Investing.com -- Bitcoin saw gains on Tuesday, but the world’s largest crypto asset hasn’t traded above the $89,000 mark since March 7.

While recent weakness has been widely attributed to rising tensions in the U.S.-led global trade dispute, broader concerns had already been dampening market sentiment well before President Donald Trump introduced new tariffs.

Some traders point to Strategy’s (NASDAQ: MSTR ) $5.25 billion in Bitcoin purchases since February as a key factor in keeping prices above the $80,000 support level.

Still, the data suggests that Bitcoin’s upside was already limited ahead of the 10% tariff announcement on Chinese imports made on January 21.

More importantly, U.S. President Donald Trump is set to introduce a number of massive tariffs on Wednesday to fulfill the administration’s ambitious economic agenda. Ahead of the announcement, cryptocurrencies traded mixed, reflecting investors’ worries about a broader global trade conflict.

The administration has already introduced duties on aluminum, steel, autos, and Chinese imports—steps that have unsettled investors amid concerns about slowing economic growth.

As of 08:02 am ET (12:02 GMT), Bitcoin was up 1.2% at $84,641, while Ethereum inched 0.2% lower to $1,865.

Crypto experts weigh in ahead of tariff announcements

Prior to the tariff announcements, cryptocurrency experts shared their thoughts with Investing.com on how the expected measures could affect the market.

Martins Benkitis, CEO and co-founder of Gravity Team

“If tariffs come into effect right away, it’s bad news across markets, crypto included, with alts likely taking the hardest hit. That said, some of this is already priced in, so if we get no or limited action, markets will probably bounce. BTC’s in a unique spot here. Its digital gold narrative could kick in, especially if countries start slowly rotating out of USD reserves into gold or BTC. Long-term? Tariffs might end up being a bullish catalyst for Bitcoin.”

“Recent data released by 10x Research revealed a strong correlation between Global liquidity and the BTC price, indicating that without tariff interference we were set for a possible price rally in BTC up to mid June that could have reasonably expected the BTC price to rally from its then price of $87,000, some 30% to above $112,000 per coin."

Stephen Wundke, Director of Strategy & Revenue at quantitative digital asset investment firm Algoz

“For now - markets hate uncertainty, so we can expect to see even more choppy trading in the coming weeks/months and a delay to the next spike up (either way it is only a delay) - that is unless President Trump has yet another strong statement about the crypto industry up his ever expanding sleeve. The one thing we know for certain is that nothing, currently emanating from the White House, is certain.”

Roman Cyganov, CEO and Founder of Antix

”The immediate impact on BTC price depends on how severe the tariffs are and how equity and currency markets react. If the dollar weakens or stocks take a hit, Bitcoin may benefit from its perceived role as a hedge against traditional financial instability. On the other hand, if broader market sentiment turns highly risk-averse, BTC could initially drop alongside other risk assets. In the short term, I expect volatility. But in the medium to long term, continued trade tensions and monetary shifts may support Bitcoin’s investment thesis as an alternative, decentralized store of value.”

Arthur Breitman, co-founder of Tezos

"Tariff Day reminds us that decentralized, open financial systems offer resilience against economic barriers. Open networks enable borderless collaboration."