Key Takeaways
- Bitcoin briefly topped $82,000 before falling below $80,000.
- Trump's new tariffs on Canada pressured Bitcoin and stocks.
- Key Bitcoin support remains at the 50-week SMA near $75,500.
Bitcoin cooled off after a 7% rebound on March 11, struggling to maintain momentum following an announcement of additional trade tariffs on Canada by U.S. President Donald Trump.
Price movements
BTC/USD reached a local high of $82,154 on Bitstamp before retreating, according to Cointelegraph Markets Pro and TradingView data.
Broader markets, including stocks, also turned lower, with the S&P 500 down 0.5% on the day.
Market performance comparison
The Kobeissi Letter, highlighting the contrast in market performance, noted:
The S&P 500 was up +5% at this point in Trump’s first term. Instead, it’s now down -7% since January 20th.
Potential positives amid selloff
Despite the selloff, some analysts pointed to potential positives.
QCP Capital suggested that declining U.S. Treasury yields and a weakening dollar—historically bullish for USD-denominated risk assets—could offer relief.
The U.S. Dollar Index (DXY) dropped to 103.32, its lowest level since October 2024.
Analyst caution
Bitcoin analysts remained cautious.
More Crypto Online noted that while a bottom could be forming, further downside was still possible if resistance held.
CrypNuevo highlighted strong support at the 50-week simple moving average (SMA) near $75,500, a level that has held since March 2023.
