Bitcoin (BTC) faced a drop below the symbolic $100,000 level. The article explores the factors influencing this situation and analyzes current trends.
Current Bitcoin Market Situation
Bitcoin fell to $99,082.51 before recovering to $100,193.79, marking a 2.28% decline in the past 24 hours. Market cap stands at $1.98 trillion, with a 24-hour trading volume of $34.22 billion, a 22.95% decrease.
Impact of Economic Factors
U.S. President Donald Trump signed an executive order imposing tariffs on Canadian goods, causing market uncertainty and contributing to Bitcoin's drop to $100,279. Mining revenue also fell to $1.4 billion in January, down $40 million from December.
Bitcoin Technical Analysis
Bitcoin faces resistance at $103,622 and support at $99,000. The Relative Strength Index (RSI) is at 43.96, indicating potential continuation of the bearish trend.
Ongoing economic and technical factors continue to pressure Bitcoin's price, making forecasts for the near future uncertain.
