Bitcoin (BTC) is showing a modest recovery above $81,200 post a dip below $82,000. Market caution rises due to Trump’s potential 200% tariffs on European alcohol imports and the forthcoming Federal Reserve meeting. Bitcoin’s next resistance levels are at $82,450 and $84,000, with a support near $80,500. Russia reportedly utilizes cryptocurrencies to bypass sanctions in oil trading.

Bitcoin (BTC) has exhibited signs of modest recovery, currently trading above $81,200, having dipped below the $82,000 threshold previously. This recovery has occurred amidst escalating fears of a trade war, particularly following President Trump’s announcement of a potential 200% tariff on European alcohol imports. These geopolitical tensions are further compounded by anticipation surrounding the upcoming Federal Reserve meeting scheduled for March 18-19, enhancing market caution.

After struggling, Bitcoin’s price managed to surpass the $80,500 resistance level, previously stabilizing around $78,000. It briefly peaked at $84,200 before facing resistance as sellers entered the market, subsequently correcting below $83,000. Presently, Bitcoin’s resistance levels are observed around $82,450 and $84,000. A successful breach of $85,000 could allow it to venture toward $88,000.

On the downside, Bitcoin’s immediate support is near $80,500, with the first major support level located at approximately $79,600. Overall, market sentiment has turned cautious due to President Trump’s tariff threats, which could precipitate a U.S. recession. Investors are vigilantly observing the Federal Reserve’s actions, expecting a continuation of their current interest rate stance.

In additional developments, reports indicated that Russia is utilizing cryptocurrencies to facilitate oil trades with China and India as a means of circumventing Western sanctions. Russian entities are reportedly employing Bitcoin, Ethereum, and Tether to convert currencies effectively. Meanwhile, altcoin performance remains mixed; Ethereum, for instance, rose by 1.4% to $1,894.97 but is poised for a significant weekly decline of nearly 14%.

In summary, Bitcoin is currently attempting to establish itself above the $81,200 mark while market sentiment becomes increasingly cautious in light of potential tariffs and impending Federal Reserve discussions. The dynamic interplay of resistance and support levels will be crucial for Bitcoin’s trajectory in the near future. Furthermore, geopolitical factors, including the use of cryptocurrencies by Russia for oil trades, may also influence market behavior. Investors are advised to stay informed amid these developments.

Original Source: moneycheck.com

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