Bitcoin Faces Risk of Losing Its True Bottom as Investors Fume: “Trump Is Killing the Market”

▲ Trump, Bitcoin (BTC) / ChatGPT-generated image

Bitcoin (BTC) has broken below the $65,000 support level and is recording five consecutive weeks of capital outflows, as worsening macroeconomic indicators and policy uncertainty combine to intensify downward pressure.

Guy Turner and Nic Puckrin, co-hosts of the cryptocurrency-focused YouTube channel Coin Bureau, analyzed Bitcoin’s recent sharp downturn and the market impact of the U.S. Supreme Court’s decision to invalidate tariffs in a video released on February 23 (local time). Turner pointed out that Bitcoin has posted six consecutive weekly red candles and closed below the 100-week moving average, diagnosing that the 200-week moving average is acting as a magnet pulling prices downward. Puckrin added that although the relative strength index has fallen to levels seen during the Terra collapse and the FTX bankruptcy, signaling oversold conditions, another significant drop may be needed to form a true bottom.

On the macroeconomic front, confusion has intensified after the U.S. Supreme Court ruled President Donald Trump’s tariff policy unconstitutional, citing abuse of executive power. Although the Court nullified the tariffs, Trump responded immediately by imposing a blanket 15% tariff through a new executive order. Turner analyzed that such policy uncertainty is fueling risk-off sentiment, further heightening market anxiety at a time when fourth-quarter GDP growth has already fallen short of the 1.4% forecast due to the impact of a government shutdown.

The Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, came in higher than expected, adding to Bitcoin’s price decline. Puckrin explained that the latest Federal Open Market Committee (FOMC) minutes were hawkish in tone, with some members even leaving open the possibility of additional rate hikes due to inflation risks. With inflationary pressures persisting, speeches scheduled this week by 11 Federal Reserve officials are expected to act as a catalyst for heightened market volatility.

As geopolitical tensions in the Middle East escalate, gold—a traditional safe-haven asset—is rising with a target of $6,500, while Bitcoin continues to move inversely to gold and remains under pressure. Five consecutive weeks of net outflows from spot Bitcoin ETFs suggest that institutional investors are taking a cautious short-term view on the asset. Turner warned that Bitcoin is forming a classic bear flag pattern on the charts, and if it fails to secure support, a test of the $60,000 level to the downside could intensify.

Disclaimer: This article is for investment reference purposes only and assumes no responsibility for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.