Bitcoin’s value has taken a hit, dropping over 10% from its recent high of $92,800 to $83,200. This decline comes as the cryptocurrency tests the 200-day simple moving average (SMA). The market’s attention has shifted from President Trump’s crypto-related announcements to macroeconomic issues, particularly the escalating trade tensions between the U.S. and China. Beijing’s planned tariffs on U.S. agricultural goods in response to Trump’s import hikes have injected uncertainty into the market. Despite Trump’s strategic BTC stockpile announcement, Bitcoin fell 4% from $90,000 to under $87,000 in hours. The Federal Reserve’s cautious approach to interest rates, coupled with a soft U.S. nonfarm payrolls report and expectations of three Fed rate cuts this year, further overshadow crypto news. The strengthening positive correlation between Bitcoin, Ether, and U.S. stocks indicates that macro concerns are now the primary driver of market sentiment.
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