$BTC

Bitcoin is currently trading around $103,000, showing signs of consolidation after a significant climb.

Several factors suggest a potential push towards the $110,000 mark.

A recently announced U.S.-China trade deal has eased inflation concerns, creating a more favorable macroeconomic environment for risk assets like Bitcoin.

Additionally, the upcoming April CPI report is expected to show a decrease in inflation, potentially strengthening the case for a Federal Reserve rate cut.

Consistent inflows into spot Bitcoin ETFs, particularly BlackRock's IBIT, indicate strong institutional demand.

This sustained buying pressure, coupled with a potential supply squeeze as more Bitcoin is held off exchanges, could drive prices higher.

Technical analysis also suggests bullish continuation, with analysts noting Bitcoin's ability to perform well in both risk-on and risk-off market conditions.

While some profit-taking is expected, the overall sentiment remains optimistic, with $110,000 being a key psychological target in the near term