BTC Price Reaches a Low of 108k as Trump Announces No Extension on August 1 Deadline for Tariffs
According to CoinMarketCap, Bitcoin (BTC) is approaching a psychological price point following its dip to \$108,400 and recovering a bit to \$109198, marking a high difference of \$109,198. The sudden price drop came after strong remarks from President Trump who announced no extension would be granted for the August 1 deadline for tariffs. Such announcements heighten fears of escalating trade disputes and global market chaos.
As of earlier today, bitcoin price appeared to rise and showed strong signs of fighting geopolitical uncertainty by reaching 109,000. The rally on the price of BTC ends the moment Trump decides to still announce the tariffs on BTC’s spike via Truth Social on Aug 1. In the words of the Trump, there has been ‘no change’ to the plan, “no extensions” allowed. Then, he mentions all payments concerning the tariffs become due on that date.
Tariffs were shared in letters sent to 14 countries, Japan and South Korea included, as outlined in CoinGape. The policy intends to apply reciprocal trade actions, which has caused concern among investors globally about possible retaliatory actions and trade wars. This directly affects the crypto markets, and Bitcoin was the first to respond.
Market sentiment is still fragile, especially since Bitcoin could not remain above \$109,000, confirming that the broader outlook remains uncertain. A temporary sell-off and subsequent Bitcoin rally around that level, likely fueled by short-term volatility traders, do not inspire much confidence.
The psychological level of \$108,000 is now being monitored by both bulls and bears. Seeing a sustained break below could trigger further downward momentum, especially if more pessimistic news emerges in the days leading up to the tariffs.
With the August 1 deadline approaching, market participants are likely to be on high alert. Trump’s unyielding approach suggests that the geopolitical landscape is likely to stay strained in the weeks ahead, which could increase volatility in both traditional and digital asset markets. Investors should exercise caution and track macroeconomic events that could influence the short-term price movements of Bitcoin.
