Bitcoin Surges 6% to $103,096 on US-UK Trade Deal, Institutional Demand

Bitcoin (BTC) has surged past $100,000, driven by easing trade tensions, the US-UK trade deal, and the anticipation of US-China trade talks. The cryptocurrency has regained momentum after a slight decline on Friday, with buyers aiming for a move past $105,000.

BlackRock’s Bitcoin ETF (IBIT) acquired an additional 3,450 Bitcoin on Friday, marking its 19th consecutive day of inflows. The ETF has seen significant inflows, totaling over $44 billion, and holds 625,000 BTC in its treasury. This acquisition comes as Bitcoin plots a push towards a new all-time high after surging past $100,000 on Thursday.

Bitcoin's sharp rally on Thursday was fueled by growing institutional demand, the US-UK trade deal, and the scheduled US-China trade talks. Despite the Federal Reserve's decision to leave interest rates unchanged, markets are already pricing in a 70% chance of a rate cut in July. The price jump came despite the Federal Reserve’s decision to leave interest rates unchanged.

With Bitcoin trading above the $100,000 milestone, traders are optimistic about further upside, especially after the US and UK signed a comprehensive trade deal. Economists described the deal as "only a framework," but markets welcomed the prospect of easing trade tensions, leading to notable gains in US equity indexes.

Bitcoin (BTC) is up nearly 1% during the ongoing session as buyers regain control after a marginal dip on Friday. The flagship cryptocurrency reclaimed $100,000 for the first time since February, with momentum shifting in favor of buyers. On-chain metrics suggest a continuation of bullish sentiment as BTC eyes a move past $105,000.

Crypto expert Arthur Hayes expressed confidence that Bitcoin could surge to $150,000 this year. He noted that inflation is also likely to continue, which investors argue would be beneficial for BTC and other risk assets.

BTC registered a notable rise on Thursday (May 1) to cross $96,000 and settle at $96,458. The flagship cryptocurrency continued to push higher on Friday, rising 0.50% to $96,939. However, it lost momentum over the weekend, falling 0.98% on Saturday and 1.66% on Sunday, slipping below $95,000 and settling at $94,390. Despite the bearish sentiment, BTC recovered on Monday, rising 0.41% to $94,773. Bullish sentiment intensified on Tuesday as BTC registered an increase of over 2% to cross $96,000 and settle at $96,845.

The price faced volatility on Wednesday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as BTC registered a marginal increase to claim $97,000 and settled at $97,013. Bullish sentiment intensified on Thursday as markets rallied. As a result, BTC surged over 6%, shattering the $100,000 barrier and settling at $103,096. However, buyer exhaustion led to a marginal decline on Friday as the price dropped to $102,851. The current session sees BTC marginally up, having reclaimed $103,000 and trading around $103,558.