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Bitcoin (BTCUSD) dropped below the closely watched $80,000 level on Sunday evening, tracking U.S. stock index futures sharply lower amid intensifying worries about the impact of tariffs.
The pioneer cryptocurrency plunged 5% to around $79,000 as market participants braced for further market volatility after China on Friday respondedto the Trump administration’s recently announced sweeping tariffs with retaliatory duties, heightening concerns of a drawn-out trade war that could trigger a worldwide recession.
Bitcoin also continues to face selling pressure from liquidations, an event where falling prices force traders to sell their bullish bets on the cryptocurrency at a loss. According to crypto analytics site CoinGlass, bitcoin has suffered $250 million in long liquidations over the past 24 hours, the highest amount since March 7. Bitcoin has tumbled 15% year to date after more than doubling last year on expectations of regulatorytailwinds.1
Below, we take a closer look at bitcoin’s chart and apply technical analysis to identify key price levels worth watching out for amid a tariff-driven global market selling rout.
