$BTC The recent market uncertainty has been a boon for bitcoin — and it could continue to lift the flagship crypto with investors beginning to doubt the safe-haven status of the U.S. Although the Trump administration has walked back some of its aggressive rhetoric on tariffs, investors are still looking for clarity on what trade policy will be.

"Bitcoin remains buttressed by a pro-crypto Trump administration along with hungry buying from spot-ETF investors … while its outperformance versus U.S. equity benchmarks in 2025 highlights its resilience and safe haven status," Trenchev said.

"Expect bitcoin's resilience to be tested further in an uncertain and volatile global macro and geopolitical environment," he added. "Look no further than rising tensions between India and Pakistan, which risk escalating into a full blown conflict. Meanwhile we have a Federal Reserve in no rush to cut rates and equally concerned about unemployment and inflation."