Bitcoin Tops $95K As EU Plans To Block Trades With US After Trump’s 10% Tariffs Slap

Bitcoin price, after consolidating above the $95,000 level for days, is set for a breakout, gaining traction amid bullish technicals and fading selling pressure.

After forming an ascending triangle, the BTC price pushed above the pattern’s upper boundary. However, it has since pushed back to retest the former resistance above $94,500, which could offer support before bouncing higher. This is a move typically associated with valid breakouts rather than false moves.

However, traders are somewhat cautious after the European Union (EU) threatened to halt trade with the US following Donald Trump’s announcement of a 10% tariff on imports from eight major European nations.

EU Poised To Halt US Trade Deal As Trump Threatens New Tariffs

European Union lawmakers are set to halt approval of the EU’s trade deal with the US over President Donald Trump’s vow to impose tariffs on countries that supported Greenland in the face of American threats.

President Trump on Saturday vowed to implement a wave of increasing tariffs on European allies until the United States is allowed to buy Greenland, escalating a row over the future of Denmark’s vast Arctic Island.

In a post on Truth Social, Trump said additional 10% import tariffs would take effect on February 1 on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland, and Great Britain, which are already subject to Trump’s tariffs.

These tariffs would increase to 25% on June 1 and remain in place until a deal is reached for the US to purchase Greenland, according to Trump.

Trump has repeatedly insisted he will settle for nothing less than ownership of Greenland. However, leaders of Denmark and Greenland continue to reiterate that the island is not for sale and does not want to be part of the United States.

The threat of retaliation comes as the US Supreme Court has yet to hear arguments on the legality of Trump’s sweeping tariffs, and any decision would have major implications on the global economy and the US presidential powers.

Traders Remain Cautious As Crypto Consolidates

Amid economic uncertainty, investors in the crypto space are also somewhat cautious, with market capitalization consolidating at $3.2 trillion.

Meanwhile, the Average Crypto Relative Strength Index (RSI) is at 47.75, suggesting indecision as caution creeps in.

Bitcoin has consolidated within the $95,000 level after facing a pullback from the $97,000 zone.

BTC has edged down a fraction of a percentage point over the last 24 hours to trade at $95,093 as of 11:13 p.m. EST, on trading volume that fell 46% to $18.4 billion, indicating a decline in trading activity.

Bitcoin Price Poised For A Breakout Amid Bullish Technicals

Bitcoin price is currently consolidating near the $95,000–$95,200 region, stabilizing after a strong rebound and holding above the rising short-term structure formed since late December.

This rebound was driven by strong demand emerging from the $88,000 demand zone, where buyers repeatedly stepped.

As a result, BTC has reclaimed the 50-day Simple Moving Average (SMA) near $90,290, reinforcing a short-term bullish outlook. However, the 200-day SMA around $105,800 remains a significant overhead resistance, signaling that the broader trend remains under pressure.

BTC/USD Chart Analysis: TradingView

BTC Price Could Rally To $100,000

Bitcoin may attempt a move toward the $97,000–$98,000 resistance zone, aligned with recent highs and the upper Bollinger Band. If bullish momentum persists, the next psychological target lies near $100,000, followed by the major resistance at the 200-day SMA around $105,800.

The Moving Average Convergence Divergence (MACD) supports this sentiment after forming a bullish crossover.

Conversely, a corrective pullback could see BTC retest the $93,000–$90,200 area, where the 50-day SMA and mid-range support converge, with deeper downside support remaining near the $88,000–$89,000 demand zone if selling pressure continues.