Bitcoin Price Today: Surpasses $109,000 on US-Vietnam Trade Optimism
Bitcoin continued its upward momentum on Thursday, hitting $109,000, as global financial markets reacted positively to new US trade developments and supportive economic policy signals.
The world's largest cryptocurrency has officially broken out of the $103,000-$108,000 trading range, suggesting that a solid rally could continue in the short term if supportive factors continue to bolster investor confidence.
As of 05:15 GMT (01:15 ET), Bitcoin (BTC) was up 2.3% at $109,113.8. Not only BTC, top altcoins also recovered strongly, as investors' risk appetite improved after a strong rally on Wall Street with the S&P 500 hitting a new record high.
Trade optimism boosts crypto market sentiment
Bitcoin's main bullish momentum today came from the announcement of a new trade deal between the US and Vietnam, marking Washington's third agreement in just weeks ahead of a crucial July 9 deadline.
In addition, the US also eased restrictions on high-tech chip exports to China, after the two major economies reached a trade framework agreement in June, raising hopes that geopolitical tensions could ease.
US officials said the deal with India is in the "final stages", although negotiations with Japan and South Korea remain difficult.
Notably, former President Donald Trump said he has no intention of extending the July 9 deadline, putting pressure on the parties involved to reach a trade deal sooner, creating a positive environment for risk assets like cryptocurrencies.
Political dynamics and US labor indicators under the radar
In addition to trade developments, the market is closely watching the tax bill being debated in the US House of Representatives. Although Mr. Trump is expected to vote on it today, at least five Republican senators have announced their opposition, leaving the rate of passage still open.
A series of important economic data will be released today, especially the June Non-Farm Payrolls - a factor that can shape expectations for the US Federal Reserve's interest rate in the second half of the year. If the labor market shows signs of cooling, the possibility of a Fed rate cut will be higher, further supporting the sentiment of investing in digital assets.
Altcoins recover in unison, led by Dogecoin and $TRUMP
The rally is not limited to Bitcoin. Top altcoins also surged, erasing some of the losses in June:
Ethereum (ETH): up 6.1% to $2,592.85
XRP: up 3.7% to $2.2684
Solana (SOL): up 4.3%
Cardano (ADA): up 7.8% after falling nearly 17% last month
In the meme coin group, Dogecoin (DOGE) surged 8.1%, while $TRUMP coin, a politically related token, added 4.4%.
Summary: Can Bitcoin sustain the breakout momentum?
With many supporting factors from both politics and economics, Bitcoin is showing a sustainable recovery after the accumulation period. However, investors still need to be cautious with upcoming economic indicators, especially labor market data and moves from the Fed.
Meanwhile, trade policy consensus, US easing trend and the possibility of interest rate cuts at the end of the year could be the main catalysts to help BTC price surpass the $ 110,000 mark in the near future.