Bitcoin risks more downside if it loses a “key” $75,000 support amid growing concerns over a potential trade war between the United States and China.
Bitcoin’s (BTC) price has fallen more than 6.5% during the past 24 hours to sink below a low of $78,197, which was last seen on Nov. 10, 2024, Cointelegraph Markets Pro data shows.
Analysts attribute the current decline to macroeconomic concerns related to a potential trade war between the US and China caused by US President Donald Trump’s decision to impose import tariffs.
BTC/USD, 1-year chart. Source: Cointelegraph
These macroeconomic concerns were the main reason for Bitcoin losing the $80,000 support, according to Ryan Lee, chief analyst at Bitget Research.
The analyst told Cointelegraph:
“Bitcoin’s drop below $80,000 amid investor fear from Trump’s tariffs and market unrest, points to a correction likely hitting $76,000-$78,000 this week, nearing $75,000 as a key support…
