Bitcoin Must Endure Pressure After Donald Trump's Announcement of a 10% Basic Import Tax

President Donald Trump announced a series of new tariffs on Wednesday, aimed at boosting the American economy. The tariffs, reported through an executive order, are expected to create significant global economic impacts. Trump stated that they are necessary to address trade imbalances and protect American jobs and production. Basic tax rate of 10% and custom tax rate for certain countries According to Nick Sortor, the main tariff rate is set at 10%, effective from April 5. This base rate will apply to all imports into America. Companies responsible for bringing goods into this country will bear the costs. However, consumers may feel the impact of these increased costs. Some countries will only face a 10% tariff, including the United Kingdom, Singapore, Brazil, Australia, New Zealand, Turkey, Colombia, Argentina, El Salvador, the United Arab Emirates, and Saudi Arabia.

Starting from April 9, higher tariffs will target around 60 countries deemed “the worst offenders.” This includes 20% for the European Union, 54% for China, 46% for Vietnam, 36% for Thailand, 24% for Japan, 49% for Cambodia, 30% for South Africa, and 32% for Taiwan. The new tariffs do not apply to Canada and Mexico. However, the United States will continue to address issues related to border security and fentanyl trafficking with these countries. In addition, the 25% tax on foreign-made cars is currently in effect. The volatility of the Bitcoin market revealed: Could this be the impact of Trump’s tariffs? Subsequently, the cryptocurrency market has come under pressure, particularly Bitcoin. According to market observation, ($BTC) is currently navigating within the important price range of $86,900 to $84,800. With tariffs currently in place, market analysts are closely monitoring these levels. A decisive break in either direction on the hourly chart could determine Bitcoin’s next major move.

A deeper perspective on the analysis shows that the price of Bitcoin reached 86,854.2 USDT, then dropped to 85,479.6 USDT, reflecting a decrease of 1.58%. Price volatility occurred within a channel, with key support and resistance levels marked by Fibonacci retracement levels. The market has pulled back at these levels for only a short time, showing significant volatility. Based on the hourly chart, Bitcoin’s trading range has yet to show much movement outside of this range. An upward move above $86,900 could trigger a bullish formation, while a downward move below $84,800 could lead to a bearish formation.