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Bitcoin bounced. A bit.

The leading currency recently traded around $84,000, rising back above the prices below $77,000 seen late last week that were in the neighborhood of their pre-election levels but retreating slightly from levels logged earlier today.

That recovery has come as crypto trading volume has fallen, Oppenheimer analysts wrote in a note published Tuesday, with investors’ risk appetite pressured by trade-related uncertainty that has counteracted enthusiasm about the crypto industry’s prospects after President Donald Trump’s reelection.

“It's unfortunate to see Trump's on-and-off again tariffs have driven bear market concern, recession fear, and pullback of retail trading,” they wrote. A silver lining, they argued, is that the resulting pullbacks in Bitcoin and stocks like Coinbase Global ( COIN ) have been less severe than those seen during another big move lower in 2022—a year that Bitcoin finished at under $20,000.

“It demonstrates that this asset class has matured and become more resilient,” according to Oppenheimer’s analysts.

Several crypto-linked stocks were trading lower today. Crypto exchange Coinbase was recently down close to 3%. Mara Holdings ( MARA ), a Bitcoin miner, was itself off about 2%. (Read Investopedia’s live coverage of today’s markets here .)

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