BTC/USD: Bitcoin Takes Flight, Surpassing $104,000 Amid Trade Deal Hopes
Bitcoin (BTCUSD) experienced a significant surge on early Friday, surpassing the $104,000 mark. This remarkable rise marks a three-month high and comes as the crypto market gains momentum, fueled by the anticipation of easing global trade tensions.
News of the surge came after the announcement of a trade breakthrough between the US and the UK by President Donald Trump, leading to the cancellation of a series of retaliatory tariffs. This development triggered speculation among traders, causing them to anticipate a forthcoming deal with China.
Bitcoin’s Rise: A Response to Trade Optimism
With the shift in market sentiment, Bitcoin, long considered a high-beta asset, was quick to respond, leaping from $98,000 to a session high of $104,300 on Friday morning. Ethereum (ETHUSD) outperformed even this impressive surge with a 25% gain.
Investors viewed this leap as an indication of a potential shift in Trump’s trade war tactics with other significant economies, possibly removing a significant barrier facing digital assets.
Sentiment-Driven Rally
Bitcoin had already been on a winning streak for four days following the Fed’s decision to keep interest rates steady. This latest development in trade discussions further fueled the surge, helping Bitcoin break through crucial resistance.
While the $110,000 mark is now in sight for traders, they remain vigilant for signs of a US-China détente, which could provide the final push needed for crypto to fully enter breakout mode. As it stands, Bitcoin has increased by 40% since hitting its April low near $74,000.
