Bitcoin Is In A Tight Spot Crypto analyst Ali Mar

Bitcoin Is In A Tight Spot

Crypto analyst Ali Martinez stated that the BTC price is in a tough spot. He explained that there is a massive resistance wall at $117,000 while an air gap looms below, with little support between $113,000 and $108,000.

This indicates that the leading crypto is more likely to drop to the downside than witness another sustained bullish momentum. It is worth mentioning that the crypto analyst had also raised the possibility of BTC dropping below $100,000 again, reaching $95,000 in the process.

Factors such as the Trump tariffs, which take effect from August 7, could contribute to a potential decline in the BTC price. Moreover, Brazil wants to summon the BRICS Alliance to put up a united front against the reciprocal tariffs.

This could lead to a full-blown trade war as India is also greatly affected by these tariffs following Trump’s move to impose an additional 25% tariff on the country. There was already an existing 25% reciprocal tariff on goods from India.