Bitcoin ($BTC) is surging toward the historic $100,000 mark, after jumping to $98,933 on May 8 — a 2.6% rise in just 24 hours — as global markets reacted sharply to a fresh announcement from U.S. President Donald Trump.
On Truth Social, Trump declared he would hold an Oval Office press conference to unveil a “major trade deal” with what he called a “big” and “highly respected” nation, describing the agreement as the “first of many” in a new wave of international deals. While the president withheld specifics, The New York Times reports insiders expect the agreement to be with the United Kingdom, signaling a potential reset in cross-Atlantic trade dynamics.
For crypto markets, this is a significant catalyst. In recent months, tariffs and trade war headlines have weighed heavily on sentiment — rattling both equities and digital assets. Bitcoin, in particular, saw sharp declines after U.S. tariff escalations against China in April, plunging from over $88,000 to a bottom of $74,500. But since then, the crypto king has mounted a steady comeback, powered by renewed ETF inflows, a weakening U.S. dollar, and an improving global risk appetite.
Let’s break it down further:
Macro Tailwinds → The Federal Reserve’s May 7 decision to hold interest rates steady at 4.25%–4.50% delivered welcome relief to markets. Fed Chair Jerome Powell acknowledged “heightened uncertainty” due to Trump’s aggressive trade moves but pointed to solid economic fundamentals — like low unemployment — as reasons to pause further tightening. This rate stability has given Bitcoin bulls room to charge.
Geopolitical Moves → Beyond the Trump-UK deal, Treasury Secretary Scott Bessent’s planned meeting with top Chinese officials in Switzerland this week marks a pivotal moment. U.S.-China tensions remain elevated after April’s tit-for-tat tariffs, and any breakthrough here could significantly ease global risk pressure — further fueling Bitcoin’s upside momentum.
It’s worth noting that Bitcoin last set an all-time high of $109,000 on January 20, just before Trump’s inauguration. While the asset retreated sharply in the weeks following, the current backdrop of political posturing, dovish monetary policy, and improving market sentiment is setting the stage for what could be a high-volatility breakout past the psychologically critical $100,000 level.
All eyes are now on the charts: can Bitcoin punch through this ceiling in the coming days? With momentum building and bulls firmly in control, we may be on the cusp of a historic new leg up.
Stay sharp — the next 48 hours could be pivotal. $BTC