Bitcoin (BTC) price breaks above $85,000 as institutional investors continue to accumulate the digital asset

The price movement comes as markets anticipate President Donald Trump's upcoming tariff announcement, with some reports suggesting the measures may be less severe than initially feared.

Major institutional players continue to accumulate bitcoin (BTC) as the digital asset climbed above the $85,000 mark.

The price move comes as markets await President Donald Trump’s upcoming tariff announcement, with some reports suggesting the measures may be less severe than initially feared.

Bitcoin was trading up 2.01% over the last 24 hours at $85,240.06 by 07:30 ET (11:30 GMT). This recovers some lost ground after slipping 2.86% over the week. The cryptocurrency moved in a 24-hour range of $82,263.41 to $85,487.37.

Trading volume for the leading digital asset reached $27.45 billion, showing a slight increase of 0.37% over the previous day. This uptick in volume coincided with renewed buying interest from institutional investors.

Stablecoin giant Tether announced it had purchased 8,888 BTC during the first quarter of 2025. This acquisition brings the company’s total bitcoin holdings to approximately $7.8 billion.

Meanwhile, Japanese bitcoin treasury firm Metaplanet disclosed that it had bought an additional 696 BTC. This purchase increased the firm’s total bitcoin holdings to 4,046 BTC.

“We continue to accumulate. Completed another round of BTC purchase: 696 coins at an average price of $78,000. Total holdings have reached 4,046 BTC. We prefer to move quickly and decisively when opportunities arise. Still bullish on BTC long-term. #Bitcoin #TreasuryManagement,” the firm said in a statement.

These institutional purchases highlight the growing interest in bitcoin as a treasury asset among corporations. They also help to support bitcoin’s price by removing supply from the market.

Liquidation data showed that bears betting against bitcoin’s rise paid a heavy price. Over the last 24 hours, short liquidations reached $25.19 million, while long liquidations amounted to just $443,490.

The positive price move comes as risk assets attempt to recover ahead of the Trump administration’s “Liberation Day” tariff announcement, which is set for Wednesday after the U.S. trading hours close.

A report by NBC News suggested that the administration may be less likely to impose blanket 20% tariffs across the board. Instead, a tiered system of different rates or country-by-country rates could be announced.

During her daily briefing, White House Press Secretary Karoline Leavitt acknowledged market concerns about tariffs.

“There are legitimate worries about the market swings related to the tariff discussions. We are mindful of the impact of our economic decisions, and we are considering all options carefully,” Leavitt said.

The mere suggestion of less severe tariffs appears to have buoyed investor sentiment. This shift in mood has benefited not only bitcoin but also other cryptocurrencies and tech stocks.

Ethereum (ETH), Dogecoin (DOGE), and Cardano (ADA) all posted gains of around 4- 5%, roughly double bitcoin’s percentage increase. Crypto-related stocks also performed well, with miners Core Scientific (NYSE:CORE) and CleanSpark (NASDAQ:CLNB) jumping almost 10% for the day.

Bitcoin’s market capitalization now stands at $1.69 trillion, showing an increase of 2.22% from the previous day. Despite this growth, bitcoin’s market dominance slipped slightly to 62.37%, showing a minor decline of 0.09% over 24 hours.

Total bitcoin futures open interest reached $55.38 billion, showing an increase of 3.03%. This indicates that traders are maintaining leveraged positions ahead of key market developments.

Analysts suggest that bitcoin could test resistance at current mid-$80K levels. However, strong institutional backing may help push the price toward the low $90K range in the coming week.