Bitcoin price held above $83,000 late night Monday as investors brace for U.S. President Donald Trump's next tariff announcement, expected to be made later this week.
The world's largest cryptocurrency is currently trading at $83,172, up 1.8% in the past 24 hours leading up to 11:27 p.m. ET on Monday, according to The Block's bitcoin price page. Ether gained 1.74% to trade at $1,837.
Other major cryptocurrencies gained in price during the past day, though not significantly. XRP edged up 0.41% to $2.11 and Solana gained 0.2% to $126.4. BNB, Dogecoin and Cardano also rose.
"Right now, the market is in a wait-and-see mode, as the details of the tariffs have yet to be disclosed," said Presto Research Analyst Min Jung.
Trump is expected to make the announcement of several "massive tariffs" on April 2, also referred to as "Liberation Day," according to CNN. Trump's imminent unveiling of the reciprocal tariffs on U.S. trade partners may cause a chain reaction that could potentially trigger a global trade war, The Guardian recently reported.
"There's a mix of sentiment — some investors believe the impact may be less severe than initially feared, viewing the recent dip as a potential 'buy the dip' opportunity," Jung said. "However, many traders are still opting to remain on the sidelines until there's greater clarity. The market's next move will largely hinge on the tone and substance of the actual announcement."
The crypto bull-run that started around Trump's election last November struck an impasse after the U.S. President announced sweeping tariffs to be imposed on foreign goods. Mirroring the equities market's downturn, crypto experienced a significant correction in the first quarter of 2025.
This went largely against investor's expectations that the Trump administration's pro-crypto policy efforts would extend the bull cycle throughout the first quarter.
"What we saw post November was a classic 'buy the rumor, sell the news' narrative," said Paul Howard, senior director at Wincent. "What has been announced in the U.S. post Jan. 20 sets a longer term stage for institutional adoption and a friendly regulatory environment. These changes are material over time and not in themselves influencing price and demand in the short term."
Bitcoin, after peaking above $108,000 in January, plummeted to sub-$80,000 levels last month, coinciding with the implementation of substantial tariffs on goods from Canada, Mexico and China. Moreover, the latest Consumer Price Index data came in hotter than expected, raising concerns surrounding the Federal Reserve withholding interest rate cuts for an extended period of time.
According to Coinglass data, bitcoin price fell by 11.82% during the first quarter of 2025, making it the worst first-quarter performance since the first quarter of 2018.
"Everyone expected Trump's pro-crypto stance to spark immediate results, but the reality is, policy rollout takes time," said Enmanuel Cardozo, market analyst at Brickken. "The global economic uncertainty fueled a risk-off vibe all around, plus the market had already priced in Trump's win by late 2024."
However, Cardozo said a recovery in the second quarter is "definitely on the table," with the Federal Reserve largely expected to cut rates within the second quarter, while Trump's team delivers more concrete results in pro-crypto policies.
"With institutional flows picking up, the momentum could build," Cardoza said. "Bitcoin could potentially test $100,000 again if we break past the $88,668 resistance, but a dip isn't off the table if macro factors stall."
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