Bitcoin experienced a notable drop below the $80,000 mark, aligning with the decline in U.S. stock index futures amidst escalating tariff concerns. The cryptocurrency’s price fell by 5%, reaching approximately $79,000, as traders prepared for increased market volatility following China’s retaliatory duties against the U.S.’s broad tariffs. This situation has heightened fears of a prolonged trade war that could potentially lead to a global recession. Additionally, Bitcoin faces pressure from liquidations, where falling prices compel traders to sell their bullish positions at a loss. Over the past 24 hours, Bitcoin saw $250 million in long liquidations, the highest since March 7. Year-to-date, Bitcoin has declined by 15% after more than doubling last year. Technical analysis indicates key support levels at $74,000, $65,000, and $57,000, with a major overhead resistance around $87,000.
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