May 8, 2025
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Bitcoin Approaches $100,000 Amid Trump’s Trade Deal Hype
Bitcoin (BTC) approaches the $100,000 mark amid optimism surrounding a potential trade deal between the U.S. and the U.K., hinted at by President Trump. The cryptocurrency's price rise coincides with positive sentiment in traditional markets.
- Asian stocks are trading higher; S&P 500 futures up by 0.6%
- Wall Street Journal suggests Trump's trade announcement may only outline discussions, potentially slowing BTC's bullish momentum
- Resistance observed at $99,900, with increased selling pressure expected from early buyers and profit-taking by long-term holders
- Coinbase premium indicator diverging bearishly from price since late April, indicating reduced demand from U.S. investors
- Bearish RSI divergence noted as BTC hits multi-week high without corresponding momentum confirmation
