Bitcoin Surges 1.53% to $104,156 as Trade War Eases

Bitcoin has surged past the $104,000 mark, reaching a new high of $104,156, marking a 1.53% increase over the past 24 hours. This significant milestone comes after a steady climb from below $90,000 in April, with the cryptocurrency showing signs of exhaustion near the $105,000 resistance zone. The rally has attracted the attention of high-stakes traders, with some placing large short positions in anticipation of a potential correction. Despite the surge, the Bitcoin Fear & Greed Index has remained outside the extreme greed zone, indicating a level of caution among investors.

The recent price surge has been driven by a combination of factors, including the easing of the US-China trade war and the Federal Reserve's decision to maintain current interest rates. Arthur Hayes, a prominent figure in the cryptocurrency industry, has urged investors to buy everything as the trade war eases and Bitcoin continues to climb. However, some analysts have expressed concerns about the sustainability of the rally, with the cryptocurrency facing key resistance levels ahead.

Despite the high-stakes short positions and concerns about the sustainability of the rally, Bitcoin has maintained relative stability, with price fluctuations remaining within a narrow range. The cryptocurrency's dominance in the market has also been evident, with it accounting for a significant portion of weekly crypto inflows. As Bitcoin continues to hover near its all-time high, investors and analysts alike will be closely watching for any signs of a potential correction or further gains.