Bitcoin (BTC) Price Briefly Surges Above $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.

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, has triggered a short-term pullback in Bitcoin price today.

This saw both stock and crypto markets rattled as major indices and Bitcoin saw immediate declines.

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 saw both stock and crypto markets rattled as major indices and Bitcoin saw 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, there is an interesting angle to this story, as highlighted by a popular analyst. According to 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.

If Bitcoin manages to stay afloat and hold 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.

Key levels to watch are around $109,000, $105,000, and $102,000. As long as Bitcoin manages to stay above these zones and continues to reset technical indicators, the bullish trend could likely resume in the coming week.

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.

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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