Bitcoin Falls Below $100,000 After Trump Imposes Import Tariffs

Bitcoin dropped below $100,000 on February 2, 2025, following U.S. President Donald Trump's decision to impose new import tariffs on goods from China, Canada, and Mexico on February 1. These tariff hikes could lead to higher inflation, increasing the risk of higher interest rates. In turn, this could trigger a risk-off sentiment, negatively impacting cryptocurrency prices.

Ryan Lee, Chief Analyst at Bitget Research, predicts that Bitcoin could correct to $95,000, which he considers a key support level. Meanwhile, some analysts view the current decline as a bear trap, potentially misleading traders into expecting further losses. Aksel Kibar, a well-known analyst, posted on X, stating that market panic and crash predictions after every 1% correction do not necessarily signal a market top.

While most analysts remain bullish on Bitcoin in the long run, the short-term outlook appears uncertain. Bitcoin may continue its decline toward the major support range between $90,000 and $109,588, which has acted as a consolidation zone in recent days. A further drop could also pull down several altcoins.

So, what are the key support levels that could prevent a deeper decline? Here’s a look at the top cryptocurrencies that might rebound if Bitcoin manages to stay above $100,000.

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