What’s next for the price of Bitcoin?
After establishing a solid support base around $110,000, the technical outlook for Bitcoin suggests that the next psychological target is near $120,000. The reluctance of bulls to take profits, even after a strong rejection near $111,800, suggests increased upward pressure.
Furthermore, Bitcoin's 24-hour trading volume crossed the $75 billion mark on Thursday, the highest in 14 days since May 7, indicating the start of another upward catalyst.
Trump's tariff announcement could create uncertainty in the sovereign bond markets of the EU and the US. As investors face instability in yields and lower demand, Bitcoin could benefit from a rotation towards safer assets.
In the short term, traders will closely monitor BTC's ability to stay above $110,000. A breakout above $112,000 could accelerate gains towards the resistance range of $118,000 to $120,000.