Bitcoin (BTC) is on the verge of hitting a new all-time high, currently priced at around $104,336. Traders are closely monitoring the effects of a significant U.S.–China trade agreement and are looking forward to a potentially positive April Consumer Price Index (CPI) report. These global economic factors, combined with steady ETF investments and a calm market environment, are laying the foundation for a potential breakthrough above $109,350.
The Macro Drivers Behind Bitcoin’s Surge
Amid growing optimism, Bitcoin’s price surge is primarily being fueled by two key macroeconomic factors:
🌍 U.S.–China Trade Deal:
The recent breakthrough in the U.S.–China trade negotiations has injected confidence into the market. Traders are hopeful that improved trade relations between the two economic powerhouses will positively impact Bitcoin’s value.
📊 Anticipation of Soft CPI Data:
Traders are eagerly awaiting the release of the April Consumer Price Index (CPI) report, expecting it to show signs of a softening in inflation. A lower CPI figure could boost Bitcoin’s attractiveness as an inflation hedge.
What Lies Ahead for Bitcoin?
As Bitcoin approaches the $110K milestone, the key levels to watch are the critical support at $104K and the psychological resistance at $110K. Should BTC break above $109,350 decisively, it could pave the way for a significant rally towards new highs. On the flip side, a failure to hold above $104K might lead to a short-term correction.
📉 Will Bitcoin Maintain Its Bullish Momentum?
The current bullish sentiment around Bitcoin raises the question of whether this upward trend will continue. Traders are closely observing the market dynamics to gauge if BTC can sustain its momentum towards $110K and beyond.
To all traders and enthusiasts: Do you believe Bitcoin will break above $110K soon, or is a correction imminent? Share your thoughts below!
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