Bitcoin drops to $85,000 due to US trade tariffs, potential reversal areas eyed

From Cointelegraph

February 27, 2025 10:36 AM:

Bitcoin (BTC) drops to $85,000 as new US trade tariffs confirmed by Trump. BTC/USD pulls back from $87,000, hitting 15-week lows near $82,000. S&P 500 and Nasdaq open down, US dollar index gains 0.6%. Record outflows from US spot Bitcoin ETFs attributed to smaller investors rushing to exit.

BTC traders eye potential reversal areas, focus on closing CME Group’s Bitcoin futures gap at $77,360. Popular trader Justin Bennett warns of potential top formation on monthly chart unless BTC closes February above $92,000. $92,000 is the aggregate cost basis for Bitcoin speculators, forming part of three-month trading range.

Read more at Cointelegraph: Bitcoin retreats to $85K as US confirms March Canada, Mexico tariffs