Bitcoin (BTC) price has been consolidating within a roughly $5,500 range since March 9 as the $84,000 level represents stiff overhead resistance.
Data from Cointelegraph Markets Pro and Bitstamp shows BTC price oscillating between $78,599 and $84,000, as shown in the chart below.
BTC/USD daily chart. Source: Cointelegraph/TradingView
Key reasons why Bitcoin price remains flat today include:
Trump’s trade war tensions causing uncertainty in the market.
Weakening demand for Bitcoin and neutral funding rates.
BTC price remains pinned below the 200-day SMA.
Broader economic uncertainty, weakening demand
Bitcoin’s price stagnation is partially due to the broader economic and geopolitical factors that are currently at play.
What to know:
Trump’s new policies, such as his proposed trade tariffs on Mexico and Canada, have unnerved the market.
Investors, wary of inflation concerns and a potential tariff war, are