Bitcoin Eyes Record High as US-China Trade Deal Fuels Crypto Optimism
Bitcoin bulls are charging toward a potential all-time high as a new US-China trade agreement sends shockwaves through global markets. The world’s largest cryptocurrency surged 12% in early Asian trading, with traders betting the deal will weaken the dollar and boost risk assets.
Wall Street’s usual suspects are scrambling to explain how they ’always believed’ in crypto—just ignore last quarter’s ’digital tulips’ research notes. Meanwhile, decentralized exchanges report record volumes as traders bypass traditional finance’s sluggish response times.
Can BTC sustain this rally? The charts say maybe, but the suits at the Fed will have something to say about it. One thing’s certain: when elephants dance, the crypto markets turn into a bullring.
Bitcoin (BTC) price is on the verge of a new all-time high following new trade concessions between the United States and China. The crypto market capitalization climbed 2% after the announcement as bulls locked in a breakout after an extended period below the $3 trillion mark. Institutional investors also target new levels due to the cooling of macro tensions.
Bitcoin Price Growth In Full Swing
In the last 24 hours, Bitcoin has recorded massive growth fueled by a new U.S.-China tariff agreement. This year, macro factors have shaped the stock and digital asset market as tensions escalated in the first quarter. Resisting initial headwinds, BTC price spiked from multi-month lows of $78k, rising to a three-month high above $104,000.
The swing in sentiment is marked by increased trader accumulations, which set sights on an all-time high above $110,000. Significant volume was recorded during the dip before the price reclaimed the $90,000 level, placing short-term holders in massive profits. At the time of writing, the BTC price trades at $104,505, with hourly numbers surging over 5%.
Bitcoin’s weekly spike remains double-digit at 10%, impacting altcoins. Institutional investors remain stronger ahead of incoming macro announcements amid a stronger BTC dominance. For the top crypto to break an all-time high, inflows to spot BTC ETF products must remain steady, making up lost ground. Currently, these investors are poised for wider accumulations coupled with centralized finance players.
Whales Maintain Front Row
Crypto whale addresses have also recorded increasing balances as projections for a bull rally surge. According to analyst Mignolet, whale accumulations have continued since late April, with major buying activity on Binance.
“What’s particularly notable is that this pattern has been repeating on weekends. We saw the same pattern unfold back in September of last year as well. While buying activity on Coinbase (U.S.) is important, the market is ultimately driven by Binance whales. Even if short-term fluctuations occur, the current trend won’t be easily reversed.”
Traditionally, these whales set the tone for the crypto market because of their large holdings. In the same time frame, inflows to centralized exchanges dipped compared to net outflows to other custodians, signaling indicators of long-term holdings. A breakout above the all-time high for most bulls could initiate a mass accumulation phase to the cycle peak.
