Bitcoin fell in early Asian trade on Monday as a new wave of uncertainty over U.S. tariffs stoked market jitters. Bitcoin prices once fell 4.8% to nearly $64,300, the lowest level since February 6. Other tokens performed worse, with Ethereum, the second largest by market capitalization, down 5.2%.
After Asian markets closed last week, the U.S. Supreme Court overturned President Donald Trump's use of emergency powers to impose tariffs, but U.S. Trade Representative Jamison Greer and other officials said trade deals already negotiated with trading partners would remain in effect. Trump also said that he would impose a 10% global tariff on foreign goods, and announced a day later that the new tariff would be increased to 15%.
Caroline Mauron, co-founder of Orbit Markets, said: "The cryptocurrency market remains fragile, and market participants are banking on the $60,000 support level. From geopolitical tensions in Iran to the recurrence of U.S. tariff policies, macro uncertainty is putting pressure on the market and may cause Bitcoin prices to challenge this support level again."
BTC Markets analyst Rachael Lucas said $65,000 is a key support level for Bitcoin. She said: "If there is a clear break below that level, $60,000 will come into view. On the upside, bulls will need prices to go to $70,000 to reverse the market narrative."