$BTC - The cryptocurrency market recovers

The market capitalization of cryptocurrencies increased when Bitcoin (BTC) broke the resistance of USD 100,000 and moved to its current level of USD 102,993. BTC broke this level after spending weeks in a narrow trading range between USD 90,000 and USD 96,000.

The cryptocurrency market rally comes amid significant events, as President Donald Trump announced a major trade deal with the United Kingdom. The agreement signaled a potential de-escalation of global trade tensions, improving market sentiment and investor risk appetite. Treasury Secretary Scott Bessent's trip to Switzerland to meet with officials from the Chinese Ministry of Commerce has sparked greater optimism. Bessent stated during an interaction with press officials:

"Current tariffs and trade barriers are unsustainable, but we do not want to decouple."

The BTC rally caused significant losses for bearish traders, who paid heavily for their bets against Bitcoin. According to data from Coinglass, over USD 118 million in short positions were liquidated in the last 24 hours.