Bitcoin could be hitting a top as traders react to Trump’s tariff plans and regulatory delays.

Institutional trading is playing a bigger role in Bitcoin’s (BTC) price moves, with Wall Street’s influence growing, according to a report by Singapore-based blockchain firm Matrixport. Bitcoin’s market dominance remains at 60%, making it the key benchmark for crypto traders, the analysts noted in an X post on Feb. 26.

Still, concerns over Trump’s proposed tariffs and a possible six-month delay in the Bitcoin Strategic Reserve consultation may have contributed to a “technical topping formation,” Matrixport says. On the technical side, the price of Bitcoin could drop to its next support level at $73,000, per the analysts.

As of press time, Bitcoin is trading at $88,290. As Coin Insider Daily reported earlier, BTC briefly dropped to $86,099, wiping out $1.06 billion across the crypto market. Long positions took the biggest hit, losing $873 million.

Data from CoinGlass shows that more than 220,000 traders have been liquidated as prices tumbled, while open interest slipped 5%, suggesting traders are pulling back. Exchange inflows have also surged 14.2%, possibly signaling panic selling.

Spot Bitcoin exchange-traded funds also saw big outflows, with $1.1 billion leaving over five days, including $516 million on Feb. 24 alone. Crypto stocks followed the slide — Coinbase (COIN) dropped 6.4%, Robinhood (HOOD) fell 8%, and Bitcoin miners Bitdeer (BTDR) and Marathon Digital (MARA) lost 29% and 9%, respectively.