Amid rising concerns over President Donald Trump’s tariffs on major trading partners like China, Canada, and Mexico, the cryptocurrency market has experienced significant turbulence. The impact of these global economic fears wiped out $2.26 billion from the crypto market, leading to a sharp drop in Bitcoin’s price, which recently fell below $95,000 after a nearly 6% decline over the past week. With market sentiment shaky, many investors are questioning whether this is a good time to buy Bitcoin or if another crypto crash looms on the horizon.
Bitcoin’s Price Faces Strong Resistance
Bitcoin has witnessed a dramatic 5% drop in the past 24 hours, with a trading volume of $102.53 billion. In the last seven days, the cryptocurrency has shed 6.71% of its value, and it continues to face downward pressure. Bitcoin’s market capitalization remains impressive at $1.889 trillion, making up 60.84% of the entire cryptocurrency market. However, the Relative Strength Index (RSI) shows a sharp decline toward oversold territory, which indicates mounting selling pressure.
Similarly, the Simple Moving Average (SMA) indicator aligns with this bearish trend, suggesting that Bitcoin could continue to lose value in the short term. The market’s technical indicators are clearly pointing to potential volatility, with the price remaining below key trendlines.
Bitcoin’s Short-Term Outlook: Can Bulls Take Control?
Despite the bearish signals, there is still hope for a potential recovery. If the bulls manage to regain momentum, Bitcoin could attempt a retest of its immediate resistance level at $98,000. Holding above this threshold could push the price toward its long-awaited target of $100,000. On the other hand, if the bearish sentiment persists, Bitcoin may dip further, testing its crucial support level at $92,000. In the worst-case scenario, the price could fall to around $90,000.
Also Read: Arthur Hayes: Bitcoin’s Price Could Reach $1 Million Amid Global Economic Shifts
For investors wondering whether Bitcoin will hit $150,000 in 2025, be sure to check CoinPedia’s detailed Bitcoin price prediction for long-term insights into the market’s future.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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