BTC Sinks to $80K, XRP Falls Below Key Level as Renewed Trump Tariff Fears Shake Markets; DXY Gains

Bitcoin Sinks Below $80K as Stronger Dollar, Tariff Concerns Pressure Crypto

Bitcoin (BTC) extended its losing streak during Friday’s Asian trading session, breaching the $80,000 level for the first time since November as renewed U.S. tariff threats drove demand for the dollar.

Market Overview:

• BTC Breaks Key Support: Bitcoin slipped below its 200-day simple moving average (SMA), deepening its weekly decline to 16%.
• Altcoins Face Steep Losses: XRP tumbled past the crucial 23.6% Fibonacci retracement level, hinting at further downside. Solana (SOL) fell to $125.6—its weakest price since September—while Dogecoin (DOGE) plunged under 20 cents, erasing nearly 78.6% of its gains from the previous rally.
• Trade Tensions Resurface: President Donald Trump reaffirmed plans to impose new tariffs on Canada and Mexico starting March 4, alongside doubling the existing 10% tariff on Chinese imports.
• Dollar Strengthens Further: The U.S. dollar index (DXY) climbed to 107.30, extending its rebound from Wednesday’s 106.15 low, as ING analysts predicted tariffs would keep the greenback in focus.

With macroeconomic headwinds and technical breakdowns compounding market stress, crypto traders remain wary of further downside risks.