Bitcoin recently touched a new all-time high near $111,000 before experiencing a short-term pullback today. The sudden drop was triggered by President Donald Trump’s announcement of possible new tariffs, including a 25% tariff on iPhones not made in the U.S. and a proposed 50% tariff on the EU. This rattled both stock and crypto markets, with major indices and Bitcoin seeing immediate declines.
Bitcoin’s price dropped about 3%, while several altcoins suffered even heavier losses. Interestingly, a few altcoins managed to stay in the green — including Worldcoin and Hyperliquid — defying the broader market trend.
However, according to an analyst, there is a bullish retest happening for Bitcoin price. According to a chart shared by Crypto Rover, Bitcoin has recently broken out of a strong downtrend and surged past multiple key resistance levels, pushing above $112,000. After this impressive rally, the price now appears to be pulling back slightly, setting up for bullish retest.
Source: CryptoRover
If Bitcoin successfully holds above the $106,500-$108,000 zone — which acted as previous resistance — it could confirm this area as new support. A successful retest here may fuel further upside momentum, keeping the bullish trend intact as the market heads into June.
Related: Bitcoin Price Prediction for May 25: Will Bulls Defend $108K or Is a Deeper Drop Ahead?
Key levels to watch are around $109,000, $105,000, and $102,000. As long as Bitcoin holds these zones and continues to reset technical indicators, the bullish trend could likely resume in the coming weeks.
According to Rekt Capital, Bitcoin is just beginning its second major price discovery uptrend. While there may be some normal dips and pullbacks along the way, the overall trend looks strong, with several weeks of potential upside still ahead. The broader outlook remains positive.
Related: Why The Next Altcoin Season Could Be the Biggest Ever
As the weekend approaches, traders and analysts are closely monitoring price movements and market sentiment. The crypto markets could either stabilize or face further declines depending on how global markets react to the tariff news in the coming days.
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