Bitcoin Slides Below $80K as U.S. Tariffs Strengthen Dollar
Bitcoin (BTC) extended its losses during Friday’s Asian session, breaching the $80,000 mark for the first time since November as concerns over U.S. tariffs drove investors toward the dollar.
Key Highlights:
- BTC Drops Below 200-Day SMA: Bitcoin fell below a key technical level, deepening its weekly decline to 16%.
- Altcoins Hit Hard: XRP lost critical support at the 23.6% Fibonacci retracement level, while Solana (SOL) plunged to $125.6—its lowest since September. DOGE also retraced 78.6% of its October-December rally, slipping below 20 cents.
- Trade Tensions Mount: President Donald Trump confirmed new tariffs on Canada and Mexico set to begin on March 4, alongside plans to double the 10% tariff on Chinese imports.
- Dollar Strengthens: The U.S. dollar index (DXY) climbed to 107.30, extending gains from Wednesday’s 106.15 level. ING analysts predict tariffs will continue to push the dollar higher.
With macroeconomic uncertainty mounting, crypto markets remain under pressure as investors brace for further volatility.
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