Bitcoin (BTC) faced selling pressure on Sunday as bears aimed to break through a critical support level. This downturn extended its losing streak to three days, with broader economic worries overshadowing recent crypto-friendly announcements from President Donald Trump.

The leading cryptocurrency, based on market size, dipped by over 3%, sliding to $83,200. This move put the price right at the 200-day simple moving average (SMA), according to data from CoinDesk and TradingView. Notably, Bitcoin’s value has decreased by more than 10% since reaching peaks above $92,800 on Thursday.

This latest price decrease is happening as trade tensions between the U.S. and China are expected to rise on Monday. Beijing is set to impose tariffs on specific U.S. agricultural products as a response to President Trump’s recent increase in tariffs on Chinese imports. This ongoing trade dispute is creating significant uncertainty for the market and for those making economic policy.

Adding to the economic backdrop, Federal Reserve Chairman Jerome Powell, speaking on Friday, reiterated the central bank’s plan to proceed cautiously with interest rates. They will continue to carefully monitor the economic effects of President Trump’s evolving policies. Powell’s remarks followed a weaker-than-expected U.S. jobs report and ongoing market expectations for at least three interest rate cuts by the Fed this year.

Market observers suggest that these broader economic factors, combined with concerning signs of a potential recession coming from the bond market, are diverting attention away from Trump’s recently announced strategic Bitcoin stockpile idea.

“Even with the seemingly positive news, Bitcoin actually dropped 4%, falling from $90,000 to under $87,000 within just hours. It seems concerns about the escalating tariff war are becoming a bigger focus than Trump’s crypto initiatives,” noted the analytics firm IntoTheBlock in their weekly newsletter sent to subscribers on Friday.

IntoTheBlock further explained that these widespread economic concerns, primarily tied to tariffs, are dragging markets down. They highlighted an increasing positive correlation between Bitcoin, Ether, and U.S. stock markets.

“Further actions, such as President Trump stating he isn’t even paying attention to the stock market, and his administration aiming for lower long-term interest rates, indicate that investors might have been too quick to anticipate a Trump-driven bull market,” the firm concluded.

Noelle Acheson, author of “Crypto Is Macro Now,” pointed out in her Saturday analysis that Bitcoin’s sluggish price performance after the strategic stockpile announcement “really emphasizes how much broader economic worries are still weighing on crypto assets.”

As the chart illustrates, buyers previously stepped in to buy Bitcoin near the 200-day SMA on February 28th and March 2nd, resulting in a price rebound. Market participants will likely be watching this level closely to see if buyers will react similarly this time.