Upon analyzing the weekly chart of Bitcoin, I observe that, after reaching an all-time high of $109,356 on January 20, 2025, the price has experienced a correction, currently situated around $95,838.
This recent drop is partly attributed to the imposition of tariffs by the United States on products from Canada, Mexico, and China, which has raised inflationary concerns and affected assets like Bitcoin.
From a technical perspective, it is crucial to monitor the support level at $92,000. A sustained break below this point could lead the price towards the next significant support around $87,000. Conversely, if the price remains above $92,000 and surpasses the resistance at $106,000, we could anticipate a resumption of the upward trend.
This recent drop is partly attributed to the imposition of tariffs by the United States on products from Canada, Mexico, and China, which has raised inflationary concerns and affected assets like Bitcoin.
From a technical perspective, it is crucial to monitor the support level at $92,000. A sustained break below this point could lead the price towards the next significant support around $87,000. Conversely, if the price remains above $92,000 and surpasses the resistance at $106,000, we could anticipate a resumption of the upward trend.
