Crypto investors are looking for clear growth drivers in the month ahead to pull bitcoin out of its recent funk, as President Donald Trump’s tariff push continues to weigh on markets. The flagship cryptocurrency is coming off its first three-week slide in 2025, and is about to cap off a volatile March just a little below where it started the month, according to Coin Metrics. In fact, bitcoin is heading for a first-quarter loss of more than 10%, as the impact of higher U.S. tariffs and budding concern over a slower global economy have overshadowed bullish regulatory signals and endorsements from the Trump administration. “The market is now in a waiting phase,” said Tracy Jin, chief operating officer of MEXC Exchange. “Investors are not ready for active actions without clear signals. If the White House’s trade rhetoric escalates, especially after Trump’s statements on April 2 , there is a risk of a breakout of the $80,000 level downwards.” “Currently, the market has no clear growth drivers,” Jin added. “The U.S. Federal Reserve does not plan to cut rates until the summer, which keeps liquidity within strict limits and affects risky assets, including cryptocurrencies. Geopolitical tensions and fears of a possible recession are adding to the pressure; investors are looking for a safe haven, and bitcoin is not on this list.” It’s too early to expect a run back up to the $100,000 level, according to Jin. Instead, bitcoin in April is likely to remain volatile, with limited interest from institutional investors, while ranging between $85,000 and $95,000. In recent years, April and the entire second quarter ending in June have been negative for bitcoin. For example, it’s finished April in the red in three of the past four years. “Next month will be a critical month for the direction of the markets in the coming months,” said Samer Hasn, senior market analyst at global asset broker XS.com. If a trade war can be avoided, “the market may have already bottomed out, and we may see a significant recovery following the broad decline in both cryptocurrencies and stocks.” The Standard & Poor’s index of U.S. large-cap stocks is down 6.2% in the past three months through Friday, according to FactSet data. Some crypto investors see the recent weakness as a buying opportunity. Bitcoin ETFs have posted net inflows every day since March 14 as the price of the underlying asset has stayed below $90,000, suggesting demand hasn’t been driven by speculation, Hasn said. Jin said a short-term rebound in bitcoin is “possible” depending on how the government moves on crypto initiatives such as the decision to create a bitcoin strategic reserve and U.S. digital asset stockpile . “If Trump delivers on even a portion of the expected initiatives by his 100th day, such as launching the first stage of the crypto reserve or legalizing some format of bitcoin settlements at the federal level, this could trigger a short-term rally in April, potentially pushing prices beyond the $100,000 mark,” Jin said. “However, if his administration continues to focus on tariffs and geopolitical threats instead, the effect could be the opposite.” “Traders are watching not only Trump’s statements, but also which of them receives legislative or institutional implementation,” she added. “Until the end of May, this factor will most likely remain one of the key ones for bitcoin’s short-term pricing.” Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!