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- Bitcoin price rebounds after Trump’s tariffs, holding key $96K support level.
- On-chain data suggests $96K is crucial for Bitcoin’s short-term trend.
- A breakout above $97.5K could push Bitcoin toward the $100K mark.
Bitcoin price faced turbulence after former U.S. President Donald Trump announced fresh tariffs on steel and aluminum imports, briefly dropping to $94,000. However, the cryptocurrency quickly rebounded, stabilizing above $96,000.
Bitcoin Price Wobbles After Trump’s Tariff Decision
BTC price briefly dipped after U.S. President Donald Trump announced new tariffs on aluminum and steel imports, sparking fresh concerns about global trade tensions. BTC fell from $97,000 to $94,000 before rebounding, according to data from CoinMarketCap.
Trump’s latest move introduced a 25% tariff on all steel imports and new duties on aluminum. Additionally, he threatened reciprocal tariffs on nations imposing high import fees on U.S. goods.
Markets reacted swiftly, with stocks and crypto assets experiencing a sudden drop before stabilizing.
For now, buyers are defending $96,000, preventing a deeper pullback. However, ongoing market volatility means the next few days could determine whether Bitcoin resumes its uptrend or faces another round of selling.
Can Bitcoin Price Hold the Crucial $96K Level?
On-chain data suggests that $96,000 is a critical support level for Bitcoin price in the short term. According to CryptoQuant analyst ShayanBTC, the realized price for Bitcoin holders in the 1-3 month cohort sits at approximately $96,000, making it a pivotal price zone.
Historically, Bitcoin has bounced from these realized price levels, indicating strong buying support from short-term holders.
A breakdown below $96,000 could signal increased market uncertainty, potentially triggering another wave of selling.
However, if Bitcoin continues to hold above this level, it could reinforce bullish sentiment and drive an extended rally.
The one-hour BTC/USD chart shows a descending wedge, a pattern that often signals a breakout. Bitcoin is also testing $97,600, the upper Bollinger Band, suggesting a potential move higher. The RSI at 61.75 shows momentum but isn’t overheated yet.
A break above $97,500 could push Bitcoin to $100,000, while a drop below $96,000 may lead to a retest of $94,000, with $92,000 as the next support. The Crypto Fear & Greed Index sits at 43, reflecting cautious sentiment.
Bitcoin’s current price action suggests that buyers are stepping in to defend this level, preventing a deeper retracement below $94,000. However, the market remains volatile with continued uncertainty in global trade policies.
With Bitcoin price stabilizing above $96,000, analysts are now watching resistance levels near $100,000. If BTC manages to break past this psychological barrier, it could pave the way for another rally towards its all-time highs.
However, market volatility remains high, especially with ongoing developments related to Trump’s tariff policies.
The crypto market has shown strength in bouncing back from external shocks, but investors remain cautious.
As the U.S. trade war narrative unfolds, Bitcoin price movements will likely be influenced by global macroeconomic factors, making $96,000 a key level to watch in the short term.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
