Bitcoin Surges as Trump Considers Cutting Tariffs on Chinese Imports

In the past 24 hours, Bitcoin has experienced a significant rally, surpassing $94,000, fueled by reports that former U.S. President Donald Trump — who is running for re-election — is considering cutting tariffs on Chinese imports if he returns to office. This potential policy shift has sparked optimism in financial markets, including the crypto space, which often reacts positively to economic stimulus and global trade improvements.

In addition to political momentum, $BTC rise was amplified by a short squeeze — a market event where traders betting against the asset are forced to buy back in to cover their positions, creating upward price pressure. This particular squeeze resulted in over $635 million in short liquidations, adding fuel to Bitcoin’s upward momentum.

With these combined factors — political developments and technical market dynamics — analysts now believe that Bitcoin could potentially hit $100,000 in the near term, especially if market sentiment remains bullish and favorable economic expectations continue to grow.

Other major cryptocurrencies like$ETH , as well as several altcoins, also saw gains during this rally, making it a standout day for the entire crypto ecosystem.