TLDR
- Bitcoin price showing modest recovery above $80,500 after dipping below $82,000
- Trade war fears intensify as Trump threatens 200% tariff on European alcohol imports
- BTC trading above $81,200 and the 100-hour Simple Moving Average
- Upcoming Federal Reserve meeting (March 18-19) adding to market caution
- Russia reportedly using cryptocurrencies for oil trade with China and India to evade sanctions
Bitcoin has been showing signs of recovery after a period of decline, with the cryptocurrency attempting to stabilize above the $80,500 mark. The recent price movements come amid growing concerns over an escalating trade war and ahead of a crucial Federal Reserve meeting next week.
Bitcoin started a recovery wave above the $80,500 resistance level recently. The cryptocurrency had been stable above the $78,000 level before bulls pushed the price upward.
The price managed to climb above the $82,000 resistance level. However, bears became active near the $84,000 resistance zone.
Bitcoin reached a high of $84,200 before correcting some of its gains. The price dipped below the $83,000 level afterward.
Currently, Bitcoin is trading above $81,200 and the 100-hour Simple Moving Average. The immediate resistance is near the $82,450 level.
The first key resistance is around the $84,000 level. If Bitcoin manages to break through, the next resistance could be at $85,000.
A close above the $85,000 resistance might send the price even higher. In such a case, Bitcoin could test the $86,500 resistance level or potentially reach $88,000.
On the downside, immediate support is near the $80,500 level. The first major support is around $79,600.
Market sentiment remains cautious
The broader market sentiment has turned cautious following President Donald Trump’s threat to impose a 200% tariff on European alcohol imports. This move was a retaliation against European Union’s planned levies on American whiskey.
Trump is expected to impose worldwide reciprocal tariffs on April 2. These developments have intensified fears of a potential U.S. recession.
Investors are closely monitoring the upcoming Federal Reserve meeting scheduled for March 18-19. The Fed is widely expected to maintain its current interest rate policy.
In other news, Reuters reported that Russia is increasingly using cryptocurrencies in oil transactions with China and India to bypass Western sanctions. Russian oil firms are reportedly utilizing Bitcoin, Ethereum, and Tether to convert yuan and rupees into rubles.
Most altcoins showed mixed performance on Friday. Ethereum rose 1.4% to $1,894.97 but was set for a weekly decline of nearly 14%.
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