The cryptocurrency market has faced significant pressure after the announcement of a new 25% U.S. tariff on goods from Mexico and Canada. Bitcoin and Avalanche have experienced notable price declines.
Cryptocurrency Market Crash
Bitcoin's price plummeted over 8% following the announcement by U.S. President Donald Trump of a 25% tariff on goods from Mexico and Canada. This triggered a broad market downturn, resulting in over $980 million in liquidations in the past 24 hours.
Avalanche Testing Key Support
Avalanche (AVAX) has sharply declined by 13% in the past 24 hours, expanding its month-long correction to 35%. The price is in the critical support zone of $17-$23. Historically, this level has acted as a demand zone, leading to rebounds. If support holds, a relief rally might target the 100-day moving average.
Future Prospects for AVAX
AVAX finds itself at a critical juncture, with its next move depending on broader market conditions, including Bitcoin and Ethereum. Technical indicators still suggest downward pressure, but a reversal could occur in the coming weeks.
Traders and investors should watch AVAX's support level, as its defense could spark a recovery, while a breakdown may indicate further downside.
