Bitcoin Price Poised for New Highs as Trump Confirms Advancing Tariff Deals

Bitcoin Traders Eye Breakout as Market Consolidates Amid Global Economic Developments

Bitcoin is nearing a crucial breakout as the cryptocurrency market enters a phase of consolidation. With the overall market cap hovering near $3 trillion, Bitcoin has held steady around $95,000, sparking speculation that a surge to new highs is on the horizon.

While Bitcoin’s price has remained relatively stable, major altcoins such as Ethereum (ETH), BNB Chain’s BNB, and Solana’s SOL have shown little movement, with XRP and Cardano’s ADA falling by 2%. Dogecoin (DOGE) also saw a decline, down 3%.

The crypto market faced a slight setback on Wednesday as Bitcoin-related exchange-traded funds (ETFs) recorded a loss of $56 million. This broke an eight-day streak of positive inflows into U.S.-listed spot Bitcoin ETFs, which had seen nearly $3 billion in inflows during that period.

However, analysts are watching for a potential breakout, with many believing that the market’s current range-bound state may soon give way to a big move. “Prolonged consolidations typically build up the energy for a breakout, and the upcoming labor market data could act as a key catalyst,” said Alex Kuptsikevich, chief market analyst at FxPro.

Despite the recent narrow price fluctuations, Bitcoin’s 200-day moving average, currently around $3.01 trillion, has yet to be broken. Kuptsikevich speculated that a global positive shift could trigger a breakout, potentially pushing the market cap to the $3.5 trillion range, with altcoins following suit.

Pat Zhang, head of research at WOO X, also emphasized the building momentum, stating, “Bitcoin has been trading between $93,000 and $95,000 since April 25, and it’s preparing for a potential breakout.” Zhang noted that Bitcoin’s average funding rate has been negative for the past week, which suggests increased whale activity both on and off exchanges.

Historically, when Bitcoin’s funding rates have turned negative, it has often preceded significant upward price movements. “Following these periods, Bitcoin has surged, suggesting that whale accumulation is setting the stage for a rally,” Zhang explained.

However, macroeconomic factors remain a concern for the market, particularly with U.S. tariff policies. President Donald Trump acknowledged the political risks associated with his tariff program but expressed optimism, stating that deals with South Korea, India, and Japan were progressing, and that talks with China were moving forward in his favor. These developments continue to weigh on global markets as traders remain cautious.