On April 2, according to The Block, K33 analysts said tariffs remain a major factor in the market, and U.S. employment data could bring more volatility later this week, according to The Block. (Goldman Sachs currently expects Trump to announce an average of 15% reciprocal tariffs on all U.S. trading partners.)

K33 research director Vetle Lunde and senior analyst David Zimmerman said in a report Tuesday. They said the rise in tariff expectations is reflected in the defensiveness of Chicago Mercantile Exchange traders as futures premiums fell back to 5%, while open interest plunged to 133,790 bitcoins at an 11-month low. Offshore perpetual futures financing rates also reflect market caution, with the average interest rate in the past 69 days not reaching or exceeding the neutral level.

Analysts said it expects tariff announcements to have a significant impact on the market and the correlation between stocks and Bitcoin will remain high. They believe the most likely scenario is that this will intensify market volatility throughout April and allow Bitcoin to continue to consolidate in the $75,000 to $88,000 range. We do not think that the market will see certainty and brightness after April 2, as various responses, negotiations, sudden reversals and unexpected situations are likely to occur throughout April.