Bitcoin price drops as Trump confirms new US trade tariffs
Bitcoin (BTC) dropped to $85,000 on Feb. 27 as markets reacted to news of new US trade tariffs. The BTC/USD 1-hour chart showed a sell-off as Trump confirmed the tariffs would proceed. The SP 500 and Nasdaq Composite Index opened lower, while the US dollar index (DXY) rose 0.6%, erasing previous losses. The Kobeissi Letter noted that smaller investors were exiting, leading to record outflows from US spot Bitcoin ETFs. Traders are now looking for potential reversal areas for BTC/USD, with a focus on closing the CME Group's Bitcoin futures market gap.
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