Bitcoin remains range-bound, awaiting Trump’s tariff decision

Bitcoin remained below its one-week high in quiet trading on Friday as markets awaited President Trump’s decision on imposing 25% tariffs on imports from Canada and Mexico ahead of the February 1 deadline.

Unlike other alternative assets—such as gold, which hit a record high—Bitcoin has yet to react. However, if the tariffs are enforced, disrupting an estimated $1.5 trillion in annual trade, it could send shockwaves through the markets and boost Bitcoin’s appeal as a safe-haven asset.

Bitcoin regained traction in January, posting a 10% monthly gain, suggesting that December’s pause—marked by strong upside rejection and a red monthly close—was likely temporary.

Overall sentiment remains positive after Bitcoin reached a record high earlier in the month. Traders anticipate that the Trump administration will begin overhauling crypto market regulations and establish Bitcoin state reserves—one of Trump’s key promises—which could provide a significant boost to prices.

The psychological 110K level serves as an initial target, with a breakout potentially triggering stronger momentum toward 120K.

On the downside, immediate support stands at the broken Fibonacci level of 103,830 (76.4% retracement of the 108,400–89,038 move), followed by 102,419 (daily Tenkan-sen) and 101K (broken 38.2% Fibonacci retracement), which guard the critical 100K psychological support.

Res: 106440; 108400; 109582; 110000
Sup: 103830; 102419; 101000; 100000