Customs definition fears love Bitcoin to less than 92 thousand dollars

Bitcoin (BTC) witnessed a remarkable decline in its value, reaching less than 92 thousand dollars as a result of concerns about customs tariffs announced by the Trump administration on imports from Canada, Mexico and China.

In the last 24 hours, the currency touched the level of 91.53 thousand dollars, after it was at 106.447 thousand dollars 5 days ago, which means a loss of approximately 15 thousand dollars in only 4 days.

The main support levels of Bitcoin remain 92 thousand dollars, 87 thousand dollars and 74 thousand dollars, while the level of 106 thousand dollars is an important observation point in the event of any future altitudes. Traders are advised to closely monitor these levels in light of the sharp fluctuations in the market.

Causes of landing

The sharp decrease in the price of bitcoin came after US President Donald Trump announced on Saturday to impose customs duties by 25% on Mexican and Canadian imports, and 10% on all goods from China, as of Tuesday.

These definitions are seen as adding inflationary pressures that may prevent federal reserve from lowering interest rates this year, which puts additional pressure on non -benefits such as bitcoin.

Double top pattern and technical analysis

Bitcoin recorded two summits at similar levels between December and January, indicating the formation of a “double summit”, a graphic style that usually indicates a declining reflection.

Moreover, although bitcoin recorded a slightly higher top last month, the RSI indicator showed less peak, indicating a decline in the purchase momentum and the emergence of a declining divergence between the price and the index.

Decisive support levels

92 thousand dollars: This level is an important support point that extends from an upward trend that started from the bottom of last September. Although the price has declined for a short period of time on Sunday evening, he recovered this level later.

87 thousand dollars: It represents a potential support point near the bottom of the “banner” pattern that appeared after the initial height of the bitcoin after the American elections.

74 thousand dollars: breaking this level may open the way for a deeper decline, as it coincides with a prominent summit in March 2024 and another summit last October.

Main resistance level

During any potential upward wave, investors should monitor the level of $ 106,000. This level represents a large attraction near the Summit of December and January.

In the event of a strong penetration supported by a high trading size above this level, bitcoin can nullify the double top style and resume its long -term upward direction.

In the end, the market remains in a state of anticipation for more moves in bitcoin prices, especially in light of the economic tensions resulting from customs definitions.

The future of the price depends on overcoming decisive support and resistance levels in addition to major economic developments.