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Bitcoin reached $111K before falling after Trump’s new tariff alert.
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Analysts expect a bullish retest, if support zones remain firm.
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Bitcoin’s larger uptrend still has a few weeks left.
Bitcoin recently reached a new high near $111,000, before experiencing a short term pullback today. The sudden drop in price was triggered by President Donald Trump announcing possible new tariffs. These included a 25% tariff for iPhones that are not made in the U.S., and a proposed 50 percent tariff on the EU. The sudden drop in the stock market and crypto markets was triggered by President Donald Trump’s announcement of possible new tariffs, including a 25% tariff on iPhones not made in the U.S. and a proposed 50% tariff on EU.
Bitcoin’s value dropped by about 3% while other altcoins saw even greater losses. Some altcoins, including Worldcoin and Hyperliquid, managed to remain in the black despite the general market trend.
According to an analyst, Bitcoin is currently undergoing a bullish retest. According to a chart posted by Crypto Rover, Bitcoin recently broke out of a strong downward trend and surged beyond multiple key resistance levels pushing it above $112,000. After this impressive rally the price appears to be pulling slightly back, setting up a bullish retest.
If Bitcoin holds above the $106,500 to $108,000 zone, which previously acted as resistance, it could confirm that this area is a new support. A successful retest may fuel further upward momentum, keeping the bullish market trend intact as we head into June.
RelatedBitcoin price prediction for May 25th: Will Bulls defend $108K or is a deeper drop ahead?
The key levels to watch are $109,000, $105,000 and $102,000. As long as Bitcoin continues to reset technical indicator and holds these zones, the bullish trend is likely to resume in the coming week.
Rekt Capital believes that Bitcoin is just starting its second major price discovery upward trend. There may be some normal dips or pullbacks, but the overall trend is strong. There are still several weeks of potential upside ahead. The outlook is positive.
Related to Why The Next Altcoin Season could be the biggest ever
As the weekend draws near, traders and analysts closely monitor price movements and market sentiment. The crypto markets may either stabilize or continue to decline depending on how the global markets react in the coming days to the tariff news.
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