Trump's Tariffs Hit Crypto Market: Can Bitcoin Still Break $90,000?
TradingKey - Trump's auto tariffs strike the crypto market again. Can Bitcoin break $90,000?
On Wednesday, President Trump announced a 25% tariff on all imported cars. He also hinted at "reciprocal tariffs" coming soon. Trump's increased tariffs caused a significant drop in the stock market, dragging down the crypto market as well.
Last night, Bitcoin (BTC) continued to rise, peaking at $88,240. Just as it approached the $90,000 mark, the tariff news caused a quick reversal. Bitcoin fell to a low of $85,929. After the stock market closed, Bitcoin's losses shrank, currently at $87,410.
Bitcoin Price Trend Chart, Source: CoinMarketCap
Since 2025, Trump has rolled out various tariff policies. The crypto market seems to have adjusted, showing less volatility than earlier this year. However, $90,000 remains a strong resistance level. Bitcoin may need major positive news, like a rate cut from the Fed, to push past it.
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