Bitcoin is facing significant downward pressure as tariffs shake financial markets, drawing comparisons to previous market crashes like 'Black Monday' in 1987. The cryptocurrency has fallen below key support levels, including a recent completion of a 'death cross' on the Bitcoin chart, typically signaling bearish trends. Panic selling is prevalent among speculative investors, with key market sentiment indicators like the Fear & Greed Index hitting historic lows. Bitcoin's price is vulnerable, potentially testing levels as low as $70,000, while the market awaits critical U.S. inflation data. The ongoing trade tariffs could spur emergency rate cuts from the Federal Reserve, raising fears of a broader financial crisis. The sentiment for short-term Bitcoin holders is particularly grim, with many realizing losses as prices slip beneath their cost base. Despite the widespread negativity, some analysts suggest this might be an opportunity to 'buy the dip.'

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