Bitcoin is back under pressure.
After weeks of fragile stability, Bitcoin has fallen below the $65,000 mark, shaken by fresh uncertainty around US tariffs and broader macro tensions. What looked like consolidation is now starting to feel like another stress test for the crypto market.
Let’s break down what’s happening and what it could mean.
What Triggered the Latest Drop?
In early Asia trading, Bitcoin slid nearly 4.8%, briefly touching around $64,300, its lowest level in weeks. It was trading near $64,800 later in the session — below what many traders consider a key support level.
At the same time:
- Ether dropped more than 5%
- Smaller tokens saw even sharper declines
- The broader crypto market lost about $100 billion in just 24 hours
- More than $2 trillion in total market value has been wiped out during the broader selloff cycle
The immediate catalyst appears to be renewed uncertainty over US tariff policy.
After the US Supreme Court struck down President Trump’s use of emergency authority to impose tariffs, there was confusion over what happens next. Then came a weekend statement suggesting the previously announced 10% global tariff could be raised to 15%.
Markets don’t like policy whiplash. Crypto, being the most sentiment-sensitive asset class, reacted first.
Macro Is Back in the Driver’s Seat
This move reinforces something important:
Crypto is no longer trading in isolation.
We are seeing:
- Ongoing geopolitical tensions
- Tariff uncertainty
- Dollar weakness
- Volatility in US futures
Bitcoin had earlier rallied strongly after Trump’s re-election, driven by expectations of a more crypto-friendly administration. That optimism pushed prices to a record above $126,000 last October.
But since then, reality has set in.
Policy clarity has not been smooth. Risk appetite has weakened. And digital assets have retraced sharply.
Why $60,000 Matters So Much
Several analysts are now pointing to $60,000 as the key psychological and technical level.
Here’s why it matters:
- Options data shows heavy downside protection around $60,000
- Traders appear positioned for a potential test of that level
- A decisive break below $65,000 opens the path lower
- Holding $60,000 could stabilize sentiment
On the upside:
- Bulls need to reclaim $70,000 to shift the narrative back to recovery mode
- Without that, rallies may be viewed as temporary relief
Right now, Bitcoin is stuck in the middle — not collapsing, but not regaining control either.
What This Means for the Broader Crypto Market
Smaller tokens are feeling more pain than Bitcoin itself. That usually signals:
- Risk appetite is shrinking
- Traders are rotating to relative safety within crypto
- Leverage is being unwound
When smaller tokens underperform sharply, it often reflects defensive positioning rather than aggressive accumulation.
Big Picture Perspective
This isn’t just a crypto story. It’s a macro confidence story.
We are in a phase where:
- Policy headlines move markets quickly
- Risk assets react instantly to uncertainty
- Crypto remains highly sensitive to global economic shifts
Bitcoin is no longer purely a speculative tech play. It behaves like a high-beta macro asset.
And right now, macro conditions are unstable.
The question is:
- Do you think $60,000 holds if tested?
- Is this macro-driven weakness temporary, or the start of another deeper leg down?
- Has the “crypto-friendly administration” trade already played out?
- Are you accumulating here, waiting, or reducing exposure?
Share your view.
The next few weeks could define whether this is consolidation before the next move higher — or the beginning of a more prolonged reset.