Moments ago, the Bitcoin price dipped below $120,000, failing to reclaim $120,400. This continuous trend of lower lows signals a worrying downturn for cryptocurrencies. Additionally, Trump’s ongoing remarks are becoming increasingly troublesome for risk markets.
For weeks, Bitcoin had maintained relative stability. However, during the preparation of this article, Trump reignited tensions. This escalation is negatively impacting BTC, which has tested the waters beneath $120,000. The looming threat of secondary sanctions on Russia continues to weigh heavily on the market.
Trump has shown a renewed willingness to heighten tensions with China, with whom no agreement has been reached. He recently commented on China’s mineral export controls:
“I’m just learning about this. Lutnick and Bessent will address the issue. We may need to halt significant imports from China. I want to discuss soybeans with President Xi.”
Wrapping up his statements following a Cabinet meeting, Trump again stirred fear in the markets. His abrupt decisions are well-known, and announcements of new sanctions or additional tariffs wouldn’t come as a surprise these days. Investors might seek to reduce their risks further as a result. Protecting the $120,400 level is crucial for BTC to end its short-term downtrend.