Recent market fluctuations have significantly influenced Bitcoin’s price movements. On February 1, President Donald Trump announced new tariffs on imports from Canada, Mexico, and China, leading to a sharp decline in Bitcoin’s value.
The cryptocurrency dropped from around $105,000 to approximately $92,000. However, following a temporary suspension of tariffs on Canada and Mexico, Bitcoin rebounded, climbing back above the $100,000 mark.
Analysts are closely monitoring key support levels for Bitcoin, particularly around $92,000 and $87,000. A breach below these levels could signal further declines, potentially targeting the $74,000 range.
Conversely, resistance is anticipated near $106,000, which, if surpassed, could pave the way for additional gains. Institutional investors remain active in the market, with many eyeing Bitcoin’s performance amid global economic uncertainties.
In the broader market context, the temporary pause in tariffs has led to a stabilization of major currencies against the U.S. dollar. The Canadian dollar and Mexican peso, for instance, have steadied following a volatile period. This development has contributed to a more favorable environment for risk assets, including cryptocurrencies like Bitcoin.
Looking ahead, market participants remain attentive to geopolitical developments and their potential impact on financial markets. The interplay between policy decisions and market reactions continues to play a crucial role in shaping Bitcoin’s price trajectory.
Ethereum (ETH): Currently trading at approximately $2,704.79, has seen an intraday high of $2,902.81 and a low of $2,477.67. This reflects a 9.05% increase from the previous close. The recent market downturn, spurred by new tariffs, led to a significant decline in Ethereum’s value, with a 12% drop reported earlier.
Solana (SOL): is priced around $206.99, with the day’s high at $219.40 and a low of $191.04, marking a 7.22% rise from the prior close. The cryptocurrency experienced a 3.6% decline following the tariff announcements but has shown resilience in subsequent trading sessions.
XRP: Trading at about $2.59, XRP has reached an intraday high of $2.78 and a low of $2.18, resulting in an 18.27% increase from the previous close. Despite a 12% drop in response to the tariff news, has rebounded, reflecting ongoing market volatility.
Cardano (ADA): Currently at $0.7518, has seen a high of $0.8223 and a low of $0.6510 today, up 15.48% from its last close. The cryptocurrency faced a significant decline, with prices dropping nearly 27% amid the market’s reaction to geopolitical tensions.
Dogecoin (DOGE): Priced at approximately $0.2674, Dogecoin’s intraday high is $0.2920, with a low of $0.2264, reflecting a 17.83% increase from the previous close. Following the tariff announcements, Dogecoin experienced a 6.5% decrease but has since shown signs of recovery.
