Bitcoin price rallied this week, hitting the important resistance level at $104,000 for the first time since February.
Bitcoin (BTC) rebounded by nearly 40% from its April low, sparking a broader altcoin rally. Bitcoin’s market cap has surged past $2 trillion, while the total crypto market cap has climbed to $3.25 trillion.
Several factors are fueling the Bitcoin rally. First, optimism is growing that trade tensions between the United States and other major economies may ease. The U.S. has already finalized a deal with the UK, and top officials are scheduled to meet with Chinese counterparts this weekend.
An end to the current tariff regime would be a positive catalyst for both stocks and cryptocurrencies, as it would ease recession concerns, reduce inflationary pressure, and improve the likelihood of Federal Reserve rate cuts.
Additionally, analysts have upgraded their Bitcoin forecasts. In a recent note, Standard Chartered said its previous $120,000 target was too conservative. CryptoQuant founder Ki Young Ju admitted he was wrong to call the end of the bull cycle. He expects BTC to have more upside, helped by rising institutional demand.
Meanwhile, spot Bitcoin ETFs have attracted over $40 billion in inflows since January 2024, with more than $1.7 billion added this month alone. Companies like Semler Scientific, Strategy, and MetaPlanet have continued to accumulate BTC through these ETFs.
Bitcoin price may keep rising as investors become greedy. The crypto fear and greed index has jumped to the greed zone of 70. Historically, Bitcoin and other altcoins do well when investors are greedy.
Bitcoin price technical analysis
The weekly chart shows that BTC bottomed at $79,510 in April and has now posted five consecutive weeks of gains. It remains above the 100-week Weighted Moving Average, a sign that bulls continue to dominate the market.
Bitcoin now appears poised to retest its all-time high at $109,400. With both the Relative Strength Index (RSI) and the MACD trending upward, momentum favors the bulls.
A breakout above that level would confirm bullish continuation and potentially propel BTC toward the next psychological milestone at $110,000.
