TLDR
- Bitcoin has fallen nearly 5% this week, trading below $82,000 as Trump’s tariff plans shake markets
- Investors are moving to safer assets like gold as trade war fears grow
- Reports indicate Russia is using cryptocurrencies in oil trades to avoid Western sanctions
- Bitcoin found technical support at $78,000 and shows early signs of recovery
- Markets remain cautious ahead of next week’s Federal Reserve meeting on March 18-19
The price of Bitcoin has taken a downturn this week, dropping below the $82,000 threshold as President Donald Trump’s recent tariff announcements create ripples across global markets.
The leading cryptocurrency is facing pressure as investors weigh economic uncertainties against technical support levels.
As of Friday morning, Bitcoin was trading at $81,914.20, marking a 1.6% decline over the past 24 hours. The cryptocurrency is heading toward a weekly loss of approximately 5%, erasing some of the gains made earlier this month.
BTC Price
Market sentiment has soured following President Trump’s announcement that he plans to impose a 200% tariff on European alcohol imports. This decision comes as a response to the European Union’s intended levies on American whiskey.
The trade tensions are expected to escalate further with Trump’s plan to implement worldwide reciprocal tariffs beginning April 2. These developments have sparked concerns about a potential economic downturn in the United States.
Investors are responding to these concerns by reducing their exposure to high-risk assets like cryptocurrencies. The shift has benefited traditional safe havens, with gold prices climbing to all-time highs on Friday.
Fed Meeting
The upcoming Federal Reserve meeting is adding another layer of uncertainty to the markets. Scheduled for March 18-19, the meeting is expected to maintain current interest rates while the Fed assesses the economic landscape.
Monetary policymakers face a challenging environment as the brewing trade disputes could potentially drive up inflation. This complicates their efforts to manage price stability while supporting economic growth.
From a technical perspective, Bitcoin has shown resilience by maintaining support above the $78,000 level. The cryptocurrency has begun a recovery trajectory above the $80,500 resistance point.
Buyers briefly pushed the price above $82,000 but encountered resistance around $84,000. Bitcoin reached a high of $84,200 before pulling back to current levels.
The price is now trading above both $81,200 and the 100-hour Simple Moving Average. The immediate resistance level is near $82,450, with key barriers at $84,000 and $85,000.
A successful close above $85,000 could trigger further upward momentum toward $86,500 or even $88,000. More substantial gains might push the price toward the $96,200 mark.
However, if Bitcoin fails to break through the $82,450 resistance zone, it could face renewed selling pressure. Immediate support can be found near $80,500, with major support at $79,600.
Further support levels include $78,500 and $77,000, with primary support established at $76,500. The cryptocurrency’s short-term direction will likely be influenced by both macroeconomic factors and technical patterns in the days ahead.
