I hate to say this but I still think that Trump’s tariffs is still one of these factors that made btc price went crashing, although the bitcoin market itself is already highly volatile in nature.
However, I also believe that Trump has also been a luck factor for bitcoin most especially when his victory was announced, but only to realized late that the policies of Trump will also bring price decline for bitcoin, which could lead to the bear season of bitcoin if the price will stay dumping in the long run.
Tarrif was juts an enabler, the real dump started from the very day he made some unbothered statements about Bitcoin in the Digital assets submit, that was the day many investors and bull lose some respect for him because he clearly don't care, Micheal Saylor was there and from his reactions you could tell he was disappointed because that wasn't what he expected Trump to dish out about Bitcoin, since then the market isn't as bullish as before.
The tarrif is a global war and Bitcoin isn't the only thing affected here. It's every financial market across different countries because of the personal interests and Trump was only trying to show others what they are made up of else why did he take China personal and let others slide for 90 days for negotiations. He has never like China from his first day but they are equally prepared for him as well, only one country don't suffer when there is a war, it's the two countries that suffer the consequences of their actions, US is not immune to anything.