Bitcoin trimmed earlier losses, climbing back toward $100,000 after the U.S. agreed to pause tariffs on goods from Mexico for one month.

The price of bitcoin was last higher by less than 1% at $98,461.83, according to Coin Metrics. Earlier, it fell as low as $91,212.63 in a risk-off move after President Donald Trump hit Mexico, Canada and China with long-threatened import tariffs over the weekend. It traded above $102,000 on Friday.

Shares of Coinbase and MicroStrategy traded off their lows of the session, down 1% and 0.5%, respectively.

“Bitcoin holding up better than the rest of the market reinforces its position as the safest bet in crypto,” said Ben Kurland, CEO at crypto research platform DYOR. “When panic sets in, liquidity flows to bitcoin over riskier assets, proving once again that it’s the industry’s reserve asset.”

Cryptocurrencies tumbled over the weekend after Trump signed an order imposing 25% tariffs on imports from Mexico and Canada, as well as a 10% duty on China. The U.S. does about $1.6 trillion in business with the three countries.

Bitcoin has seen $377.6 million in long liquidations over the past 24 hours, according to CoinGlass. Ether has seen $479 million in long liquidations.

Other coins saw deeper cuts but also traded off their session lows. Ether was last down by 7% to $2,711.05, after trading above $3,300 Friday. The CoinDesk 20 index, a measure of the broader market of cryptocurrencies, lost more than 1%. Meme coins were among the hardest hit.

Jeff Park, Bitwise Asset Management’s head of alpha strategies, said a sustained tariff war would be “amazing” for bitcoin in the long-run due to an eventual weakening of the dollar and U.S. rates.

While many believe bitcoin is a hedge against inflation and uncertainty over the long term, it trades like a risk asset in the short term — and could endure further pain this month due to uncertainty around the trade war triggered by Trump’s tariffs.

“Digital assets will eventually like today’s [U.S. Treasury] yield mix (higher break-evens and lower real yields) but it will take outright nominal yields to roll lower at some stage (on growth fears) to solidify that,” Geoff Kendrick, an analyst at Standard Chartered, said in a note Monday. “Until then we may be in for a choppy few days where the $90,000 level in BTC is again at risk.”

Investors are watching $90,000 as the key support level in bitcoin, and some have warned of an even deeper pullback toward $80,000 should the cryptocurrency meaningfully break below its support.

—CNBC’s Michael Bloom contributed reporting