Bitcoin Breakout Incoming? Trump’s Trade Deal Sparks Bullish Momentum

Bitcoin Bulls Roar Back: Will Trump’s Deal Push BTC to a New All-Time High?

Bitcoin (BTC) is edging closer to the critical $100,000 psychological barrier, fueled by growing market optimism after former U.S. President Donald Trump teased a major trade agreement with the United Kingdom.

Trump’s Trade Deal Sparks BTC Momentum

In a May 7 post on Truth Social, Trump announced that a “major trade deal” with a “big, and highly respected country” would be revealed on May 8. According to a report by The New York Times, that country is expected to be the UK. This announcement has added fresh momentum to Bitcoin’s ongoing rally, pushing it to $99,140, up from $97,759 earlier in the day, per CoinMarketCap data.

Analysts and traders suggest that this renewed optimism surrounding global trade could be fueling a bullish breakout in crypto markets. BTC Markets’ head of finance, Charlie Sherry, noted that Bitcoin’s move came “as everyone else was looking down and calling for lower.”

Bitcoin Bulls Eye New All-Time High

Speculation is mounting that Bitcoin may soon surpass its current all-time high of $109,000, which it reached on January 20, just hours before Trump’s inauguration. FOMO21 co-founder Neil Jacobs attributed the recent price surge directly to Trump’s announcement, while Anthony “Pomp” Pompliano commented that the trade deal “increases the odds of new all-time highs in 2025.”

Market Sentiment Turns Greedy

Bitcoin’s recent 3% daily gain has triggered over $96 million in short liquidations, according to CoinGlass, indicating a strong shift in market positioning. The Crypto Fear & Greed Index currently shows a score of 65 – “Greed”, reflecting heightened investor confidence.

As Bitcoin inches toward a key milestone, traders are closely watching for confirmation of the trade deal and any additional macroeconomic signals that could push BTC into uncharted territory once again.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.