Bitcoin Tumbles To $92K As Gold And Silver Climb Following US-Europe Trade Tension

Bitcoin fell on Monday, wiping nearly $4,000, cutting back last week’s recovery after US President Donald Trump’s tariffs on major European countries, including Greenland, rattled risk sentiment.

Broader crypto prices also fell in tandem with Bitcoin, with several coins open to profit-taking after logging some gains last week.

Bitcoin’s fell 2.5% to $92,591 as of 2:29 a.m. EST. The king of cryptocurrencies added some 5% last week, but is now trading at levels below the previous week’s highs.

Crypto Market Rattled As Trump Greenland Tariffs Dent Risk

Trump said that he would impose import tariffs of up to 25% on several major European countries, including Denmark, France, and the UK, until a deal is reached to hand over Greenland to Washington.

The US president’s demands were widely rejected by European leaders, with France seen preparing retaliatory economic measures against the United States.

However, Trump has repeatedly insisted he will settle for nothing less than ownership of Greenland. Meanwhile, leaders of Denmark and Greenland continue to maintain 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.

The exchange between the two regions has sparked deep losses across global risk-driven markets, on concerns over a potential dissolution of NATO, as Trump plans direct steps to get Greenland.

As a result, the threats continue to sap the risk appetite needed for speculative assets such as crypto.

The crypto market dropped 2.7% over the last 24 hours to a $3.22 trillion market capitalization, with $870 million in positions liquidated, as the Trump tariffs added to the risk-averse mood.

The bulk of the liquidations were on long positions, wiping out about $230 million in BTC bets, according to Coinglass data.

The weekend losses largely wiped out a mild recovery in crypto in the last week, even though sentiment still remained frail.

Investors Turn To Gold And Silver Amid Trade Threats

Gold prices surged to all-time highs on Monday, approaching $4,700 an ounce, as safe-haven demand surged after Trump threatened new tariffs on European nations.

Spot gold rose 1.64% to $4,670 an ounce by 3:24 a.m. EST, after reaching a record high of $4,690.75/oz earlier in the daily session.

The silver price also advanced by over 4% to hit a new record high of $94.03/oz. The white metal has been buoyed not only by safe-haven sentiments but also by its dual role as an industrial metal.

Can The Bitcoin Price Recover?

The Bitcoin price is currently correcting towards the $92,000 area, around the 20-day Exponential Moving Average (EMA), and above the 50-day Simple Moving Average (SMA) ($90,300).

After the sharp sell-off in November, BTC rebounded strongly from the $80,000–$82,000 demand zone, forming a series of higher lows on the daily chart, forming an ascending triangle pattern.

However, the broader trend remains mixed, as the 50-day SMA is still sloping downward and sits just below the price, while higher-timeframe resistance remains overhead. The highlighted $93,500–$94,000 resistance zone has already seen multiple rejections, signaling that sellers remain active in this area.

Bitcoin’s Relative Strength Index (RSI) is currently around 52, which is slightly above the neutral 50 level but well below overbought conditions. With the RSI dropping from above the 65 area, sellers seem to still be in control as the RSI drops.

BTC/USD Chart Analysis: TradingView

The 1-day BTC/USD chart suggests that Bitcoin could attempt another move toward the $93,500–$95,000 resistance zone, which previously acted as support before the breakdown.

A daily close above this zone would improve the probability of a broader recovery move toward the $98,000–$100,000 region, where prior distribution occurred.

On the downside, failure to hold above the 20-day EMA could invite a continued profit-taking, with a pullback toward the $90,000–$88,500 support area, where the rising trendline and the 50-day SMA may act as confluence support.