Why is Bitcoin price down today?
Bitcoin's price has dropped by over 5% in the last 24 hours, falling to $95,279. This decline follows the announcement of new tariffs by US President Donald Trump on imports from Canada, Mexico, and China, leading to broader sell-offs in the crypto market. Investors are moving towards safer assets amid these geopolitical tensions, causing a flight from riskier investments like Bitcoin. Additionally, approximately $465 million in Bitcoin leverage positions were liquidated, creating further bearish pressure on the asset. Bitcoin's price is now approaching a critical support level of $93,899, determined by the 100-day simple moving average (SMA). Analysts suggest that holding above this level is essential to prevent a deeper correction, with $90,000 serving as a support area while $108,000 caps potential upside. Current RSI readings indicate nearing oversold conditions, hinting at a possible short-term recovery.
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