Bitcoin (BTC<\/a>) drifted back to $85,000 at the Feb. 27 Wall Street open as markets digested confirmation of new US trade tariffs.<\/p>\n BTC\/USD 1-hour chart. Source: Cointelegraph\/TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD pulling back from a relief bounce to $87,000 on the day.<\/p>\n This had followed a trip to new 15-week lows near $82,000 into the daily close, with bulls once again running out of steam as US President Donald Trump doubled down on tariffs against Canada and Mexico.<\/p>\n Due to begin on March 4, these \u201cwill, indeed, go into effect, as scheduled,\u201d Trump wrote in a post on Truth Social<\/a>.<\/p>\n Both the S&P 500 and Nasdaq Composite Index opened down as a result, while the US dollar index (DXY) gained 0.6% to cancel out more than a week of downside.<\/p>\n US dollar index (DXY) 1-hour chart. Source: Cointelegraph\/TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n Reacting, trading resource The Kobeissi Letter attributed poor BTC price performance to higher stocks correlation and reduced liquidity.<\/p>\n \u201cIronically, a lot of it flows back into the US Dollar,\u201d it wrote in a dedicated X thread<\/a> on the topic.\u00a0<\/p>\n \u201cThe US Dollar becomes the \u2018safest risky asset\u2019 during trade wars because it’s the most \u2018stable\u2019 currency.\u201d<\/p><\/blockquote>\n Total crypto market cap chart. Source: The Kobeissi Letter\/X<\/em><\/p>\n<\/figcaption><\/figure>\n Kobeissi added that it was mostly smaller investors rushing for the exit, accounting for the record outflows<\/a> from the US spot Bitcoin exchange-traded funds (ETFs).<\/p>\n \u201cBitcoin ETFs have now seen 6-straight daily withdrawals, totaling -$2.1 BILLION. The majority of withdrawals were taken by retail investors,\u201d it confirmed.\u00a0<\/p>\n \u201cLiquidity has dropped.\u201d<\/p><\/blockquote>\n Bitcoin traders meanwhile sought to identify potential definitive reversal areas for BTC\/USD.<\/p>\n Related: <\/strong><\/em>Short-term crypto traders sent record 79.3K Bitcoin to exchanges as BTC crashed to $86K<\/strong><\/em><\/a><\/p>\n As Cointelegraph reported<\/a>, a \u201cgap\u201d in CME Group\u2019s Bitcoin futures market is currently a popular target.<\/p>\n \u201cBitcoin looks determined to close that $77,360 November CME gap, which could intersect with the September 2023 trend line,\u201d popular trader Justin Bennett continued<\/a> on the topic alongside an illustrative chart.\u00a0<\/p>\n \u201cProbably some relief in March from this area, but the monthly chart looks toppy unless $BTC can miraculously close February above $92k. The odds aren’t looking good.\u201d<\/p><\/blockquote>\n BTC\/USDT 3-day chart. Source: Justin Bennett\/X<\/em><\/p>\n<\/figcaption><\/figure>\n $92,000 previously marked<\/a> the aggregate cost basis for Bitcoin speculators, forming part of the floor of a three-month trading range<\/a>.<\/p>\n 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.<\/p>\n \n<\/div>\n","protected":false},"excerpt":{"rendered":" Bitcoin (BTC) drifted back to $85,000 at the Feb. 27 Wall Street open as markets digested confirmation of new US trade tariffs. BTC\/USD 1-hour chart. Source: Cointelegraph\/TradingView BTC price sells off as Trump says tariffs will go ahead Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD pulling back from a relief bounce to $87,000 […]<\/p>\n","protected":false},"author":2,"featured_media":376224,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-376223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/376223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=376223"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/376223\/revisions"}],"predecessor-version":[{"id":376225,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/376223\/revisions\/376225"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/376224"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=376223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=376223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=376223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}BTC price sells off as Trump says tariffs will go ahead<\/h2>\n
Bullish Bitcoin monthly close \u201cnot looking good\u201d<\/h2>\n