Bitcoin price falls due to market sell-off, concerns over inflation, and new tariffs; could drop further

From Cointelegraph
March 28, 2025 5:55:00 pm:

Bitcoin price fell for a fourth day, hitting an intra-day low of $83,387 as Wall Street also saw declines with the DOW dropping 700 points and the S&P 500 falling 112 points. The sell-off was due to concerns over inflation after core PCE index data showed a 2.8% rise in February. S&P 500 lost $1 trillion in market cap value.

US President Trump’s new tariffs on cars not made in the US further fueled the market sell-off. Traders are cautious ahead of April 2, dubbed “Liberation Day” by Trump, where more tariffs, including on pharmaceuticals, are expected. Veteran trader Peter Brandt predicts Bitcoin could drop to $65,635 following a bear wedge pattern completion.

Crypto trader ‘HTL-NL’ agrees with Brandt, suggesting Bitcoin’s failure to break a descending trendline and confirmation of the bear wedge indicate a revisit to range lows. Despite lacking oversold metrics, strong spot market demand is absent, but whales are active. Bitfinex spot BTC margin longs to shorts signal historical returns of 50%+ within 50 days.

Regulatory developments in the crypto industry continue positively as White House AI and Crypto Czar David Sacks praised FDIC and Acting Chairman Travis Hill for clarifying the process for banks to engage in crypto-related activities. The FDIC’s guidance allows institutions to offer crypto-related products without prior notification.

Read more at Cointelegraph: Bitcoin price falls toward range lows, but data shows ‘whales going wild right now’