As Asian markets opened early in the morning, a significant decline was anticipated. This prediction came true as tariffs on China surged to 20%, and taxes were implemented for Canada and Mexico, resulting in immense pressure on risk markets due to Trump’s erratic decisions. Bitcoin (BTC) 
$61,829 plummeted to $82,300.
Bitcoin’s Sharp Decline
After briefly soaring to $95,000 within hours, BTC fell by $13,000. This astonishing loss was influenced by the plummeting stock prices triggered by Trump’s additional tariffs. Even Mexico decided to retaliate, reflecting the U.S.’s aggressive stance in sparking a global trade war.
On Friday, a summit focusing on cryptocurrencies is scheduled at the White House; however, Trump’s tariffs and stance on Ukraine could overshadow any positive news. These recent moves by Trump are exacerbating losses, which are tied to his mission of “making America great again.” U.S. Secretary of Commerce Lutnick recently stated that trade will “reset on April 2,” indicating a potentially negative trend.
BTC Price Target Analysis
Despite the discouraging situation, BTC CME open positions are rapidly declining, almost reaching levels seen on November 5. With billions in reductions, the CME open positions could reach a necessary point for market recovery.
The 50-week moving average is acting as a magnet during this trend transformation period. If BTC is to resume its downward trend, it needs to drop below the $75,500 mark with closing prices beneath this level. Analyst Ali Charts shared a graphic that heightened investor concerns.
If the trend reversal is confirmed, we may witness accelerated sales in altcoins. Many cryptocurrencies are hovering around the levels BTC experienced below $30,000. Altcoin Sherpa commented on the current situation:
“Prices are likely to be lower in 1-3 weeks than today.
Prices are likely to be higher in 1-3 months than today.
Eventually, we will see a bounce, but when, where, and how strong remains uncertain. Stay alive.”
