Bitcoin dropped below $86,000 before recovering to around $89,000, pressured by the Trump administration’s decision to proceed with tariffs on Mexico and Canada. Investors view tariffs as inflationary, potentially hindering interest rate cuts and weighing on risk assets like bitcoin. Since forming a double top pattern between December and January, bitcoin has trended lower, with a confirmed breakdown below the neckline on high volume. The RSI indicator signals oversold conditions, suggesting a potential rebound.
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