Bitcoin Drops to $82,000 Ahead of U.S. Trade Tariff Implementation

On March 31, the price of the first cryptocurrency dropped below the $82,000 mark, reaching a low of $81,329 on Binance.

After a brief rebound, the asset is currently trading around $82,200, having lost 1.1% in the past 24 hours. Leading altcoins experienced a more significant decline.

The total market capitalization of cryptocurrencies fell by 3.2%, bringing it down to $2.75 trillion.

In tandem with digital assets, futures for U.S. stocks also declined. The S&P 500 derivatives dropped by 0.7%, while the Nasdaq 100 fell by 0.8%.

Trader confidence is waning as the date of April 2 approaches, referred to as “Liberation Day” by U.S. President Donald Trump. The president announced that a 25% tariff on the import of automobiles, pharmaceuticals, and various other goods from numerous countries will be introduced from that date.

A week prior, news regarding a potential easing of tariffs by the U.S. administration had propelled Bitcoin above $87,000. However, the toughening rhetoric from Trump has dampened investor interest in riskier assets, commonly associated with the leading cryptocurrency. On March 31, the spot price of gold, a primary safe-haven asset, reached an all-time high of $3,122.

Analysts at Goldman Sachs have raised the likelihood of a 12-month recession in the U.S. economy from 20% to 35%.

“The increase in the previous estimate reflects reduced growth rates, a recent sharp decline in household and business confidence, as well as statements from White House officials suggesting a greater willingness to endure short-term economic weakness for the sake of policy implementation,” they explained.

Daily trading volumes for Bitcoin across exchanges have dropped to $36 billion, a 70% decrease from the peak of $126 billion recorded in November 2024, according to data from The Block.

The total supply of BTC on exchanges has also decreased, falling from $24.4 billion at the beginning of March to $8.6 billion. The amount of value transferred daily within the network has roughly halved.

Previously, QCP Capital expressed skepticism about the strength of Bitcoin’s support at the $80,000 level.

In contrast, economist Timothy Peterson, author of «Metcalfe’s Law as a Model for Bitcoin Valuation,» expressed a more optimistic view.

“Judging purely by fundamental adoption costs, it’s unlikely that Bitcoin will drop below $50,000. With price dynamics in mind, it will struggle to breach even $80,000, especially given that central banks are leaning towards more accommodative monetary policy,” he stated.

He estimates that the current bear market will last for 90 days from the all-time high, and we may see a growth of 20-40% by mid-April.

Merlein Enkeler, founder of Profitz Academy, noted that Bitcoin’s chart has formed a double top, resembling the pattern seen in 2023.

He predicted that this bearish trap will be followed by a parabolic upward movement.

Crypto trader Ted Pillous believes that the leading cryptocurrency is in the Wyckoff re-accumulation phase, which implies sideways movement within a limited range after an extended downtrend.

He described the drop in the first cryptocurrency below $85,000 as a result of “pure manipulation,” intended to “scare the last bulls.”

“As soon as BTC surpasses $92,000, the bears will be defeated,” Pillous asserted.

Charles Edwards, founder of Capriole Investments, indicated a possible transition of Bitcoin into a declining phase based on the Bitcoin Macro Index.

Experts from CryptoQuant highlighted concerning signals for digital gold across four indicators. On March 31, one verified contributor from the analytics firm confirmed that the MVRV indicator does not yet suggest that the prices have reached a bottom.

Meanwhile, Jamie Coutts, the chief analyst at Real Vision, predicted an increase in Bitcoin’s price to $123,000 by June.

Several analysts from Wall Street firms also considered the possibility of a rally for the asset in the second quarter.