Bitcoin Facing Instant sell-offs, Gold Taps $3,150 All-Time High fter Trump Slammed Tariffs on India and UK

Bitcoin plunged as low as $82,143 on Wednesday as Trump’s sweeping tariffs shook global markets. With multiple nations including India and the United Kingdom (UK), now weighing retaliatory responses, BTC price remains at risk as safety trades drive Gold (XAU) price to all time highs near $3,200.

Trump’s Tariff Sends Global Markets into Turmoil

The Bitcoin price took a sharp dive, hitting lows of $82,000 on April 2, 2025, as financial markets reeled from President Donald Trump’s sweeping tariff announcement.

During his ‘Liberation Day’ speech, Trump revealed aggressive reciprocal tariff rates on numerous trade partners, declaring it a long-overdue correction to America’s trade imbalances.

The new tariffs, which include a 26% “discounted reciprocal tariffs” on Indian imports, 20% on European Union goods, and 34% on Chinese exports, have ignited concerns about escalating global trade tensions.

Key details from Trump’s tariff speech

In a highly charged speech at the White House, Trump emphasised that new trade policy, aimed at counteracting what Trump calls “unfair trade practices,” imposes significant tariffs on major trading partners.

The key highlights include:

• China: 34%
• European Union: 20%
• South Korea: 25
• India: 26%
• Japan: 24%
• United Kingdom: 10%
• Taiwan: 32%
• Vietnam: 46%

Trump particularly criticised India, citing its high tariffs on U.S. goods.

“India, very, very tough. Very, very tough. They charge us 52%. For years, we charged them almost nothing.

The Prime Minister just left. He’s a great friend of mine, but I said, ‘You are a friend of mine, but you are not treating us right”

• US President Donald Trump, April 2, 2025

Market Reaction: Gold hits new all-time highs as BTC Faces Instant Sell-off

The cryptocurrency market reacted swiftly, with Bitcoin leading the decline. Within hours of the announcement, Bitcoin price tumbled to $82,200, erasing gains from the previous days, when prices surged as high as $87,400 on Wednesday.

Investors fear that the aggressive tariff stance could disrupt global economic stability, reducing liquidity in speculative assets like Bitcoin and drive demand towards safe-haven assets such as Gold (XAU).

Validating this stance Gold price surged to new all time highs above $3,150, within hours of Trump’s tariff announcement.

Historically, Bitcoin has often benefited from its status as a hedge against inflation and economic uncertainty.

However, since Trump’s inauguration, BTC has exhibited close correlation to US Stocks, due to to heavy involvement of the US government and the direct exposure from Wall Street big wigs like Blackrock and Michael Saylor’s Strategy (Fomerly known as Microstrategy).

Consequently, Bitcoin price is likely to track US Stocks’ movements in the coming weeks, according to Martrixsport

Bitcoin Price Forecast: What’s Next After Finding Support at $82,000?

Bitcoin price is stabilising near $83,178 after testing the $82,000 support level, but technical indicators on the BTC price forecast charts suggest bearish pressure still persists.

First, the Bollinger Bands indicate contracting volatility, with the price nearing the lower band at $80,871. A break below this could open the door to further losses. Meanwhile, the VWAP at $82,886 suggests Bitcoin is hovering near a key liquidity zone, with buyers defending this area.

The MACD indicator is bearish, with the signal line crossing below the MACD line, reinforcing downside risks. The histogram remains negative, indicating weakening momentum. If Bitcoin fails to reclaim the 20-day moving average at $84,498, sellers could push it towards $80,000.

Conversely, a close above $84,498 may trigger a short-term rebound, targeting the upper Bollinger Band at $88,125. However, with declining volume and weakening bullish momentum, the upside scenario remains uncertain.

Bitcoin price forecast remains cautiously bearish unless buyers reclaim key resistance levels. A break below $82,000 could intensify selling, aligning Bitcoin with broader market uncertainty following Trump’s tariff announcement.