Bitcoin Surges Amid China's Tariffs and Market Uncertainty

Bitcoin Approaches $99,300 Amid China’s Tariff Announcements and Market Uncertainty

Bitcoin (BTC) has surged back towards the $99,300 mark, despite fresh trade war fears and market uncertainty. The world's largest cryptocurrency briefly dipped below the $100,000 milestone on Feb. 4, as news of China's retaliatory tariffs on U.S. goods punctured a snap rebound.

Data from and showed BTC/USD reversing around 3% after the daily open. Markets had surged on news that U.S. tariffs on Mexico and Canada would be delayed by a month, along with President Donald Trump signing an executive order to create a first-of-its-kind sovereign wealth fund.

White House cryptocurrency director David Sacks will hold a press conference at 2.30 pm Eastern Time to reveal details of the U.S. digital asset policy. "The Trump administration plans to reposition America as the leader in digital assets," popular trader Jelle responded in part of an X post on the topic, preparing for a "big day."

After bouncing near $91,500, BTC/USD gained over $10,000 in a single daily candle. Progress was halted, however, when it emerged that China was retaliating against U.S. tariffs with its own measures targeting oil, coal, and more.

"Going to be a volatile day again," Jelle added. Crypto trader, analyst, and entrepreneur Michaël van de Poppe agreed that volatility would likely continue. "Bitcoin bounced back swiftly and is currently acting within the range," he summarized alongside the daily chart. "I assume we'll see new ATHs in February and it's quite normal to correct after such a strong bounce. Volatility through the roof, but, as long as Bitcoin remains above $93K, a new ATH is likely."

Others, such as popular trader Phoenix, suggested that BTC/USD would investigate a new short-term range as a result of the volatility. "After such an event, it feels logical for me to expect some sort of a new range to form," he argued on the day.

Meanwhile, funding rates across derivatives markets gave Axel Adler Jr., a contributor to onchain analytics platform Crypto