Bitcoin had a choppy session, trading between $81,362 and $83,654 over the past 24 hours amid growing market uncertainty ahead of new tariffs under President Donald Trump’s administration.
The overall crypto market remained flat, with total capitalisation slipping 1.3% to $2.79 trillion during late Asian trading hours on Monday.
Sentiment stayed in fear territory at 34 as Bitcoin repeatedly tested local lows.
With BTC still setting the pace, most altcoins followed suit, with only a few of the top 99 tokens managing modest single-digit gains.
Why is Bitcoin down today?
Bitcoin’s recent dip appears to be driven by a mix of geopolitical tension and economic unease.
Market anxiety has spiked following US President Donald Trump’s announcement of a new wave of 25% tariffs on imported cars, with the pharmaceutical sector also potentially in the crosshairs.
Adding to the uncertainty are Trump’s repeated mentions of April 2 as “Liberation Day,” when the US is expected to assign new “reciprocal tariffs” on various countries.
These comments have shaken investor confidence across both crypto and traditional markets, triggering a broader wave of risk-off sentiment.
In the crypto space, this shift has translated into reduced demand in spot markets and a clear pullback in futures trading activity.
Traders are hesitant to open new positions, opting instead to de-risk amid the macro uncertainty.
The fear across the market was evident in spot Bitcoin ETF inflows, which tanked over 70% from the previous week.
The broader economic picture hasn’t helped either.
Last week’s PCE report revealed a hotter-than-expected rise in inflation, while March data from the Conference Board showed US consumer confidence at its lowest point in 12 years.
After a bearish Monday open, BTC continued retesting the support at $81k multiple times throughout the day before eventually bouncing back above $83,000 at press time.
However, analysts remained uncertain over whether the price can stabilise above this level over the short term.
Will Bitcoin go up?
In comments to Invezz, Kadan Stadlemann, Chief Technology Officer at Komodo, warned that the “economy is in a precarious position,” pointing to market signals such as a weakening US Dollar, falling two-year yields, and rising gold prices, now hovering near $3,150 per ounce.
Stadlemann noted that even key figures within the Trump Administration, including Commerce Secretary Howard Lutnick, have suggested a recession may be a “reasonable trade-off” to push through the administration’s broader economic agenda.
This has triggered capital flight towards traditionally safer assets like gold and fiat.
Bitcoin, while often seen as a hedge, is still behaving more like a risk asset in the current climate.
According to Stadlemann, if the US economy does tip into recession, the resulting global shock “could place considerable downward pressure” on Bitcoin.
“In the event of a stock market crash, that downside could be considerable,” he added.
Yet some remained optimistic over Bitcoin’s short-term trajectory.
For instance, analyst Merlijin The Trader pointed to a potential breakout zone between $89K and $91K, describing it as an area of “heavy heat” where short positions could face mass liquidations.
According to a heatmap shared in his post, the zone has an increased number of leverage positions that could trigger a squeeze once Bitcoin pushes into that range.
A move toward that level could force short sellers to close positions rapidly, fuelling further upside.
“Shorts won’t survive that zone,” he wrote, adding that it’s “not a matter of if, but when.”
Meanwhile, market commentator Satoshi Flipper also painted a bullish picture, suggesting Bitcoin may be on the edge of a major breakout.
Sharing a daily chart of BTC/USDT, he highlighted a descending wedge pattern, a setup often associated with bullish reversals, and hinted at an imminent breakout with a target as high as $110K.
$BTC/usdt DAILY
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When writing, Bitcoin was trading at $83,542, up 1% over the past day.
Altcoin markets see little gains
Over the past 24 hours, the altcoin market cap shed 2%, falling from $1.04 trillion to $1.02 trillion at the time of writing.
The altcoin season index remained steady at 17, confirming Bitcoin’s market dominance.
Leading altcoins such as Ethereum (ETH), BNB, Solana (SOL), and Tron (TRX) posted modest gains between 1% and 3% during the same period, largely following Bitcoin’s lead.
Among the top performers were Core (CORE), Toncoin (TON), and Flare (FLR), each notching single-digit gains as Bitcoin steadied above $83k.
Source: CoinMarketCap
Core’s rise followed the release of a new governance proposal to adjust its Dual Staking ratios, a mechanism that enables users to boost staking rewards by locking both BTC and CORE tokens.
Toncoin (TON) also stood out, logging a surge in large transaction volumes. The uptick pointed to increased whale activity, drawing attention from traders and the wider community.
Meanwhile, Flare (FLR) got a boost as the buzz grew around its new software development kit after it was showcased during a recent hackathon. It allows the creation of AI-powered blockchain applications.
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