- Bitcoin’s price dropped below $83,000 amidst recent developmental orders signed by Trump.
- The crypto market saw mixed reactions citing the potential impacts of the plunge.
- Trump’s new trade tariffs are stated to be another factor for the decline of Bitcoin.
The crypto market has been facing a turbulent week with major cryptocurrencies dropping steadily in price values, despite the development of actions by government officials. As a result, Bitcoin fell 4.13% over the last day and at press time it is hovering at $82,493, triggering an overall $620.60 million in liquidations in the crypto market.
The dip has raised concern and mixed reactions in the community, wherein, traders see it as a classic buying opportunity. They argue that liquidations in long leveraged positions have set a chance to push toward new highs, potentially the price going above $90,000. On the other hand, an analyst predicted that $1.13 billion of Bitcoin longs would be liquidated if the price fell below $82,000.
The seven-day price chart reveals an alarming decrease in the value of about 11.94%. This price decline was followed by a week, which was expected to be a bullish sentiment. The fall of Bitcoin comes amidst the initiative of a Strategic Bitcoin Reserve. U.S. President Donald Trump signed an executive order on Thursday, officially authorizing the creation of a legal digital assets stockpile. Addressing this, a digital asset trading firm QCP Capital wrote, “The timing of the signing definitely caught many off guard, especially those who had positioned for a more bullish outcome.” Adding to that, BitMEX Co-founder, Arthur Hayes posted on X that, BTC could retest $78,000 and if it fails, $75,000 is the next in the crosshairs.
Related: Trump Orders 200,000 BTC Reserve, Changing Crypto Policies
According to sources, there are several factors behind this decline. One such being the announcement of new tariffs by Trump on imports from countries like Canada, Mexico, and China, prompting sell-offs. In addition, the release of the Total Non-farm Payroll (NFP) on March 7, 2025, hinted at a possible monetary tightening by the Federal Reserve, further affecting Bitcoin’s price.
Bitcoin’s latest drop underscores the market’s unpredictability, driven by liquidations, policy shifts, and economic pressures. However, with regulatory moves and macroeconomic factors at play, the coming weeks will be crucial in determining whether BTC regains momentum or faces further decline.
