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.
Bitcoin Price Falters Amid Trump’s Tariff Rhetoric
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 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Amid the looming specter of tariffs, investors have withdrawn 6,000 BTC from exchanges braving the pervasive bearish sentiment.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.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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