Bitcoin Dips Below $83,200 Amid Rising Trade Tensions and Macroeconomic Concerns

Bitcoin (BTC) experienced a significant dip, falling over 3% to $83,200 on Sunday, testing the 200-day simple moving average (SMA), according to CoinDesk and TradingView data. This decline extends a three-day losing streak, with prices dropping over 10% from highs above $92,800 on Thursday. The downturn is attributed to escalating trade tensions between the U.S. and China, with Beijing set to levy tariffs on U.S. agricultural goods in retaliation for increased tariffs on Chinese imports. Federal Reserve Chairman Jerome Powell's cautious stance on interest rates, coupled with recessionary signals from the bond market, further contributed to the negative sentiment. Despite President Trump's recent crypto-related announcements, macro concerns, particularly tariff-related issues, are overshadowing positive news, as noted by analytics firm IntoTheBlock on Friday. The market is closely watching the 200-day SMA, a level where buyers previously intervened on Feb. 28 and March 2, leading to price rebounds.