Bitcoin’s (Btc) Price continued its correction with another 7% decline in February. 28, taking the price below $ 80,000. BTC’s current weekly return of -18.46% has been the largest weekly drawdown since November 2022.
Bitcoin weekly chart. Source: Cointelegraph/TradingView
Bitcoin collapsed as Trump announced 10% tariff in China
Bitcoin and the collective crypto market continue to react negatively to the development of US tariffs with countries such as China, Mexico, and Canada.
In Feb. 27, the US president An additional 10% tariff announced In goods from China, which collectively bring total tariffs by 20%, which will take effect on March 4.
Related: Bitcoin pours almost all of the Trump elections on Plummet under $ 80k
Trump also reinforced his desire to continue with 25% tariffs on Canadian and Mexico’s imports, which will be implemented on the same date. Also, Canadian prime minister Justin Trudeau said the neighboring country is also preparing for an “immediate and powerful response.”
In connection with the comments, the total crypto market cover was declined by 8.5%, along with the market of equal US who lost 1.5% on the previous day.
Spot Bitcoin ETFs bleeding $ 3.6B in February
Bitcoin’s sharp price movement in February DAMPENED DEMAND FOR SPOTS ETFDriving a total flow to approximately $ 3.65 billion. On February 25th the market saw a massive $ 1.1 billion flowing, the Biggest departure of single day Because the ETFs were introduced.
Spot bitcoin etfs netflows. Source: Sosovalue
The current flow of flow was dating on Feb. 18, with all the Bitcoin ETFs registered over $ 1.5 billion in the past four days.
Ki Young Ju, founder of the cryptoquant, believes that this downtrend can stick to a moment, saying,
“The bitcoin spot ETF demand is weak. Price recovery can take some time.”
Bitcoin fills the CME GAP: Is $ 70k next?
The Bitcoin’s Downward Spiral continued beyond the Fair Value Gap (FVG) between $ 81,000 and $ 85,000, which drops below $ 80,000 in the first time since November 2024.
As cointelegraph reportedThe BTC is now filling the CME space, which ranges between $ 80,000 to $ 77,000.
Bitcoin 1-day chart. Source: Cointelegraph/TradingView
The $ 74,000 level is the next stop if this area does not provide support for a price recovery, marked the previously high time high (ATH) in March 2024.
Meanwhile, the Kamag -child index -child strength (RSI) is now wiped out of the day -to -day hours, the lowest level since August 2023, when Bitcoin reached between $ 25,000.
Related: When is the bottom of the Bitcoin price?
But as it increases the opportunity of a bounce, Magus, an unidentified crypto businessman, believe whose bottom is closer to $ 70,000. He hopes that merchants will sell at any immediate bounce until the $ 70,000 level is reached.
It is important to note that the $ 70,000 mark is the price of the US election day results. Historically, Bitcoin has never again visited the US election day value after moving higher in 2016 and 2020.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
