Traders target $74K zone as Trump EU tariff threat destroys markets

Bitcoin’s sell-off continued for a third consecutive day as the price dropped to lows not seen since Nov. 11, 2024.

At the peak of the correction, BTC (BTC) briefly traded at $82,256 before finding buyers but data suggests that further downside could occur before the market stabilizes. 

Independent market analyst Scott Melker posted the following chart and said, 

“Bullish divergence with oversold RSI STILL very much in play. At the moment, RSI still is making a higher low. We need to see a clear “elbow up” on the next candle to confirm. Noting here yet.” 

As Bitcoin charts new lows and risks falling back into the $70,000 zone, the Crypto Fear & Greed Index slipped to a one-year low at 21, a zone that is described as ‘extreme fear.’

Related: Bitcoin price falls to $83.4K — Should BTC traders expect a swift recovery?

Data from Velo shows Bitcoin having its worst 3-day stint since 2022, and the analytics resource also highlighted the sharp billion-dollar outflows from the spot BTC ETFs. 

Beyond the weakness in the crypto market, which has been present for nearly a week, US equities markets also sold off, with the S&P 500 dropping after US President Donald Trump vowed to implement 25% tariffs against the EU.

In addition to the tariff threat, the Trump administration has also sent a memo to federal agencies that instructs them on how to carry out mass layoffs. 

While Bitcoin’s record-size liquidations over the past three days may have unveiled a “generational buying opportunity,” analysts are not yet ready to conclude that the worst part of the selling is over.

Current estimates vary among traders, but there are growing calls for a Bitcoin price bottom in the $80,000 to $71,000 price range. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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