“This is a bearish scenario for American stock markets and the rest of the world’s trading participants,” Sergei Gorev, head of risk at bitcoin and crypto platform YouHodler, said in emailed comments. “After prices go below the March lows, a crisis scenario opens up for 2025.”

Bitcoin briefly dipped below $80,000 per bitcoin in March before rebounding on hopes Trump would dial back his planned “Liberation Day” of global trade tariffs with the bitcoin price whipsawing over the last week.

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“We anticipate continued volatility, however, bitcoin continues to trade in tight range 80/90, the point to watch is breaking this range as it can be a catalyst for a major move,” Javier Rodriguez-Alarcon, the chief commercial officer of crypto asset manager XBTO, said via email.

“Unless a new catalyst shifts the macro backdrop, near-term performance will hinge on global risk sentiment. With attention turning to how these reciprocal tariffs will be enforced in the coming weeks, investors should closely monitor key macroeconomic indicators and prudently manage position sizes, particularly by restricting leverage, to prioritize capital preservation until volatility subsides and the impact of the new tariff framework becomes clearer.”