23.02.202609:32 Forex Analysis & Reviews: Bitcoin plunges abruptly amid new US trade tariffs

The cryptocurrency market, accustomed to volatility, today showed another collapse. Bitcoin, losing several thousand dollars in value, fell from $68,000 to $64,200. Ethereum did not avoid a slump either, testing the $1,845 level. These sharp moves were triggered by a new, very categorical statement from the incumbent US president.

Donald Trump, having completed his "comprehensive, detailed and full review" of the recent Supreme Court decision on tariffs, announced an immediate increase in global tariffs to the maximum legally permissible level — 15%. He said the decision is aimed at countries that, in his view, have been "ripping off" the US for decades. The message was clear: trade relations on the world stage are entering a new, more aggressive phase.

Markets, whether stock or crypto markets, react sensitively to geopolitical and economic signals. Statements of this magnitude create uncertainty and fears about future trade wars, possible retaliatory measures, and the overall impact on the global economy. Investors, seeking to minimize risk amid such uncertainty, often dispose of riskier assets — cryptocurrencies among them.

Moreover, Trump stressed the process will not be a one-off: the administration plans to introduce new legally grounded tariffs in the coming months that will continue the current course. The prospect of further escalation in tariff policy creates a long-term background of investor concern, forcing them to reassess portfolios and seek safer havens for their capital.

The phrase "Make America Great Again — greater than ever before" in the context of protectionist policy reads as a clear signal of the administration's priorities. While supporters may view this as a move to strengthen the national economy, for global markets it implies potential declines in international trade, higher costs, and, consequently, corrections in risk assets closely tied to global economic processes — including Bitcoin and Ethereum.

Trading recommendations

Bitcoin

Regarding Bitcoin's technical picture, buyers are currently targeting a return to $66,400, which would open a direct path to $68,900, and then to $70,600. The most distant (ultimate) target is the high around $71,100; a break above that would signal attempts to return to a bull market. In the event of a drop, buyers are expected at $64,400. A move back below that area could quickly push BTC toward $62,600. The furthest downside target would be around $60,100.

Ethereum

As for Ethereum's technical picture, a clear close above $1,907 would open the way to $1,998. The ultimate upside target is the high near $2,078; a break above that would indicate strengthening bullish sentiment and renewed buyer interest. In case of a drop, buyers are expected at $1,819. A return of the instrument below that area could quickly send ETH toward $1,724. The most distant downside target would be around $1,563.

What's on the chart

• The red lines represent support and resistance levels, where price is expected to either pause or react sharply.
• The green line shows the 50-day moving average.
• The blue line is the 100-day moving average.
• The lime line is the 200-day moving average.

Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.