Bitcoin’s significant gains were lost as it dipped below $82,000, marking the first time it approached $80,000 since early April. Following the announcement of US reciprocal trade tariffs, Bitcoin initially rose to $88,580 but quickly reversed amidst a sharp decline in US stocks, with the S&P 500 experiencing its most considerable drop since the pandemic lockdowns, erasing nearly $3 trillion in market capitalization. Initial jobless claims were lower than expected, leading experts to predict that the Federal Reserve might consider cutting interest rates amid rising recession odds. Market analysts express concern over Bitcoin's weak price action and the recent ‘death cross’ signal from an onchain analytics firm, which typically indicates extended bearish trends lasting three to six months. With pressure from the macroeconomic environment and a potential increase in short positions, the outlook for BTC remains pessimistic as it nears key support levels.

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