Bitcoin (BTC) is approaching $85,000 as investors support the impact of US tariffs scheduled to come into effect on April 2nd.
Bitcoin is approaching $85,000 ahead of our tariffs. Doge, XRP, ADA lead gain
Though broader market sentiment remains cautious, Doge and Cardano (ADA) led profits among the major cryptocurrencies of over 7%, while XRP, Ethereum (ETH), Solana (SOL) and Vinance Coin (BNB) recorded profits of around 5%.
As Bitcoin completes tough quarters, the market in risk-off mode
Crypto-rries occur amid wider risk-off sentiment in the global market. The S&P 500 fell by 3%, the worst since last week in September 2023, but gold rose to a new high early Tuesday as investors sought safe shelter.
Bitcoin closed the first quarter of 2025, delivering its worst quarterly performance since 2022.
Augustine Fan, the head of forecasts at SignalPlus, cited the lack of strong ETF influx and new catalysts like the market, and the lack of markets stuffed in low conviction mode as a reason for the lack of price.
In terms of futures, Bitcoin’s CME speculative position is currently at its lowest level in a few years, a sharp shift from bullish sentiment in January, fans said.
“The catalyst for sustained gatherings remains tentative at this point, but looking at a bullish breakout could be sharp given the currently expanded short position,” he said.
Despite the bearish trends in the futures market, on-chain data suggests that long-term Bitcoin holders hold solidly.
GlassNode data shows investors who have held Bitcoin for 3-6 months are sitting on profit rise and trading at the lowest level since June 2021, suggesting confidence rather than panic sales.
Additionally, new whale investors have helped create a stable price floor for BTC as large owners accumulating Bitcoin have resisted acquisition in recent months.
*This is not investment advice.
