Investing.com-- Bitcoin rose on Tuesday, extending a rebound from around five-month lows as traders bought the dip in the world’s biggest cryptocurrency, although sentiment remained fragile in the face of President Donald Trump’s trade tariffs.

Broader crypto prices also tracked Bitcoin’s recovery, although the sector was nursing steep losses in recent weeks as Trump’s tariffs rattled global risk markets.

Bitcoin rose 3.6% to $79,673.5 by 01:19 ET (05:19 GMT), briefly crossing $80,000 earlier in the day.

Bitcoin tracks broader market rebound as Trump tariffs approach

Gains in Bitcoin came tracking a rebound in broader financial markets. Wall Street indexes recouped a bulk of their Monday losses, while most Asian markets advanced.

U.S. stock index futures were also positive in Asian trade.

Still, Bitcoin was nursing a 4.2% drop over the past two days, having briefly slumped to a five-month low on Monday as risk appetite was battered by Trump’s tariffs.

The U.S. President had last week unveiled a host of reciprocal tariffs on several major economies, with the duties being bigger than markets had feared.

Trump over the weekend doubled down on his tariffs, even threatening China with steeper duties if Beijing did not withdraw its retaliatory tariffs on the U.S.

Speculative, risk-driven assets like Bitcoin clocked steep losses on the diminished risk appetite, with there now appearing few factors that could help lift market sentiment.

Trump’s tariffs are set to take effect from Wednesday, with the President also threatening tariffs on pharmaceutical and semiconductor imports.

Bitcoin confirms ‘death cross’ after recent selloff

Bitcoin formed a “death cross” this week- a key technical indicator that could herald more near-term weakness in the crypto.

A death cross is formed when an asset’s short-term moving average falls below its longer term moving averages. In Bitcoin’s case, its 50-day moving average fell below its 200-day moving average this week, confirming a death cross, Investing.com data showed.

A death cross could herald near-term weakness in Bitcoin, especially amid a dearth of directly positive cues for crypto markets. Several long-term holders of Bitcoin were also seen moving coins onto exchanges in recent weeks, heralding a potential sale.

Crypto price today: altcoins rebound, Ether recovers from 2-year low

Broader crypto prices tracked a rebound in Bitcoin, although they were all nursing steep losses in recent sessions.

World no.2 crypto Ether rose nearly 3% to $1,585.96, recovering from a two-year low.

XRP rose 6.9% to $1.8857, while Solana , Cardano , and Polygon rose between 7% and 9%.

Among meme tokens, Dogecoin added 6.8%, while $TRUMP rose marginally from near record lows.