Bitcoin (BTCUSD) is down sharply ov𒀰er concerns about the potential impacts of U.S. tariffs imposed on products coming from Canada, Mexico 𒊎and China.

The price decline follows President Donald Trump’s announcement on Saturday that the U.S. will impose 25% tariffs on Mexican and most Canadian imports, and 10% on all goods from China, starting on Tuesday. Investors see tariffs as inflationary, which could 澳洲幸运5开奖号码历史查询:ke🧸ep the Fed from ꦍcutting rates this year, thereby putting downward pressure on non-inte🃏rest-bearing assets lik𝕴e bitcoin.

Since setting its record high last month, bitcoin has slumped about 15%, with the cryptocurrency logging its third consecutive down day on Sunday and hitting a three-week low. However, it still trades about 35% higher since the early-November U.S. election on expectations of a possible strategic bitcoin reserve and a more favorable 澳洲幸运5开奖号码历史查询:regulatory outlook under a cryp🦄to-friendly White House and Con♛gress.

Below, we take a closer look at bitcoin’s chart and apply 澳洲幸运5开奖号码历史查询:technical analysis 🐟to identif💃y crucial price levels to watch out for.

Potential Double Top

Bitcoin’s price has carved out two peaks around the same level between December and January, potentially forming a 澳洲幸运5开奖号码历史查询:double top, a classic chart pattern that signals a downside reversal.

Furthermore, as the cryptocurrency made a slightly higher high last month, the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) made a relatively shallower peak to create a bearish 澳洲幸运5开奖号码历史查询:divergence between the price and indicator, pointing to waning 💧buying momentum.

Let’s identify three crucial levels where bitcoin’s price may attract support and als⭕o point out a key overhead area❀ to watch during possible upswings.

Crucial Support Levels to Monitor

The first level to monitor sits around $92,000. This area provides a 澳洲幸运5开奖号码历史查询:confluence of support from an uptrend line stretching back to last year’s September low and a range of similar price points on the chart between November and January. The price fell below this key level late on Sunday, but has since recla♊imed the area, trading around $96,000 Monday morning.

Further downside could see a decline to the $87,000 level, a location where the digital currency may encounter support near the bottom of a 澳洲幸运5开奖号码历史查询:pennant pattern that formed on the chart following the cryptocurren🌸cy’s initial post-election pop.

A decisive 澳洲幸运5开奖号码历史查询:breakdown below this level would set the stage for a larger drop to around $74,000. Investors who favor 澳洲幸运5开奖号码历史查询:buy-and-hold strategies may look for 澳洲幸运5开奖号码历史查询:entry points i♔n this region near the prominent March 2024 high, which also closely aligns with the late-October peak.

Key Overhead Area to Watch

During upswings, investors should keep a close eye on the $106,000 area. This location is likely to attract significant attention near the December and January peaks. A convincing volume-backed breakout above this key technical level would invalidate a double top pattern and could see ♎bitcoin continue its longer-term uptrend.

UPDATE: This article has been updated after initial publication with recent bitcoin price information.

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