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Bitcoin experienced a significant drop below $84,000, falling more than 5% in the past 24 hours, following U.S. President Donald Trump's announcement of a 25% tariff on the European Union. This tariff news also led to a reversal in stock market gains, with the S&P 500 poised for its fifth day of declines. Trump's criticism of EU trade practices and the potential for increased inflation due to these tariffs have raised concerns about higher costs for consumers, particularly in sectors like automotive and food. Analyst Alex Thorn from Galaxy Digital noted Bitcoin's lack of support between $75,000 and $85,000, suggesting a possible further decline. Meanwhile, the market's reaction has highlighted a divergence between Bitcoin and traditional safe-haven assets like gold, with the latter gaining 10% amidst the uncertainty, questioning Bitcoin's effectiveness as a hedge against market volatility.
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The article discusses the growing trend of using Bitcoin to purchase food, both in-store and online, as the cryptocurrency gains acceptance as a store of value and a medium of exchange. By 2025, it's projected that Bitcoin will be accepted at 15,000 merchants and restaurants globally. Payment processors like Bitrefill and BitPay facilitate these transactions, handling thousands each month. Even if merchants don't accept Bitcoin directly, consumers can use Bitcoin-funded debit cards or gift cards to make purchases. The article highlights Bitcoin's original purpose, as envisioned by its creator Satoshi Nakamoto, to enable direct payments without intermediaries. It also recounts the historical significance of Bitcoin's first food purchase, known as Bitcoin Pizza Day, where Laszlo Hanyecz paid 10,000 BTC for two pizzas. The piece provides practical advice on how to pay for food with Bitcoin, including using Lightning wallets for fast, low-fee transactions, and lists several food chains and services that accept Bitcoin, like Burger King, Subway, and food delivery platforms like Manufy.
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Despite Bitcoin's price dropping to a four-month low of $76,600 on March 11, long-term holders have shown resilience by continuing to hold their profits, suggesting a unique market dynamic. Research from Glassnode indicates a decline in sell-side pressure among these holders, with their activity remaining subdued. This behavior contrasts with typical bull market tops where intense sell-side pressure and profit-taking are common. Additionally, new Bitcoin whales, defined as addresses with at least 1,000 BTC acquired within the last six months, have been aggressively accumulating, with over 1 million BTC added since November 2024. This accumulation, especially the recent addition of over 200,000 BTC in a month, points to a shift in market dynamics, possibly driven by increased institutional or high-net-worth participation. While some market observers see this as a normal correction with potential for further growth, others like CryptoQuant's CEO predict a bearish or sideways market for the next 6-12 months.
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Bitcoin's price is currently facing a ceiling at $87,500 due to manipulative tactics by large traders, or "whales," on the Binance exchange. According to analysis by Material Indicators, these whales are using a technique known as "spoofing" to control the price by shifting liquidity blocks above the current price, effectively capping Bitcoin's upward movement. Despite Bitcoin maintaining a support level at $80,000 and reaching highs of $87,500, the market has not been able to push past this threshold. The analysis points to "Spoofy the Whale" as the entity responsible for this price suppression. Meanwhile, market observers like Daan Crypto Trades emphasize the importance of the $84,000 to $85,000 range for maintaining bullish momentum, highlighting the significance of key trend lines like the 200-day SMA and EMA. This situation underscores the ongoing battle between market manipulators and bullish investors, with the latter trying to establish a new support level to prevent a price retrace.
