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Why Is Bitcoin Price Falling Today?
The post Why Is Bitcoin Price Falling Today? appeared on BitcoinEthereumNews.com. After facing multiple rejections at $100,000, Bitcoin price has cracked another 4% hitting an intraday low of $92,785 levels. This is the largest single-day drop for BTC following Donald Trump’s victory in US elections. Bitcoin options’ monthly expiry, fear of Trump tariffs, partial profit booking, and ETF outflows are some factors behind today’s fall. Why Bitcoin Price Tumbles Below $93K? Bitcoin price dropped 4% taking a dive under $93,000 before recovering back above the crucial support level of $94,000. Despite the rebound, the sentiment towards $100K has faded. As of press time, BTC price is trading nearly 4% down at $94,512 with its daily trading volume climbing 60% to $84.84 billion. Donald Trump Raises Tariffs on Imports from China, Mexico, Canada President-elect Donald Trump’s decided to impose additional tariffs on imports from China, Mexico, and Canada, reported Reuters on November 26. Along with the fall in US equity futures, Bitcoin and the broader crypto index also came under strong selling pressure. On the other hand, the US dollar gained ground with the spot Dollar Index jumping 0.7%. Kieran Calder, head of equity research for Asia at Union Bancaire Privee told Bloomberg: “The incoming president has started early but this could be a surprise only to those who have forgotten 2016-to-2020. This is President Trump’s negotiating style: step one, punch in the face, step two, let’s negotiate.” Trump’s remarks dampened the market optimism on Monday following the appointment of Scott Bessent as US Treasury Secretary over the last weekend. Bitcoin and altcoins also corrected in Asia’s early trading hours on Tuesday. However, the recent Bitcoin retreat is “a much needed pullback to work off overbought readings, rather than a reversal lower or anything sinister” said Tony Sycamore, an analyst at IG Australia Pty Market. “It also provides a reminder that markets,…
The post Why Is Bitcoin Price Falling Today? appeared on BitcoinEthereumNews.com.
After facing multiple rejections at $100,000, Bitcoin price has cracked another 4% hitting an intraday low of $92,785 levels. This is the largest single-day drop for BTC following Donald Trump’s victory in US elections. Bitcoin options’ monthly expiry, fear of Trump tariffs, partial profit booking, and ETF outflows are some factors behind today’s fall. Why Bitcoin Price Tumbles Below $93K? Bitcoin price dropped 4% taking a dive under $93,000 before recovering back above the crucial support level of $94,000. Despite the rebound, the sentiment towards $100K has faded. As of press time, BTC price is trading nearly 4% down at $94,512 with its daily trading volume climbing 60% to $84.84 billion. Donald Trump Raises Tariffs on Imports from China, Mexico, Canada President-elect Donald Trump’s decided to impose additional tariffs on imports from China, Mexico, and Canada, reported Reuters on November 26. Along with the fall in US equity futures, Bitcoin and the broader crypto index also came under strong selling pressure. On the other hand, the US dollar gained ground with the spot Dollar Index jumping 0.7%. Kieran Calder, head of equity research for Asia at Union Bancaire Privee told Bloomberg: “The incoming president has started early but this could be a surprise only to those who have forgotten 2016-to-2020. This is President Trump’s negotiating style: step one, punch in the face, step two, let’s negotiate.” Trump’s remarks dampened the market optimism on Monday following the appointment of Scott Bessent as US Treasury Secretary over the last weekend. Bitcoin and altcoins also corrected in Asia’s early trading hours on Tuesday. However, the recent Bitcoin retreat is “a much needed pullback to work off overbought readings, rather than a reversal lower or anything sinister” said Tony Sycamore, an analyst at IG Australia Pty Market. “It also provides a reminder that markets,…
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