Bitcoin Surges Past $100K

Bitcoin (BTC) reclaimed the $100,000 mark on major exchanges for the first time since February, before experiencing a minor pullback due to profit-taking. This surge follows the Federal Reserve's decision to maintain stable interest rates and positive announcements regarding trade deals.

US-UK Trade Deal Boosts Bitcoin

The recent agreement between the US and the UK, announced by President Trump, is seen as a significant catalyst for the Bitcoin price increase. This deal, along with others nearing completion, aims to reduce tariffs on steel and automobiles, potentially alleviating inflation concerns impacting risk assets.

The agreement with the United Kingdom is a full and comprehensive one that will cement the relationship between the United States and the United Kingdom for many years to come. Because of our long time history and allegiance together, it is a great honor to have the United…

- Donald J. Trump

A Reuters report indicates the agreement will ease supply chain inflation fears. This positive market sentiment significantly impacted the crypto market, resulting in over $260 million in liquidated short positions within 24 hours, according to CoinGlass data.

With the positive momentum, traders are now eyeing $105,000 as the next resistance level. If the US-UK trade deal progresses smoothly, some analysts predict a rapid rise towards $120,000.

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