Bitcoin Dips Below $80K as Tariff Worries Fuel Dollar Surge

Bitcoin (BTC) continued its downward spiral during Friday’s Asian trading session, dropping below $80,000 for the first time since November as U.S. tariff concerns pushed investors toward the strengthening dollar.

Key Developments:

• BTC Loses Crucial Support: The leading cryptocurrency slid below its 200-day simple moving average (SMA), extending its weekly decline to 16%.
• Altcoins Under Pressure: XRP fell past the 23.6% Fibonacci retracement level, signaling potential for further declines. Solana (SOL) touched $125.6—its lowest since September—while Dogecoin (DOGE) dipped below 20 cents, wiping out nearly 78.6% of its recent gains.
• Trade Policy Shifts Impact Markets: President Donald Trump reaffirmed his plans to impose tariffs on Canada and Mexico starting March 4 while doubling existing 10% duties on Chinese imports.
• Dollar Index Climbs: The U.S. dollar index (DXY) rose to 107.30, extending its rebound from Wednesday’s 106.15 level as analysts at ING forecast tariffs would drive further dollar strength.

With rising geopolitical and economic uncertainty, crypto markets remain on edge as investors weigh the potential for continued downside.