Why has the Bitcoin price dropped today?

Bitcoin’s (BTCThe price of BTC continued to decline with a 7% drop on February 28. This brought the price down below $80,000. BTC’s weekly return of -18.46% represents its biggest weekly decline since November 2022.

Bitcoin falls after Trump announces 10% tariffs on China

Bitcoin and crypto markets have continued to be negatively affected by the US tariffs on nations like China, Mexico and Canada.

On February 27, President Obama will address the nation. announced an additional 10% tariff On March 4, the tariffs will go into effect for all goods imported from China.

Related: Bitcoin sheds nearly all Trump election gains in plummet under $80K

Trump reiterated that he intends to implement the 25% tariffs against Canadian and Mexican goods on July 1. Justin Trudeau, the Canadian prime minister, said that Canada was preparing to implement an “immediate and extremely strong response.”

After the remarks, the crypto market capitalization fell by 8,5%. Meanwhile, US stocks lost 1,5% on the previous day.

Spot Bitcoin exchange-traded funds lose $3.6B during February

Bitcoin’s price sharply fell in February dampened demand for spot ETFsTotal outflows reached approximately $3.65 Billion. On February 25, there was a huge $1.1bn outflow from the market. largest single-day withdrawal Since the ETFs have been introduced.

All Bitcoin ETFs have seen outflows of more than $1 billion over the last four days.

Ki Young Ju believes that this downward trend could last for some time. saying,

“Bitcoin spot ETF demand is weak. Price recovery could take some time.”

Bitcoin bridges the CME’s gap: Is $70k next?

Bitcoins’ downward spiral has continued past the fair-value gap (FVG), which is between $81,000 to $85,000. It now falls below $80,000, the lowest level since November 2024.

Cointelegraph reportedBTC fills the CME void, which is between $80,000-$77,000.

If this level fails to support a recovery in prices, the $74,000 mark will be next. This was the previous all-time peak (ATH), which occurred in March 2024.

The relative strength index is a measure of the relative power (RSIBitcoin is currently oversold in the daily timeframe and has reached its lowest point since August 20, 2023. Bitcoin traded between $25,000 to $25,000.

Related: When will Bitcoin price bottom?

Magus is an anonymous cryptocurrency trader who says that this can increase the chances of a bounce. believes He believes that the bottom of the market is nearer $70,000. He believes traders will be quick to sell any short-term rise until $70,000 is reached.

Note that $70,000 is the price on the day of the US elections. Bitcoin’s value on US election days has not been revisited in the past, even though it rose higher than its previous values of 2016 and 2020.

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.