Bitcoin (BTC) experienced a 7% decline after a brief rebound on March 11, triggered by familiar market uncertainties as Wall Street opened. The cryptocurrency reached local highs of $82,154 on Bitstamp before stabilizing. The setback was influenced by US President Donald Trump’s announcement of additional trade tariffs on Canada, which disrupted the relief seen in risk assets. Consequently, the S&P 500 dropped by 0.5%, contributing to ongoing stock market volatility. Despite the challenging market conditions, some positives emerged, such as a decline in 10-year Treasury yields and a weaker US dollar, which historically benefit USD-denominated risk assets like equities and cryptocurrencies. The US dollar index fell to 103.32, its lowest level since October 2024. Bitcoin analysis indicated uncertainty, with the potential for new price lows. Elliott Wave theory highlighted key support and resistance levels, suggesting the possibility of further declines. Traders are advised to remain cautious as the market remains unpredictable. Notably, the 50-week simple moving average has been a crucial support level for Bitcoin since 2023, with no candle closes below it. This information is not intended as investment advice, and individuals should conduct thorough research before making financial decisions.