Bitcoin Price Today: Sideways Around $94,000 as Economic and Tariff Concerns Weaken Market Sentiment
Cryptocurrency markets started the new week on a lackluster note as Bitcoin continued to trade in a narrow range around $94,000. Uncertainty over trade tariffs and the global economic outlook kept investors cautious.
Bitcoin was down 0.4% at 09:48 ET (13:48 GMT) on Tuesday, trading around $94,094, reflecting relative stability amid a lackluster overnight performance in the U.S. stock market, according to data from Investing.com.
Bitcoin Stuck in Global Economic Turbulence
Bitcoin's strong rally in late April has stalled, with the cryptocurrency trading mostly between $90,000 and $97,000 over the past week. While the cryptocurrency market is not directly affected by trade policies, its highly speculative nature makes the asset susceptible to strong reactions to geopolitical and psychological factors.
US President Donald Trump recently signaled that he would impose tariffs on imported pharmaceuticals, while US-China trade tensions continue to simmer, leaving investors concerned about the global economic impact. Current trade negotiations between the two countries remain at a “standstill” stage, according to several senior officials.
Big Money Strategy Not Enough to Spark Bullish Sentiment
A recent sentiment booster has been a large-scale Bitcoin purchase by MicroStrategy (NASDAQ: MSTR), a technology company known for its aggressive Bitcoin investment strategy. However, the appeal of this deal has been significantly dampened after the company announced a large loss in Q1/2025 due to the volatility of digital assets.
Meanwhile, major altcoins such as Ethereum, Solana, Cardano, and Polygon all recorded declines ranging from 1% to 3.5%, indicating that the recovery momentum last month was not strong enough to sustain positive cash flows.
Binance CZ Predicts Bitcoin Could Hit $1 Million
Despite the current gloomy market, Changpeng Zhao (CZ) – founder and former CEO of Binance – remains optimistic. In an interview with Farokh Radio, he said that Bitcoin could reach $500,000 to $1,000,000 this cycle, while predicting that the total crypto market cap could hit $5 trillion by the end of the year.
CZ has made bold predictions in the past, and some have come true – including a target of $100,000 by the end of 2024. However, this time he did not give a specific time for the cycle peak.
Altcoins and Meme Tokens Also Sink in Caution
It's not just Bitcoin, most altcoins and meme tokens also weakened during the day.
Ethereum (ETH) fell 2.1% to $1,762.52,
Solana (SOL) lost 1.1%,
Cardano (ADA) fell 1.3%,
Polygon (MATIC) lost 3.5%,
Dogecoin (DOGE) fell 2.2%,
Trump Coin ($TRUMP) – a recently popular meme token – fell 5%.
The widespread decline shows that the “risk-off” sentiment is still pervading the entire digital currency market, as investors continue to seek more clarity on global macroeconomics and policies.
Conclusion: Market Needs New Momentum
The cryptocurrency market is temporarily entering a “quiet” period, waiting for clearer signals from both policy and investor sentiment. While bullish investors like CZ believe that a $1 million price for Bitcoin is possible, the short-term reality is still highly dependent on external factors, especially the development of the trade war and new economic policies from the White House.