Bitcoin briefly slid below $65,000 on Monday for the second time this month, roiled by uncertainty over the status of US tariffs. The original digital asset fell as much as 4.8% to nearly $64,300, its lowest since Feb. 6. Other tokens fared worse, with Ether, the second-largest token, retreating as much as 5.2%. Bitcoin later pared some of those losses, trading above $66,300 by early morning in New York. Ether was trading at around $1,915.
The losses come after US officials on Sunday said trade deals already negotiated with partners remain in place, despite a Supreme Court ruling that struck down President Donald Trump's use of emergency authority to impose tariffs.
In a social-media post on Saturday, Trump said he would increase the global 10% tariff he announced one day earlier to 15%, stirring up more economic turbulence. The dollar and US stock futures dropped in early trading on Monday, with contracts for the S&P 500 down 0.8% and the Nasdaq 100 down 1%. A gauge of Asian equities climbed 1%.
“For now the buyers in Bitcoin are holding the line of $65,000,” said Chris Beauchamp, chief market analyst at IG. “An overnight dip below this level took place in thin liquidity, and for the moment has been bought. Of course, recovering from a low is very different to a full-blown rally, and one of those has been absent in cryptocurrencies for months.”
Photo Credit: Bloomberg
Bitcoin earlier this month wiped out the remaining gains it had seen since Trump won reelection in November 2024. Hopes around Trump's more crypto-friendly second administration sent Bitcoin to a record price above $126,000 last October, just before a massive selloff that has left digital assets reeling ever since. The broader crypto market has seen over $2 trillion in value wiped out, with the market for smaller tokens hit especially hard.
“The crypto market continues to be fragile, with market participants counting on support at $60,000,” said Caroline Mauron, co-founder of Orbit Markets. “Macro uncertainty is now weighing on the market, from Iran geopolitical tensions to US tariffs whiplash, and may lead to another test of that level.”
The dozen US-listed spot Bitcoin funds recorded their fifth consecutive week of net outflows — the longest streak since February last year — with investors pulling $3.8 billion in that time.
Photo Credit: Bloomberg
In the last 24 hours alone, the crypto market shed another $100 billion in value, according to CoinGecko data. Data from Deribit, a crypto derivatives exchange, showed downside protection is concentrated around the $60,000 mark.
Beyond the latest tariff news, the continued bearishness highlights how much Bitcoin is “crying out for a new narrative right now,” said Robin Singh, chief executive officer of crypto tax platform Koinly. “Despite the recent optimism around the US Clarity Act, it didn't move prices much, suggesting this catalyst isn't the narrative that will drive Bitcoin higher.”
Rachael Lucas, an analyst at BTC Markets, said $65,000 remained a key support level for the token.
“A decisive break below that brings $60,000 into play,” she said. “To the upside, bulls need to reclaim $70,000 to shift the narrative.”
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