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- Bitcoin fell 4.72% over the weekend and another 3.50% during Monday\u2019s Asian session as tensions driven by Trump\u2019s tariffs have investors de-risking their positions<\/li>\n
- Over the weekend, China responded to Trump\u2019s tariffs by indicating interest in imposing tariffs on US goods, while Canada imposed a 25% tariff on CA$155 billion worth of US goods<\/li>\n<\/ul>\n
Bitcoin tumbled below $100,000 over the weekend, extending losses into today as threats of a possible trade war rock markets worldwide.<\/p>\n
![\"\"](\"https:\/\/coinjournal.net\/wp-content\/uploads\/2025\/02\/Bitcoin-CG.png\")
Bitcoin price chart. Source: CoinMarketCap<\/figcaption><\/figure>\n While most of Bitcoin\u2019s price decline came this weekend, weakness began when its price failed to swing higher than the $108,000 level two weeks ago (January 20).<\/p>\n
![\"\"](\"https:\/\/coinjournal.net\/wp-content\/uploads\/2025\/02\/BTCUSD_2025-1.png\")
BTC\/USD chart. Source: TradingView<\/figcaption><\/figure>\n A failure to swing higher can signify insufficient buy pressure to push prices higher. If that is the case, prices will seek the next major liquidity level, which could mean lower prices in the interim, as seen over the last two weeks.<\/p>\n
Scaling down to a lower time frame, Bitcoin\u2019s price continued to break lower below $99,000. This was before retracing to an internal supply zone between the 50.00% and 61.80% Fibonacci levels (the golden zone for retracements) on Thursday, January 30.<\/p>\n
![\"\"](\"https:\/\/coinjournal.net\/wp-content\/uploads\/2025\/02\/BTCUSD_2025-II.png\")
BTC\/USD chart. Source: TradingView<\/figcaption><\/figure>\n After being rejected by internal supply, the price broke down further on Friday, January 31, and over the weekend to settle at the next major demand level, between $92,000 and $96,000.<\/p>\n
![\"\"](\"https:\/\/coinjournal.net\/wp-content\/uploads\/2025\/02\/BTCUSD_2025-III.png\")
BTC\/USD chart. Source: TradingView<\/figcaption><\/figure>\n Bitcoin\u2019s price has found some support at $92,000 and is currently up 4.92% from Asian lows of $91,176.<\/p>\n
Wider trade wars stifle markets<\/strong><\/h2>\n
Meanwhile, the wider economic landscape faces uncertainty as a brewing trade war between the US and several of its trade partners, including Canada, Mexico, and China rocks various markets.<\/p>\n
The US tariffs on its largest trade partners, including a 25% tariff on imports from Canada and Mexico, and a 10% tariff on Chinese imports, have sparked tensions between nations.<\/p>\n
In response, Canada imposed a 25% tariff on CA$155 billion worth of US goods, Mexico has announced tariffs on US goods, but has not provided details, while China also announced plans to impose retaliatory tariffs on US goods.<\/p>\n
The result is uncertainty around the expansion of global trade and a de-risking of portfolios, with the crypto market being one of the first on the chopping block.<\/p>\n