Market sentiment may be recovering after Bitcoin briefly regained $84,000 earlier today, amid a broader wipeout of global equities and tech stocks alongside U.S. tariff fears.

The Bitcoin price has lost 0.8% in the past 24 hours, according to CoinGecko data, and is currently changing hands for $82,987.32. But it’s lost 6.5% month-on-month, and it’s still down approximately 23% from its all-time high of over $109,000 on December 5 last year.

Market prediction platform Myriad currently has 74% of users indicating they don’t think Bitcoin will manage to close the ground to $84,000 this morning—although the odds were flipped just a few hours ago. (Disclosure: Myriad is a prediction market and engagement platform developed by Dastan, parent company of an editorially independent Decrypt.)

Independent market sentiment tracker the “Crypto Fear & Greed Index” has moved to “Fear,” an improvement from yesterday’s “Extreme Fear,” where it was set for most of last month. This tracker incorporates data from a variety of sources, including social media listening and market volatility.

But ETF inflows—another potential sentiment indicator among institutional investors—have remained negative in the past few days. According to data from Farside Investors, $99.8 million flowed out of the most popular Bitcoin ETFs yesterday.

Some analysts believe that the near future of BTC’s price hinges on how investors perceive it amid the current broader economic volatility and tariff fears.

“The next big move hinges on geopolitics, policy shifts, and whether traders see Bitcoin as risk or refuge,” said Rachael Lucas, a crypto analyst at BTC Markets, told Bloomberg.

Bitcoin, which had at one point been highly correlated to market safe haven gold, is now increasingly divorced from it. Several analysts speaking to Decrypt earlier this week pointed to Bitcoin now acting more like a tech stock, due to reasons like the growth of Bitcoin ETFs.

Other analysts think U.S. macroeconomic factors could decide Bitcoin’s fate in the near future. Jamie Coutts, Chief Crypto Analyst at Realvision, said he is “still bullish on Bitcoin” for 2025, but that “Bitcoin is like playing a game of chicken with central banks.”

Coutts pointed to an increased money supply in the U.S., as well as falling U.S. interest rates and a lower U.S. dollar, as potential risk factors.

Edited by Stacy Elliott.