On Tuesday, Bitcoin edged down below $100,000 following a recovery from a previous low of $91,231. The volatility is attributed to the US-China trade war and a significant liquidation event estimated by Bybit’s CEO to be between $8-10 billion. As traders await further developments, Bitcoin’s current correction may test vital support levels.

Bitcoin’s price faces a slight decline as it trades below $100,000, following a recovery from a low of $91,231. The ongoing trade tensions between the US and China contribute to increased volatility in risk assets like Bitcoin. Bybit’s CEO, Ben Zhou, indicates that the liquidations observed on Monday could range between $8 to $10 billion, a figure significantly higher than the reported $2 billion, reflecting market unrest.

The recent fluctuations in Bitcoin’s price are closely linked to escalating trade tensions following the implementation of tariffs by the US. These measures have created uncertainty within the market, leading to corrective price movements in Bitcoin. The situation is exacerbated by the speculative nature of cryptocurrency investments, where global economic news heavily influences trader sentiment and market volatility.

In conclusion, Bitcoin’s price remains under pressure as it trades just below $100,000, with market dynamics influenced by geopolitical events, particularly the US-China trade war. Traders are advised to closely monitor ongoing developments in tariff negotiations, which could further impact Bitcoin’s price trajectory and lead to additional corrections or recoveries as market sentiment fluctuates.

Original Source: www.fxstreet.com

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