Bitcoin experienced a significant surge this week, briefly hitting an all-time high of $85,800 before settling at $84,600. While the move represents a temporary reprieve from the ongoing downward trend, it’s fueled by optimism surrounding President Trump’s easing of tariffs on semiconductor imports. However, the market remains uncertain as this boost was countered by Trump’s clarification that these exemptions are temporary and may not last long. This uncertainty, coupled with existing trade tensions between the U.S. and China, hampered Bitcoin from breaking past $86,000. Analysis of trading activity suggests a cautious approach. Bitcoin’s futures contracts show a declining premium, dropping from 6.5% on April 11 to 5%, indicating caution among leveraged buyers. This signals limited short-term potential for further gains. The options market also reflects this hesitancy. A brief surge in optimism was followed by a pullback. In addition, Bitcoin ETFs experienced outflows totaling $277 million between April 9 and 11, failing to reignite investor confidence. Even the significant purchase of $286 million worth of Bitcoin at $82,618 dollars failed to provide enough impetus for a sustained rally towards $90,000. China’s demand for stablecoins like Tether (USDT) has also weakened, with a premium dropping to 0.5%, suggesting a decline in retail interest. This cautious stance by traders raises doubts about Bitcoin breaking through the $84,600 barrier and reaching the $90,000 mark. While the temporary surge offers a glimmer of hope for Bitcoin bulls, the market’s direction remains uncertain as investors await upcoming economic announcements to gauge the course of BTC.