Bitcoin Drops Below $100K as Trump's Tariffs Shake Markets

Bitcoin's price slipped below the $100,000 mark on Monday, as global markets reacted to U.S. President Donald Trump's executive order imposing tariffs on Canadian goods. The cryptocurrency reached an intraday low of $99,082.51 before recovering to $100,193.79.

Trump's order, signed on Sunday, imposes a 25% tariff on Canadian goods, excluding energy products, which will face a 10% tariff. These duties take effect on Tuesday. Tariffs on Mexico and China will also be implemented. The announcement sent shockwaves through global markets, with Bitcoin dropping to $100,279 following the news, reflecting market uncertainty.

Bitcoin's mining revenue fell to $1.4 billion in January, down $40 million from December. Julio Moreno, head of research at CryptoQuant, reported that Bitcoin transactions hit their lowest level since March 2024. Mempool usage is low, with transaction fees dropping to 1 sat/vb. Over the weekend, unprocessed transactions decreased sharply, leaving multiple blocks partially empty.

Technical indicators suggest bearish momentum for Bitcoin. The cryptocurrency faces immediate resistance at $103,622 and strong support at $99,000. If BTC breaks above resistance, it could rally toward $106,000. A drop below support may push it down to $97,500. The Relative Strength Index (RSI) stands at 43.96, near oversold territory. A further drop could trigger additional selling pressure, but if RSI rebounds above 50, a bullish reversal may begin.

The Moving Average (MA) crossover signals bearish momentum. The 9-day MA is at $101,382.30, below the 21-day MA of $103,279.02. A bullish crossover, where the short-term MA crosses above the long-term MA, would indicate a trend reversal.

The Chaikin Money Flow (CMF) suggests capital outflows from Bitcoin. The indicator remains in negative territory, reflecting weak buying pressure. If inflows increase, Bitcoin could reclaim $105,000.

The MACD histogram is