Bitcoin crosses $100,000 for first time since February amid renewed US trade negotiations

Bitcoin

BTC +4.52%

crossed the psychologically important trading level of $100,000 on Thursday morning, according to The Block’s BTC price data. The move marks a recent high after sinking to a local low of $76,320 on April 8, amid a mix of macroeconomic uncertainty largely driven by President Donald Trump’s touch-and-go trade policy.

The world's largest cryptocurrency is up nearly 4% on the day, about 7.8% on the week, and 27.4% over the past 30 days, according to The Block's data. This is the first time bitcoin has touched the $100,000 level since Feb. 4.

According to some experts, the rally this week was sparked by renewed trade negotiations between U.S. Treasury Secretary Scott Bessent and Chinese officials scheduled to take place in Switzerland. Trump said on Thursday that trade deals could come this week, including with the UK.

Others, including Standard Chartered analyst Geoffrey Kendrick, argued BTC is rising due to increased flows. If the levels hold, bitcoin could rise to all-time highs.

"I think a fresh all-time high for Bitcoin is coming soon. My specific target of USD120k for Q2 looks very achievable," Kendrick told The Block in an email. "The dominant story for Bitcoin has changed again."

Bitcoin then became a way to position for strategic asset reallocation out of U.S. assets. It is now all about flows. And flows are coming in many forms," Kendrick said, pointing specifically at over $3.5 billion worth of spot Bitcoin exchange-traded product inflows in the past three weeks, Strategy’s recently announced "42/42" plan to raise an additional $84 billion to buy BTC, and other dynamics.