Bitcoin Surges After Trump’s Announcement
The Bitcoin has experienced a dramatic surge in the past few hours, rising from $95,700 to nearly $100,000 in just eight hours. This sudden spike follows an enigmatic statement from Donald Trump, hinting at a “major announcement” scheduled for May 8.
Bitcoin is currently trading at $99,100, up by 2.73% over the last 24 hours, hitting a peak of $99,401 on May 8. This surge is directly attributed to Trump’s announcement hinting at a major trade deal with an “important and highly respected” country.
Despite the macroeconomic pressure and Trump’s trade war, Bitcoin has rebounded by 1.38% in early Asian trading session. This upturn can be explained by significant fund inflows observed in the past two weeks into physical Bitcoin ETFs, surpassing $3 billion.
Bitcoin Nearing the $100,000 Threshold ?
Although the Bitcoin surged from $95.7k to $99.4k in just eight hours, it seems to encounter a new resistance at $99,450. Some market participants believe that this sudden rally could be an anticipation of Trump’s announcement, followed by a wave of profit-taking and “sell the news.”
Uncertainty remains regarding a sustained consolidation of Bitcoin above the symbolic $100,000 mark. The volatility induced by this announcement could indeed lead to a rapid retest of this level, but buyers will need to defend it successfully to hope for a lasting upward trend.
From a chart perspective, the FBB indicates that Bitcoin might reach $100,000 in the next few hours, with a resistance zone between $100,500 and $102,000.
However, Binance’s liquidations map over the last 7 days shows a dominance of long positions. This could trigger a sharp drop leading to a long squeeze later on.
Moreover, several Hyperliquid whales have shorted BTC by over $60 million, prompting some to once again cry foul of “insider trading.” Clearly, volatility will continue to be present and prevalent today.
As we await Trump’s announcement, forecasts on Bitcoin’s price trend remain neutral, without a clear bullish or bearish bias. Analysts recommend closely monitoring the upcoming hours, which should provide crucial insights into the market direction.
