COINOTAG News highlights critical insights from The Block’s analysis released on April 2nd, emphasizing that tariffs weigh heavily on market dynamics. According to K33’s research, upcoming U.S. employment data could introduce further volatility in the cryptocurrency landscape, particularly as Goldman Sachs projects a 15% reciprocal tariff across all U.S. trading partners.
In a detailed report, K33 Research’s Vetle Lunde and David Zimmerman noted a noticeable shift in market sentiment, evidenced by the decline in futures premiums to 5% on the Chicago Mercantile Exchange, alongside a significant drop in open interest to an 11-month low of 133,790 bitcoins. Furthermore, the offshore perpetual futures funding rate indicates prevailing market caution, failing to stabilize at neutral levels over the past 69 days.
With an anticipated tariff announcement, analysts forecast a lasting impact on the market’s directional flow, reinforcing a high correlation between stock markets and Bitcoin. They predict that April will showcase heightened market volatility, anticipating Bitcoin’s price to navigate a range between $75,000 and $88,000, with potential for unexpected responses and negotiations throughout the month.