Bitcoin (BTC-USD) jumped to $87,583.60 as of 7:25 a.m. ET Monday, rising 3.43% and setting the tone for what could be a volatile week in crypto.

Traders are watching a mix of signalsU.S. economic data on the way, record-low Ethereum burn rates, and Donald Trump hinting at lighter tariffs. With analysts calling time on the bear market, there’s growing buzz that sentiment may finally be turning.

Over the weekend, Bitcoin was holding just above $85,000. But things flipped after reports suggested April 2 tariff measures might be softer than expected. That, along with the Fed’s cooler stance on inflation, pushed investors back into risk mode.

Bitcoin is attempting to form a bottom, said Markus Thielen of 10x Research, noting Trump’s shift on tariffs. He added that Jerome Powell’s dovish tone last week helped spark optimism in both crypto and stocks.

Now all eyes are on economic reportsconsumer confidence, personal spending, and PCE inflation. Nick Ruck of LVRG Research warned weak data could tighten wallets and curb appetite for speculative assets.

Still, not everyone is cautious. Augustine Fan of SignalPlus thinks hard data remains solid and current price levels could appeal to long-term buyers.

Meanwhile, Ethereum (ETH-USD) barely moved. Just 50 ETH was burned Sundayits lowest ever. That’s a 99% drop from the 2022 peak, with users shifting to cheaper chains like Solana (SOL-USD) and Tron (TRX-USD).

Some analysts believe the downturn won’t last much longer. Timothy Peterson, who wrote Metcalfe’s Law as a Model for Bitcoin’s Value, sees the slump ending within 90 days. He expects Bitcoin to rally 2040% after April 15, which he says could draw sidelined investors back in.

This article first appeared on GuruFocus.