Bitcoin Dips Under $83,400 Amid Tariff Uncertainty, Ethereum and Solana Decline

Bitcoin’s price has dipped below $83,400 amid tariff uncertainties, leading to a market cap reduction to $1.654 trillion and a daily trading volume decrease of 7.3%. Despite bearish sentiment, institutional investment in Bitcoin remains strong, with whales accumulating significant assets. Meanwhile, altcoins like Solana and Cardano also faced declines. Technical analysis suggests neutral momentum for Bitcoin, with key support at $78,000 and resistance at $85,700.

Bitcoin’s price has fallen below $83,400, reflecting a decline in market capitalisation to $1.654 trillion and a decreased dominance ratio of 62.91%. Daily trading volume has also decreased by 7.3% to $27.07 billion. The market’s current landscape indicates that stablecoins form a significant part of trading activity, constituting 92.75% of the total crypto trading at approximately $68.25 billion, as reported by CoinMarketCap.

Following a brief spike to $86,300 due to a short squeeze, Bitcoin’s price retreated below the $84,000 mark. This downturn was linked to Nvidia’s stock drop after the US implemented a ban on H20 chip exports to China. Despite inflows of $38 million into spot Bitcoin ETFs, market sentiment remains negatively impacted by tariff-related uncertainties, as highlighted by Vikram Subburaj, CEO of Giottus.

Tariff concerns escalated when US President Donald Trump initiated an investigation into potential new tariffs on key minerals, adding to existing reviews of imports of pharmaceuticals and semiconductors. In retaliation, Chinese authorities have instructed airlines to cease deliveries of Boeing aircraft and suspend purchases of related equipment from US firms, amplifying global market tensions.

Conversely, certain institutional trends within the crypto space show optimism. According to Riya Sehgal from Delta Exchange, the crypto market is currently experiencing a crucial consolidation phase, with spot Bitcoin ETFs experiencing a net inflow on April 14, led by significant players like BlackRock. Furthermore, Bitcoin accumulation by larger entities, or “whales,” has hit a zenith not seen since April 2024, indicating a long-term investment outlook despite immediate market resistance.

Among altcoins, Solana experienced the most considerable downturn, declining by 4.8%. Other notable losses included Cardano down 5.7%, Dogecoin down 4.2%, and XRP down 3.7%. Additional drops were observed in Chainlink, Avalanche, and Sui, with declines ranging from 2.5% to 5.5%, while BNB fell by 1.3%.

Bitcoin’s market cap now stands at $1.654 trillion, with market dominance reduced to 62.91%, and daily trading volume reflects a decline to $27.07 billion. Stablecoins remain prominent, accounting for 92.75% of all crypto trading activity at nearly $68.25 billion, according to CoinMarketCap.

From a technical perspective, Sathvik Vishwanath of Unocoin commented on Bitcoin’s relative strength index (RSI) at 41, denoting neutral momentum, while noting a bearish MACD crossover that may suggest short-term selling pressure. Resistance levels are identified at $85,700, while support is found around $78,000. Although current market sentiment is cautious with signs of “extreme fear,” the long-term outlook remains bolstered by institutional investments and macroeconomic factors. Traders are recommended to observe market movements for breakout or breakdown signals before proceeding.