Bitcoin, the world’s first and most popular cryptocurrency, has been experiencing a rollercoaster ride in the past few days. After a 7% rebound on March 11, the digital currency cooled down as familiar headwinds sparked market jitters. This dip in price was further fueled by the announcement of fresh tariffs on Canada by US President Donald Trump.

According to data from Cointelegraph Markets Pro and TradingView, Bitcoin reached a high of $82,154 on Bitstamp before consolidating. However, the news of additional tariffs caused the S&P 500 to trade down 0.5% on the day, leading to volatility in stock indexes.

This market turmoil has also affected the cryptocurrency market, with Bitcoin struggling to find a clear upside catalyst. Trading firm QCP Capital noted that Trump’s apparent “indifference to recession risks” has made it harder for risk assets, but there are still some positive signs. The weakening of the US dollar, for example, is historically a positive factor for USD-denominated risk assets like US equities and crypto.

Despite these potential silver linings, Bitcoin price analysis shows that the digital currency is at a crossroads with no clear direction. Trading channel More Crypto Online used Elliott Wave theory to identify key support and resistance levels, warning that the price could still head to new long-term lows. Popular trader CrypNuevo also noted a “great reaction” at the 50-week simple moving average, which has remained a strong support trendline since March 2023.

It’s important to note that every investment and trading move involves risk, and readers should conduct their own research before making any decisions. However, with the current market volatility and uncertainty, it’s crucial to stay informed and keep a close eye on the developments in the cryptocurrency market.