Bitcoin Surges Past $100,000 Mark, Fueled by Trade Deal and Steady Interest Rates, Bitcoin
The bitcoin price surge is a significant development in the cryptocurrency market, driven by a combination of factors including the new trade agreement and steady interest rates. As the market continues to react to these developments, investors are closely watching the technical indicators for signs of a potential pullback or further rally.
Bitcoin has broken through the $100,000 barrier for the first time in three months, reaching a high of $101,293 after a significant 5.3% increase in the last 24 hours, driven by a new trade agreement between the US and the UK and steady interest rates.
The recent rally in bitcoin is largely attributed to the improving geopolitical sentiment, particularly following the announcement of a new trade agreement between the US and the UK, which includes agreements on agriculture and industrial machinery. This deal is seen as a sign of de-escalation in trade tensions, boosting investor confidence in riskier assets like cryptocurrencies. The technical outlook suggests a continuation of the rally, with a target of $105,000.
The price of bitcoin neared $100,000 on Thursday after rallying for three consecutive days this week, fueled by the announcement of a major trade deal with the UK. The Relative Strength Index (RSI) on the daily chart has moved above its overbought level of 70, indicating strong bullish momentum. However, traders should be cautious due to the chances of a pullback. The Moving Average Convergence Divergence (MACD) indicator on the daily chart is coiling against each other, and a bullish crossover would give buying signals and indicate an upward trend.
If bitcoin continues its upward trend, it could extend the rally toward its key psychological importance level at $105,000 before potentially reaching its all-time high at $109,588. The steady interest rates and the new trade agreement have shifted investor mood, driving the surge in bitcoin's price, and analysts expect this trend to continue in the near future.