Bitcoin Holds $87,000 Amid Trump's 25% Car Tariffs, GameStop Adopts BTC

Bitcoin's price has remained relatively stable around $87,000 despite the recent announcement by President Donald Trump regarding 25% tariffs on foreign-made cars and auto parts, effective from April 2. This policy, aimed at boosting domestic car manufacturing, has introduced broader market concerns and a risk-off sentiment, leading to a sell-off in global stock markets. The S&P 500 and NASDAQ Composite both experienced declines, while gold prices rose, reflecting a shift to safe-haven assets.

Technically, Bitcoin has maintained support above the $85,500 zone and is currently trading above the 100-hour Simple Moving Average, suggesting a slightly bullish short-term outlook. The cryptocurrency faces immediate resistance near the $87,700 level, with key resistance at $88,200. If Bitcoin manages to close above this level, it could move higher, potentially testing the $89,500 level before approaching the $90,000 mark. On the downside, support levels are at $87,000, $86,500, and $85,500.

The MACD indicator is gaining pace in the bullish zone, and the Relative Strength Index (RSI) for BTC/USD remains above the 50 level, indicating moderate buying momentum. Despite the broader market concerns, Bitcoin's stability at $87,000 suggests that investors are not significantly moving away from the cryptocurrency during this period of uncertainty.

In other news, GameStop has announced plans to adopt Bitcoin as a treasury reserve asset, using some of its $4.75 billion cash reserves and future debt or equity issuances to buy Bitcoin. This move follows a growing trend of companies adopting Bitcoin treasury strategies, similar to Strategy (formerly MicroStrategy), which has seen its stock rise significantly since it started buying Bitcoin in 2020. Other companies like Metaplanet and Semler Scientific have also adopted similar strategies, potentially creating additional institutional demand for the cryptocurrency.

GameStop's stock climbed almost 20% following the announcement, with traders betting that the company could follow in the footsteps of Strategy. The broader altcoin market has seen mixed performance, with Ethereum, XRP, Solana, and Cardano experiencing declines, while Dogecoin and the $TRUMP token saw gains. This trend highlights the growing institutional interest in Bitcoin and its potential to drive further adoption and price appreciation.