According to recent analysis by Coindesk’s Omkar Godbole, Bitcoin (BTC) experienced a significant downturn, slipping below the key SMA200 moving average on Friday, culminating in a noticeable 16% decline over the week. This notable drop brings Bitcoin’s price under the $80,000 threshold, a level not seen since November 10. The recent dip can be attributed to escalating concerns surrounding U.S. tariffs and a burgeoning demand for the dollar.
Former President Trump announced plans on Thursday to implement tariffs on both Canada and Mexico, starting March 4, while also increasing the existing tariff on Chinese imports to 20%. Analysts at the Dutch International Group (ING) indicated that these tariff discussions will likely reignite market focus, further bolstering the dollar’s strength. The dollar index has already seen a rise to 107.30, recovering from a recent low of 106.15 observed midweek, emphasizing the currency’s rebound amidst fluctuating crypto values.
Source: https://en.coinotag.com/breakingnews/bitcoin-btc-dips-below-80000-amid-u-s-tariff-concerns-and-strong-dollar-demand/