The “digital gold” moniker of Bitcoin (BTCUSD) is fading fast, as market pressures have taken a toll on its stability. The geopolitical tension stemming from the tariffs has triggered significant volatility, exacerbating Bitcoin’s downward slide as investors digest macroeconomic uncertainty.
Bitcoin prices are approaching the critical $70,000 support level. Apart from tariff-induced volatility, the post-election surge in the cryptocurrency to over $126,000 had set the stage for investor profit-taking after a strong rally. Some analysts believe that if Bitcoin falls below $70,000, it could signal further downside for the digital asset. The crypto’s fate also depends on expectations that the U.S. Federal Reserve will take a more hawkish stance following the nomination of Kevin Warsh as Fed Chair.
