The European Union’s latest retaliatory tariffs have deepened macroeconomic uncertainty, prompting crypto analysts to forecast increased volatility for Bitcoin prices, which may drop below the critical $75,000 support level.
The EU will impose counter-tariffs on 26 billion euros ($28 billion) worth of US goods starting in April, the European Commission announced on March 12, responding to US President Donald Trump’s recent move to impose 25% tariffs on steel and aluminum imports.
This move is the latest retaliatory tariff announcement in response to US import tariffs, which may trigger renewed trade war concerns and market volatility in the near term.
Source: European Commission
“Counter tariffs aren’t a positive signal as they suggest a potential bounce back from the other side again,” according to Marcin Kazmierczak, co-founder and chief operating officer of blockchain oracle solution firm, RedStone.
This may see Bitcoin