Bitcoin Stalls at $109K Threshold—US-UK-China Deals Fail to Spark Rally

BTC’s climb toward its next all-time high hits a wall—no amount of geopolitical handshakes or institutional posturing can fake organic demand. Traders yawn as traditional finance ’adoption’ fails to move the needle.

Meanwhile, Wall Street still thinks ’blockchain, not Bitcoin’ is the real innovation—tell that to the 14-year-old ledger outlasting every fiat experiment since 2009.

Bitcoin could hit a new all-time high for these three reasons

On-chain metrics show consistent profit-taking in Bitcoin, traders continue to realize their gains in the largest cryptocurrency. Data from crypto intelligence tracker Santiment shows that Bitcoin traders keep realizing gains on their BTC holdings. 

Whale transactions in both categories, greater than $100,000 and $1 million, slowed down since May 9. The count of daily active addresses in bitcoin took a hit, alongside other on-chain developments. 

On-chain metrics present a neutral to bullish outlook for Bitcoin in the short term. 

Bitcoin on-chain analysis | Source: Santiment

Tariff uncertainty in the TRUMP administration could eventually settle as the United States announces subsequent deals with its key trade partners. While the US-UK deal faces criticism according to a BBC report, the deal with China brings certainty and is likely to support bullish sentiment among market participants. 

The crypto market has rebounded sharply from early April lows, Bitcoin ended its consolidation phase and started a rally, breaking past the $100,000 milestone. Technical indicators support further gains in Bitcoin. 

The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicator on the daily timeframe support a bullish thesis for Bitcoin. RSI reads 73 and MACD flashes green histogram bars above the neutral line. 

Bitcoin price is less than 6% away from its previous all-time high, the nearest support is the $100,000 milestone and the lower boundary of a Fair Value Gap (FVG) between $97,732 and $102,315. 

BTC/USDT daily price chart 

At the time of writing, Bitcoin hovers around $104,000.