Bitcoin is currently trading in a tight range as traders brace for President Trump’s “Liberation Day” tariffs, which are set to roll out this Wednesday and Thursday. The uncertainty surrounding the scope of these tariffs has left crypto markets in limbo, with Bitcoin hovering between $83,000 and $84,000.

According to Nic Puckrin, founder of The Coin Bureau, it's a 50/50 chance whether Bitcoin breaks upward or downw)ard from its current range. “Until there’s more clarity around tariffs, this sideways price action will likely continue,” he said.

Bitcoin recently closed a CME gap, which often serves as a magnet for price movements. However, BTC is now trading below its 200-day moving average, and daily liquidations are low—under $250 million—which could hint at weak momentum.

If the tariff news turns out better than expected, Puckrin sees a possible breakout toward $88,000, but only if accompanied by strong volume. On the flip side, a harsh tariff shock could send BTC down to $79,000, or even $73,000 if fear takes over.

The long-short ratio is nearly 50/50, showing just how uncertain the market currently is. The Fear & Greed Index also remains in “fear” territory, suggesting we could be near a bottom.

Longer term, Puckrin remains bullish: “Bitcoin will rally—it’s just a matter of timing.”

10X Research also warned earlier this month of a potential pullback to $73K, pointing to overextended memecoin activity post-election.

CoinShares’ James Butterfill adds that in the short term, tariffs could hurt Bitcoin by slowing growth and spiking inflation—but over time, Bitcoin could shine as the Fed runs out of room to raise rates