Bitcoin price has lost the $65,000 psychological support level as investors remain wary of the impact of new U.S. global tariffs on trade.

According to data from crypto.news, Bitcoin (BTC) price fell roughly 5% from its Monday high of $66,465 to an intraday low of $62,952, extending losses to 35% from its yearly high.

The price tanked amid market uncertainty ahead of the latest 10% tariffs on all nations for a 150-day period unless exempted. This comes after the administration rerouted its strategy under Section 232 after the U.S. Supreme Court blocked previous trade actions.

While the current 10% rate comes lower than the 15% feared earlier, the Trump administration is working to raise the figure to 15% through a separate order that the President would need to sign.

Investors have a clear memory of how previous U.S. tariffs on key trading partners led to significant volatility in the crypto market. Following the 145% tariff hike against China implemented in April 2025, the total crypto market cap fell by 20% to $1.8 trillion within two months. Bitcoin has historically borne the greatest brunt from such geopolitical friction.

Aside from the tariff drama, another key concern lowering investor appetite is the potential for a U.S.-Iran war. Reports reveal that the U.S. is preparing for military action, while the President himself has threatened to launch an attack on Iran within 10 days through a Truth Social post on Thursday, Feb. 19.

Bitcoin has so far failed to maintain its status as a safe-haven asset. It has remained in a downtrend since the beginning of 2026 while traditional assets like gold showed signs of strength amid the ongoing macroeconomic and geopolitical stress.

The liquidation cascade that followed the drop under the $65,000 psychological support, where several stop losses were likely concentrated, has also intensified the decline.

Notably, over $218 million in leveraged long positions were wiped out across derivatives markets in the past 12 hours alone. Over the 24-hour period, total crypto liquidations climbed to roughly $369 million, with Bitcoin accounting for nearly $152 million of that figure.

Meanwhile, the 12-spot Bitcoin ETFs have also failed to provide any support. Data from SoSoValue show these investment vehicles recorded $203.8 million in net outflows over the past day, largely led by BlackRock’s IBIT, which saw $116.4 million in redemptions.

The daily BTC/USDT price chart shows weakness building for the bellwether asset over the coming weeks.

Bitcoin price action has formed a double top pattern, a major bearish indicator in technical analysis. It has also formed a bearish pennant pattern since mid-January, as reported by crypto.news earlier, adding to the negative outlook.

Furthermore, the MACD lines appear set for another bearish crossover below the zero line. The Aroon Down showing a 100% reading also suggests that bears are still dominating the market.

As such, Bitcoin is most likely to drop to $60,000 next as bears target the key psychological floor. This level resonates with the target calculated by subtracting the height of the double top pattern from the breakout point.

A drop below $60,000, which serves as the last line of defense, could trigger a much deeper correction toward the $50,000 range.