Bitcoin (BTC) has climbed towards $85,000 as investors brace for the implementation of U.S. tariffs scheduled to take effect on April 2. This surge comes amidst a cautious market sentiment, though prominent cryptocurrencies like Dogecoin (DOGE), and Cardano (ADA) experienced substantial gains, exceeding 7% each. XRP, Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) also recorded gains around 5%. The broader market is displaying a risk-off approach as seen by the S&P 500’s significant drop last week, with gold hitting new highs as investors seek refuge in stable assets. Bitcoin closed the first quarter of 2025 with an 11% decline, marking its worst quarterly performance since 2022. Analysts attribute this dip to a lack of substantial catalysts like strong ETF inflows, and a market stuck in low-conviction mode. However, Augustine Fan, head of forecasting at SignalPlus, notes that if the market experiences a bullish breakout, the gains could be significant given current short positions.