The sharp decline in crypto prices has been stregnthened by US President Donald Trump’s announcement of a new round of trade tariffs against imports from the European Union. Eurozone members could retaliate, broadening the scope of initial tariff dragnet that had China, Canada and Mexico.
With the world’s leading economies engaged in harsh trade practices, investors are risk-averse. Institutional investors and fund managers have been reducing their exposure to ETFs.For instance, Bitcoin spot ETFs have registered net outflows for the last eight successive days. That includes record $1.01 billion on February 25.
That trend is likely to continue under the current tariff-fueled sentiment, and could strengthen headwinds against Bitcoin price. The coin currently trades below key moving averages, including 20, 50 and 200 SMAs, underlining the bearish hold of the momentum.
In addition, Bitcoin’s 24-hour trading volume was up by 9.3% at the time of writing, signaling selling pressure on the coin. That points to the likely continuation of the downtrend by Bitcoin price.
Bitcoin Price Prediction
The momentum on Bitcoin price calls for for further downside below the pivot mark at $81,770. The coin will likely go lower and find the first support at $78,775, but a stronger momentum will break below that level and potentially test the second support at $76,000.
Alternatively, breaking above $81,770 will favour the buyers to take control. In that case, BTCUSD is likely to head higher and encounter the first resistance at $84,680. Breaking above that level will invalidate the downside narrative and potentially test the second hurdle at $86,960.
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