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- Bitcoin price is impressing investors as it is on the verge of a $100,000 breakout.
- The change in stance on trade deals is likely to impact the BTC recovery.
The price of Bitcoin (BTC) has climbed over $99,000 in today’s morning trading session. This spike in the flagship coin follows US President Donald Trump’s announcement about an impending trade deal with an undisclosed country. Investors are questioning whether Bitcoin could soon reclaim the $100,000 mark.
Trump’s Upcoming Trade-Deal Announcement
In a social media post on Wednesday night, the US President said he will hold a “major” news conference at 10 a.m. ET. Trump intends to share details about an impending trade deal with a “respected country.” The country’s identity is still unknown, but some reports have pointed towards the UK.
A UK official separately confirmed Trump’s plans to outline a deal later on Thursday. Prime Minister Keir Starmer also promised to update the state of talks later on Thursday.
Meanwhile, American and British officials discussed this week’s plans to reduce tariffs on cars and steel. They also discussed the many levies the US president has imposed on allies and rivals recently.
In his post, Trump signaled that the impending trade deal talk would be the first of many. The President is likely looking to reduce barriers to US exports and calm market turmoil driven by the sweeping scope of his tariffs.
President Trump recently announced plans to reduce tariffs on Chinese goods, a departure from his earlier protectionist stance. As we discussed earlier, Trump’s announcement came after intense lobbying from US automakers and mounting concerns over inflation and supply chain disruptions.
Additionally, US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are set to meet with Chinese officials in Switzerland this weekend. This news has raised hopes of a potential resolution to the trade tension between the world’s two largest economies.
Although full details remain under wraps, de-escalation of tariffs could further support prices of risk assets like crypto.
Can BTC Hit 100K?
Bitcoin has recovered to $99,000 amid Trump’s trade deal announcement. The leading coin has gained more than 2.7% in the past 24 hours, extending its weeklong rally. As of this writing, BTC’s price traded at $99,722, with a market cap of $1.98 trillion.
The latest BTC rally is underpinned beyond Trump’s trade deal announcement. A combination of falling bond yields, a weakening dollar, and renewed institutional flows into spot Bitcoin ETFs has fueled Bitcoin’s upward momentum.
According to SoSoValue data, the 12 spot Bitcoin Exchange-Traded Funds (ETFs) collectively saw over $5 billion in net inflows since April 25. As we covered in our latest report, Grayscale has expanded its ETF portfolio, releasing two new Bitcoin ETFs.
On Wednesday, the Federal Open Market Committee kept US interest rates unchanged. Presto Research Analyst Min said investors took this move as a “signal to remain in risk-on mode.”
Market analysts are optimistic that Bitcoin could hit $100,000 and retest its all-time high in the coming sessions. They cited the build-up of institutional infrastructure and increased macro interest in non-correlated assets.
