Concerns about the trade war cause Bitcoin to drop below $80,100, while altcoins drop as much as 9%.

As investor sentiment was affected by worries about the U.S. economy and tensions in international trade, major cryptocurrencies such as Bitcoin, Ethereum, Solana, XRP, Cardano, and Dogecoin saw a decrease on Monday.

After monthly figures revealed that the labor market created fewer jobs than anticipated last month in the first payrolls report incorporating former U.S. President Donald Trump’s policies, a string of weak U.S. economic data continued on Friday.

Market concern was increased when Trump declined to say in a Fox News interview on Sunday if his tariffs on China, Canada, and Mexico would cause a U.S. recession.

Solana sank 7.3%, XRP fell 5.6%, Cardano fell 7.2%, and Dogecoin fell 8.6% among altcoins.

Uncertainty surrounding former U.S. President Donald Trump’s economic policies is a major reason why Bitcoin has fallen to $82,000,” stated Shivam Thakral, CEO of BuyUcoin. He went on to say that if the US Federal Reserve keeps interest rates steady and clarifies its economic policies, market stability might take place.

Despite its recovery from $80,000, Bitcoin is still in a bearish trend due to macroeconomic and geopolitical risks, according to Vikram Subburaj, CEO of Giottus. “Altcoins have shown 6–10% decreases, mirroring the movement of Bitcoin. Ethereum is still underperforming compared to Bitcoin and is very close to its psychological support level of $2,000.

As the weekly close draws near, Bitcoin’s price is becoming more vulnerable, increasing the likelihood that it could fall to $75,000. With liquidation levels on both sides of the spot price looking vulnerable, exchange order books show a crucial area of interest for traders. Long positions started to lose money when the BTC/USD exchange rate dropped to $83,000. On March 7, however, Bitcoin exchange-traded funds (ETFs) saw net withdrawals of about $370 million as a result of President Donald Trump’s announcement that a strategic Bitcoin reserve will be established in the United States. This trend indicates that investors are becoming more cautious.

Following a record high of $109,588, Bitcoin began to trade in a “Descending Triangle” pattern and was receiving significant support at $90,000. Prices fell to $78,258 as the asset finally broke below the pattern. Bitcoin produced a rescue bounce up to $95,000 after forming a “Hammer” candle at the recent low. But the bulls lost their hold, and the price dropped to $80,000. The asset is currently making an effort to maintain support at this level. Should it hold above $80,000, the bulls might get back on track. Prices may drop even further to $73,500 if it closes below $80,000.