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Bitcoin (BTC) has approached $85,000 as investors brace for the impact of U.S. tariffs set to go into effect on April 2.
Bitcoin Nears $85K Ahead of US Tariffs; DOGE, XRP, ADA Lead Gains
While broader market sentiment remains cautious, Dogecoin (DOGE) and Cardano (ADA) led the gains among major cryptocurrencies with gains of over 7%, while XRP, Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) recorded gains of around 5%.
Markets in Risk-Off Mode as Bitcoin Completes Tough Quarter
The crypto rally comes amid a broader risk-off sentiment in global markets. The S&P 500 suffered its worst 3% drop since September 2023 last week, while gold rose to new highs early Tuesday as investors sought safe havens.
Bitcoin closed the first quarter of 2025 with an 11% loss, its worst quarterly performance since 2022.
Augustine Fan, head of forecasting at SignalPlus, cited a lack of new catalysts like strong ETF inflows and a market stuck in low-conviction mode as reasons for the lackluster price action.
On the futures front, CME speculative positions in Bitcoin are currently at their lowest levels in years, a sharp shift from the bullish sentiment in January, Fan noted.
“The catalysts for a sustained rally remain tentative at the moment. But if we do see a bullish breakout, it could be sharp given the currently extended short positions,” he said.
Despite the bearish trend in futures markets, on-chain data suggests that long-term Bitcoin holders are holding firm.
Glassnode data shows that investors who have held Bitcoin for three to six months are sitting on rising profits and trading at the lowest levels since June 2021, suggesting confidence rather than panic selling.
Additionally, new whale investors have helped create a stable price floor for BTC as large holders who have been accumulating Bitcoin in recent months have resisted cashing out.
*This is not investment advice.