In the last six hours, Bitcoin (BTC) has taken a hit of over 4% as it falls from approximately $83,000 to $78,650. This steep drop comes amid fears of an impending economic recession, compounded by uncertainty in the markets on a global scale.
U.S. tariff expansion news has impacted cryptocurrencies. Investors have become increasingly wary and the risk-off sentiment has gripped the markets. In addition to this, some technical analysts are suggesting that Bitcoin is nearing a “death cross,” which is a bearish sign where the 50-day moving average dips below the 200-day average.
As global equity markets react to trade war escalations, Bitcoin which is often viewed as a safe haven, seems to be caught in a downward trend. Observers expect $78,000 support zone to be crucial focus in the near future.
