Bitcoin risks greater disadvantages if he loses “key” support worth 75,000 USD due to the growing fears of potential trade war between the United States and China.

The price of Bitcoin (BTC) has dropped by over 6.5% in the last 24 hours to sink below the low 78,197 USD, which was recently seen on November 10, 2024, according to the Cointelegraph Markets Pro data.

Analysts attribute the current decline in macroeconomic fears related to the potential trade war between the USA and China caused by the decision of the US President Donald Trump to impose import tariffs.

According to Ryan Lee, the main Bitget Research analyst, these macroeconomic fears were the main reason for the loss of Bitcoin support.

The analyst told Cointelegraph:

“Bitcoin’s decrease below USD 80,000 among the investor’s fear of Trump tariffs and market anxiety indicates a correction probably reaching 76,000–78,000 USD this week, approaching $ 75,000 as a key level of support based on historical patterns and moods of traders.”

Despite this, some analysts are afraid that Bitcoin correction can make the world’s first cryptocurrency back to 70,000 USD.

Based on the correlation with the global liquidity indicator, on the right side of Bitcoin (RHS), which means the lowest offer price, for which someone is willing to sell the currency, maybe it will fall below USD 70,000 at the end of February, after he reached a close level of USD 110,000 in January.

The first warning about the correction of up to USD 70,000 comes from Raoul Pal, the founder and general director of Global Macro Investor, in November X, which also predicted that Bitcoin would reach a “local top” above USD 110,000 in January, before it went to current correction.

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Can Bitcoin accommodate $ 75,000 to avoid a drop to $ 70,000?

Despite the poor moods of investors, Bitcoin seems unlikely to fall to $ 70,000 before the end of the week.

Considering further purchases from large institutions, such as Michael Saylor’s strategy, a decrease to 70,000 USD seems “less likely” without significant inheritance catalysts, said Lee, adding:

“A further decrease to USD 70,000 is possible, but less likely until March 2 without a significant fresh shock. The level of USD 75,000 is in line with technical support and Stablecoin buffers, and USD 70,000 would require eternal panic or macro deterioration outside of current pressure. “

Despite this, a decrease below 75,000 USD would increase significant inheritance variability, causing long liquidation worth almost $ 900 million on all stock exchanges, according to Coinglass data.

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However, the current Bitcoin correction can last another two weeks, based on historical patterns of charts analyzed by the Crypto Rekt Capital analyst.

“Bitcoin is in the first correction of discovering prices,” wrote an analyst on February 27 x postAddition:

“In terms of depth, the present -25% correction of the discovery of prices was shallower according to history standards, although it is still quite similar to the -30% sign. However, in terms of duration this 11-week withdrawal was more in line with the duration of 2013. “

Assuming that the current inheritance trend imitates the correction of 2013, Bitcoin may meet with two more weeks of inheritance pressure.

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