Main Takeaways:-
- Bitcoin continued its upward trend by trading near the $104,000 mark on Sunday night.
- Experts said that Bitcoin could achieve a new all-time peak shortly, based on ongoing macroeconomic trends.
The world’s biggest cryptocurrency showed little change in the last 24 hours, dropping 0.12% at 103,926, according to The Block’s Bitcoin price page. At the beginning of the day, Bitcoin saw a temporary uptick above the $105,000 level.
Bitcoin is presently trading about 4.5% below its January all-time peak of $108,786.
Kronos Research CIO Vincent Liu said that, “Bitcoin remains near all-time highs, driven by bullish technical signals trading above its 50 and 200-day moving averages. “More big investors are getting involved, and the positive outlook for 2025 suggests Bitcoin could reach a new all-time high.”
On the other hand, bitcoin’s relative strength index (RSI) shows that cryptocurrency is at excessively high levels, experts noted.
This does not mean a change is happening right away, but it does make it more likely that Bitcoin will slow down or move sideways for a while,” said BTC Markets Expert Rachael Lucas. “Testing and staying above the important $100,000 level would be a good sign and could set the stage for more growth.
The ongoing rise of Bitcoin was mostly fueled by news from outside the market, especially positive updates about the U.S.-China talks, according to analysts. Concerns about a long trade war due to high U.S. tariffs were a key reason for stopping Bitcoin’s last big price surge.
Trade talks between the two important economies culminated successfully in Switzerland on Sunday, where Chinese officials said both sides have hit an “important consensus,” Reuters reported.
On Monday, U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are ready to declare the details of “substantial progress” made during talks with China, according to the report.
“The present rally across the crypto market is driven by renewed optimism over U.S.-China trade negotiations,” Presto Research Analyst Min Jung said, “We are observing a typical shift as Bitcoin’s dominance hits levels last seen before the 2021 boom, and money is starting to move into altcoins.”
The Presto expert added that bitcoin’s chances of breaking its previously all-time high record, based on how the trade talks evolved, with other growing geopolitical problems still a key variable.
Besides the overall economy, steady investments into spot Bitcoin ETFs and big companies like Strategy buying more Bitcoin are key to keeping the price rising, said Liu from Kronos.
“As macro events like the upcoming U.S. CPI on May 13 loom, investors need to stay alert, be smart with their risks, and use different strategies to handle this unpredictable market,” Liu added.
Read also:- Bitcoin Surges as Trump Hints at Major Deal with China
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.
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