Bitcoin (BTC) is nearing a bearish “death cross” pattern as its price slides lower on news of U.S. President Donald Trump’s latest trade tariffs.
Bitcoin, the leading cryptocurrency by market capitalization, is currently trading right around $81,500, having fallen about 5% in the past 24 hours. Bitcoin’s 50-day simple moving average is on track to cross below its 200-day simple moving average, or SMA, in what would be known as a “death cross” technical pattern.
A death cross has traditionally signaled extreme bearish sentiment and led to steep losses in the price of Bitcoin. The stakes this time around seem particularly high for Bitcoin given the escalating global trade tensions and prospect for an economic recession in the U.S.
Other Cryptos Plunge
Bitcoin isn’t the only crypto caught in a downtrend right now. Other cryptocurrencies are also falling on news that Trump has imposed a baseline 10% tariff on all imports into the U.S. Ethereum (ETH) is down 7% and Solana (SOL) has fallen 12% on April 3. Dogecoin (DOGE) is down about 10%.
Crypto prices peaked on Jan. 20, the date of Trump’s inauguration, and have steadily fallen since then. Bitcoin is down 13% on the year and has declined about 25% from an all-time high of just over $109,000 reached in January.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on Bitcoin, so we’ll look at the cryptocurrency’s three-month performance instead. As one can see in the chart below, the price of BTC has declined 16.07% in the last 12 weeks.
