Bitcoin dips below $80K as Trump Canada tariffs halt BTC price comeback

Bitcoin (BTC) cooled a 7% rebound after the March 11 Wall Street open as familiar headwinds sparked market jitters.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Bitcoin, stocks deflate on fresh tariffs letdown

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it touched local highs of $82,154 on Bitstamp before consolidating.

US JOLTS job openings data delivered a slight overshoot versus expectations, but it was confirmation of further trade tariffs on Canada by US President Donald Trump that spoiled risk-asset relief.

The S&P 500 thus traded down 0.5% on the day at the time of writing, while stock indexes continued to see volatility.

“The S&P 500 was up +5% at this point in Trump’s first term. Instead, it’s now down -7% since January 20th,” trading resource The Kobeissi Letter observed in part of a reaction on X. 

“A polar opposite start to his term so far.”

S&P 500 comparison. Source: The Kobeissi Letter/X

Trading firm QCP Capital added that Trump’s apparent “indifference to recession risks” made life harder for risk assets but acknowledged that some silver linings remained.

“Despite the market turmoil, not all signals are bearish,” it summarized in its latest bulletin to Telegram channel subscribers. 

“This wave of risk-off sentiment has driven 10-year Treasury yields down by around 60 bps and weakened the US dollar — a historically positive factor for USD-denominated risk assets like US equities and crypto.”

US dollar index (DXY) 1-day chart. Source: Cointelegraph/TradingView

The US dollar index (DXY) dropped to 103.32 on the day, marking its lowest level since mid-October 2024.

New BTC price lows still “possible”

Bitcoin price analysis meanwhile saw BTC/USD at a crossroads amid a lack of clear upside catalysts.

Related: Biggest red weekly candle ever: 5 things to know in Bitcoin this week

Trading channel More Crypto Online used Elliott Wave theory to delineate key support and resistance levels, warning that price could still head to new long-term lows.

“The price is still undecided after the New York open. A bottom could be forming here, but another low is possible as long as resistance holds,” it told X followers. 

“A confirmed low needs a sustained break above yesterday’s high in 5 waves. The market, as always, enjoys keeping traders guessing.”

BTC/USD 1-hour chart. Source: More Crypto Online/X

Popular trader CrypNuevo meanwhile described a “great reaction” at the 50-week simple moving average (SMA) at around $75,500.

As Cointelegraph reported, that support trendline has remained without a candle close below it since March 2023.

BTC/USD 1-week chart with 50SMA. Source: Cointelegraph/TradingView

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.