Tariffs and Non-Farm Data Clash: What's Next for Bitcoin?

TradingKey - Trump's tariffs triggered wild swings in Bitcoin  and now all eyes are on tomorrow's non-farm payroll data.

On April 3, Bitcoin (BTC) experienced a rollercoaster session. It surged5% from around $84,400 to $88,500 before plummeting 7% to a low of $82,200.  It has since rebounded slightly and is currently trading at $83,300.

The price chart shows the volatility,Source: CoinMarketCap.

Trump's tariffs follow a dual-track system, consisting of  a "base tariff" and a "country-specific rate." Initially, the 10% base tariff came in lower than expected, lifting market sentiment and boosting Bitcoin. However, the subsequent release of higher-than-anticipated country-specific tariffs triggered panic selling.

Now, the tariff situation appears to have stabilized,  and markets seem to be breathing a sigh of relief.. Attention is shifting to upcoming economic data, particularly the U.S. non-farm payroll report for March, scheduled for release tomorrow (April 4). This data could present a rebound opportunity for Bitcoin if it shows signs of economic resilience without stoking inflation fears. 

Following Trump's tariff announcement, investor focus has shifted to the Federal Reserve. Market expectations for interest rate cuts have increased, with projections rising from three to four rate cuts this year.