Bitcoin price today: flat at $94k as tariff, economic jitters quash sentiment

Investing.com-- Bitcoin dropped marginally on Tuesday, remaining squarely within a recently established trading range amid persistent market caution over U.S. trade tariffs and the economic fallout from a trade war with China. 

A lack of direct trading cues also made for sluggish moves in broader crypto markets, especially as a rebound through late-April petered out. 

Bitcoin fell 0.4% to $94,094.0 by 09:48 ET (13:48 GMT), tracking a largely rangebound overnight performance in U.S. equity markets. 

Bitcoin in narrow trading range amid tariffs, economic caution 

Bitcoin remained largely in a $90,000 to $97,000 trading range established over the past week, as gains cooled after a strong rally in late-April.

The world’s largest cryptocurrency was caught up in broader risk aversion as traders fretted over a U.S.-China trade war, signs of slowing economic growth, and plans for more trade tariffs from President Donald Trump. 

While Bitcoin and crypto markets are not directly impacted by disruptions in global trade, their speculative nature makes them highly vulnerable to shifts in sentiment, with the sector usually seeing much larger price swings than other risk-driven assets. 

Optimism over a potential U.S.-China trade deal, coupled with sustained buying action by Bitcoin maxi Strategy (NASDAQ:MSTR), were the two key drivers of Bitcoin’s late-April rally.

But recent commentary from U.S. and Chinese officials indicated that serious trade discussions were yet to begin. Trump also flagged plans to impose trade tariffs on pharmaceutical imports in the next two weeks, rattling market sentiment. 

Optimism over Strategy’s Bitcoin purchases was also quashed by the company recording a hefty first-quarter loss on its Bitcoin holdings.

Bitcoin could surge to $1 million this cycle, Binance founder CZ says

Binance founder and former CEO Changpeng "CZ" Zhao believes Bitcoin and the wider crypto market are poised for a strong rally. In an interview with Farokh Radio, Zhao said Bitcoin could reach between $500,000 and $1 million this cycle, while total crypto market cap may hit $5 trillion by year-end. He didn’t give a timeline for the cycle peak.

This isn’t his first bold call. In February, Zhao imagined a headline where Bitcoin "crashes" from $1,001,000 to $985,000. Back in 2020, he similarly hinted at a $100,000 target, which was eventually realized when Bitcoin crossed that level in December 2024.

Crypto price today: altcoins dip, in holding pattern with Bitcoin

Broader crypto prices all retreated on Tuesday, remaining within a tight trading range, like Bitcoin, amid persistent risk aversion. 

Most major altcoins also largely lagged Bitcoin’s rebound in April. 

World no.2 crypto Ether fell 2.1% to $1,762.52, taking little support from a recent update on the Ethereum Foundation’s long-term goals. 

Solana fell 1.1%, while Cardano slid 1.3%. Polygon shed 3.5%. 

Among meme tokens, Dogecoin fell 2.2%, while $TRUMP dipped 5%.

Ambar Warrick contributed to this report.