Bitcoin falls to $96.8K as Trump tariffs spook markets: OM, XMR, MNT, GT show promise

Bitcoin ( BTC ) fell below the $100,000 level on Feb. 2 after US President Donald Trump imposed tariffs on goods imported from China, Canada, and Mexico on Feb. 1.  Increased import tariffs could boost inflation , risking higher interest rates. That could, in turn, result in a risk-off sentiment, hurting cryptocurrency prices.

Bitget Research chief analyst Ryan Lee expects Bitcoin to correct to $95,000 , which is a critical support according to him. Some analysts view the current dip as a potential bear trap. Popular analyst Aksel Kibar wrote in a post on X that panic and crash forecasts after every 1% correction do not signal a market top . 

Crypto market data daily view. Source: Coin360

While most analysts remain positive on Bitcoin for the long term, the short-term picture looks murky. Bitcoin could drop toward the support of the large $90,000 to $109,588 range it has been stuck in for the past several days. Such a fall could pull several altcoins lower.

What are the important support levels that could prevent a deeper fall? Let’s look at the charts of the top cryptocurrencies that may rally if Bitcoin reverses direction and maintains above $100,000.

Bitcoin price analysis

Repeated failure to push Bitcoin above the $109,588 overhead resistance may have tempted short-term traders to book profits. That pulled the price to the 50-day simple moving average ($99,277) on Feb. 2.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

The flattening 20-day exponential moving average ($101,538) and the relative strength index (RSI) in the negative territory indicate that the bulls are losing their grip. If the price breaks below the nearby support at $97,000, the next stop is likely to be $90,000.

The buyers will have to defend the 50-day SMA to prevent the downside. If the price turns up and breaks above the 20-day EMA, it will suggest solid buying at lower levels. The bulls will then try to propel the BTC/USDT pair toward the $107,240 to $109,588 resistance zone. 

BTC/USDT 4-hour chart. Source: Cointelegraph/TradingView

The moving averages have started to slope down on the 4-hour chart, indicating that the bears have a slight edge. The pair is likely to witness a tough battle between the bulls and the bears near the $97,240 support. If the bears prevail, the pair could plummet toward $94,000 and then $90,000.

The first sign of strength will be a break and close above the moving averages. That could catapult the pair to $106,000 and eventually to $109,588.

MANTRA price analysis

MANTRA ( OM ) has pulled back in an uptrend, but a positive sign is that the bulls have not ceded much ground to the bears.

OM/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day EMA ($4.46) is sloping up, and the RSI is near the overbought territory, indicating that bulls have the upper hand. If the price turns up from the current level, the bulls will try to push the OM/USDT pair above $6. If they manage to do that, the uptrend could resume. The rally could then reach $6.63.

On the other hand, if the price breaks below $5, it will suggest profit-booking by the bulls. That could sink the pair to the 20-day EMA ($4.46).

OM/USDT 4-hour chart. Source: Cointelegraph/TradingView

The 4-hour chart shows that the bears are trying to maintain the price below the 20-EMA. If they manage to do that, the pair could slide to the 50-SMA and later to $4.40. Sellers may find it difficult to sink the price below $4.40, but if they can pull it off, the pair could start a deeper correction to $4.

On the upside, a break and close above $5.50 will suggest that the correction may be over. The pair could rise to $5.95, where the bears are expected to mount a strong defense.

Monero price analysis

Monero ( XMR ) closed above the $235 resistance on Jan. 31, but the bulls could not sustain the higher levels.

XMR/USDT daily chart. Source: Cointelegraph/TradingView

The bears have pulled the price below the breakout level and will try to sink the XMR/USDT pair to the 20-day EMA ($219). If the price turns up from the current level or the 20-day EMA, it will suggest a positive sentiment. The bulls will again try to resume the uptrend by pushing the pair above $245. If they succeed, the pair may rally to $265 and then to $290.

The 20-day EMA is the important support to watch out for on the downside. If this level cracks, the pair may slump to the 50-day SMA ($206), where buyers are expected to step in.

XMR/USDT 4-hour chart. Source: Cointelegraph/TradingView

The pair has dropped to the 50-SMA, which is expected to act as a strong support. If the price bounces off the 50-SMA and rises above the 20-EMA, it will suggest that the selling pressure is reducing. The pair may climb to $235 and subsequently to $245.

Contrary to this assumption, if the 50-SMA fails to hold, it will indicate that the bears are attempting a comeback. That could deepen the correction to $216 and thereafter to $208.

Related: Here’s what happened in crypto today

Mantle Token price analysis

Mantle ( MNT ) has been oscillating between $1.28 and $1.04 for the past few days, indicating buying on dips and selling on rallies.

MNT/USDT daily chart. Source: Cointelegraph/TradingView

The price has dipped below the 20-day EMA ($1.14), opening the gates for a drop to the support of the range at $1.04. A strong bounce off the $1.04 level suggests demand at lower levels. The MNT/USDT pair could then extend its stay inside the range for a few more days.

The next trending move is expected to begin on a break above $1.28 or below $1.04. If the price turns up and breaks above $1.28, the pair could rise to $1.42 and, after that, to $1.52. Conversely, a drop below $1.04 could sink the pair to $0.92.

MNT/USDT 4-hour chart. Source: Cointelegraph/TradingView

The 20-EMA has started to turn down on the 4-hour chart, and the RSI is in the negative territory, indicating an advantage to sellers. The pair could decline to the solid support at $1.04, where buyers are likely to mount a strong defense. 

If the price turns up from the current level or $1.04 and breaks above the moving averages, it suggests that the range remains intact. The pair will then attempt a rally to the top of the range at $1.28.

Gate Token price analysis

Gate Token (GT) slipped below the 20-day EMA ($22.15) on Feb. 2, but the bulls are trying to sustain the price above the $20.80 support.

GT/USDT daily chart. Source: Cointelegraph/TradingView

If the price rises and closes above the 20-day EMA, the bulls will try to push the GT/USDT pair to the downtrend line. A break and close above the downtrend line could retest the overhead resistance at $25.96. The bears are expected to vigorously defend this level, but if the bulls prevail, the pair may ascend to $29.46.

Instead, if the price continues lower and breaks below the $20.80 support, it will suggest that the bulls are rushing to the exit. That could sink the pair to the 50-daySMA ($18.47).

GT/USDT 4-hour chart. Source: Cointelegraph/TradingView

The 4-hour chart shows the formation of a symmetrical triangle pattern, indicating indecision between the bulls and the bears. Buyers are trying to defend the support line, but the rebound is likely to face selling at the 20-EMA. If the price turns down sharply from the 20-EMA, the pair risks dropping below the triangle. The pair may fall to $19 and subsequently to $17. 

On the contrary, a break above the 20-EMA could push the pair to the downtrend line. A break above the triangle will suggest that the buyers have overpowered the bears. That could start a move to $25.96 and later to the pattern target of $29.79.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.