Bitcoin (BTC) has fallen below $80,000 for the first time since November, as macroeconomic uncertainty surrounding U.S. President Donald Trump’s proposed tariffs fuels investor caution.
On February 27, Bitcoin plummeted to $79,752, marking a 2.65% decline in just one hour, according to TradingView data. This drop resulted in over $100 million in long liquidations, per CoinGlass.
📉 Bitcoin’s Steep Decline Sparks Market Jitters
🔹 The last time Bitcoin traded at this level was November 11, 2024, shortly after Trump’s election victory, which initially boosted optimism for a pro-crypto administration.
🔹 Many traders had expected $82,000 to act as a strong support level, but with BTC slipping further, concerns over a drop toward $70,000 are growing.
📊 Will Bitcoin Fall to $70K? Traders Weigh In
Crypto trader dmac believes Bitcoin’s next stop is $70,000:
“Dip buyers are getting smoked. I still see $70K as the target.”
Pseudonymous trader Mandrik echoed the sentiment:
“If you liked $80K Bitcoin, then you’re gonna love $70K Bitcoin.”
Meanwhile, trader Rager remains unconcerned, noting that Bitcoin’s current correction is normal:
“Wouldn’t be abnormal to drop to mid to low $70Ks. Pretty normal in prior cycles, even during bull markets, for Bitcoin to drop -30% to -40%.”
Data from Polymarket, a crypto predictions platform, shows that traders are split on Bitcoin’s next move:
“Nearly 50/50 chance it continues its plummet & falls below $70K.”
🌍 Trump’s Tariff Plans Fuel Macroeconomic Uncertainty
Market observers point to Trump’s proposed tariffs as a major factor behind Bitcoin’s decline.
🔹 Since Trump’s inauguration on January 20, when Bitcoin hit an all-time high of $109,000, the asset has dropped nearly 26%.
🔹 Broader macroeconomic concerns and regulatory uncertainties have added to the crypto market’s volatility.
📈 Institutions Still Bullish: Bitcoin to $500K?
Despite Bitcoin’s recent price swings, institutional investors remain optimistic.
🔹 On February 27, Geoffrey Kendrick, head of digital assets research at Standard Chartered, predicted that:
✅ Bitcoin will reach $200,000 this year
✅ BTC could hit $500,000 before Trump’s second term ends
💭 The Bottom Line: Short-Term Pain, Long-Term Gain?
While Bitcoin’s drop below $80K has shaken short-term traders, institutional confidence remains strong.
With Trump’s policies set to impact global markets, Bitcoin’s next move remains uncertain—but many long-term investors see the dip as a buying opportunity.
Will BTC hold above $70K, or are further corrections ahead? The market is watching closely.
