels of stability marks.
What is the following for Bitcoin?
The general consensus among experts is that the current contraction will likely continue until the situation is cooled at the global level.
According to bitget analysts, the next main support level is $ 75,000 based on historical patterns.
Others like the global macro investor expects a deeper correction of up to $ 70,000, although Ryan Lee from Bitget says this scenario is less likely without any new stimuli playing.
Li pointed out that although the decline to $ 70,000 is not outside the table, it is likely that it requires “constant panic or a significant deterioration to the current pressure.”
He referred to 75,000 dollars as a more urgent level of support.
Meanwhile, the analyst of Rekt Capital said that Bitcoin is the first correction to discover prices, and the current scenario may continue for two other weeks if historical patterns are repeated.
He pointed out that although continuous withdrawal of 25 % is more moderate compared to previous sessions, as Bitcoin witnessed corrections by 30 % or more, its duration is more closely consistent with the 2013 session, which lasted 13 weeks.
If this trend continues, Bitcoin still can try some negative pressure before settling.
At the time of this report, Bitcoin was selling $ 84,261 less than 14 % this week.
Altcoin Market Tanks
The total maximum Altcoin market decreased by approximately 10 % last week to $ 1.19 trillion by late Friday.
Most Altcoins has wiped its gains due over the past months, and the Altcoin season index has slipped to the lowest annual level of 21 at the time of publication.
The IP story was the only cryptocurrency between the 99 best symbols by the market ceiling to maintain great gains, rising by 17.4 % during this period.
As of the time of the press, the maximum market was about $ 1.42 billion.
Most of these gains came after IP erupted from the descending canal style that maintained its price towards a landing between February 21 and February 25 and the heart of resistance at $ 6 as support for it.
The RWA platform on the story protocol acquired a part of the TRUTH UNTOLD, a song for BTS and Steve aoki, which sparked a society leading to most of its gains during the past week.
Other altcoins, such as Maker (MKR) and Mantra (OM), have witnessed that most of its gains erase amid a shrinkage in the broader Altcoin market, which threw about $ 135 billion and decreased less than a $ 1.2 trillion market roof. see below:
source: Coinmarketcap
Weekly Checks Summ
