Bitcoin (BTC) hits $97469, driven by trade policy shifts and New Hampshire's crypto treasury approval.

The crypto market is witnessing a powerful breakout as Bitcoin crosses the $97,000 mark, fueling a broad-based rally across digital assets.

Cryptocurrency prices rose on Wednesday, extending gains as traders assessed U.S. trade policy shifts and New Hampshire's approval for crypto investments in its treasury.

Bitcoin rose more than 10% over the past 24 hours to $97,469 by 08:16 ET (12:16 GMT), trading at levels last seen in February. The world's largest cryptocurrency had shot up $3,500 within hours to hit highs of $97,469, also triggering $55 million in short liquidations.

At current levels, Bitcoin's RSI remains at a relatively healthy 66, indicating strong buyer interest without entering overbought territory.

The cryptocurrency is up about 100% for the year, largely driven by Donald Trump's push for lower interest rates and friendlier economic terms.

Still, at $2 trillion, the cryptocurrency market is a fraction of the stock market's $110 trillion value.

"We are restarting trade negotiations with 18 countries, which does not include China," Treasury Secretary Scott Bessent confirmed.

The update saw a short-lived risk rally as traders assessed the move, which could herald a broader shift in U.S. trade policy.

Insular interest in crypto hit a new high as New Hampshire became the first U.S. state to approve crypto investments for its treasury.

Governor Kelly Ayotte signed a bill allowing the state to allocate funds to top-tier digital assets like Bitcoin, marking a new era of state-level crypto adoption.

"This legislation opens up new possibilities for our state to generate revenue and promote economic growth," Ayotte said in a statement.

The bill, S.B. 378, permits the state to invest in cryptocurrencies with A-1 credit ratings and engage in joint ventures with private entities for blockchain and Web3 projects.

"This bill is a common-sense step that will allow our state to stay competitive in the 21st century," the governor added.

At the same time, Binance founder CZ predicted that Bitcoin could hit $500K to $1M this cycle.

"I think Bitcoin could hit $500K to $1M this cycle. We have ETF flows, government accumulation, and sovereign adoption (El Salvador, Bhutan). People are making products like STI (structured financial products) in Europe, and institutions are getting involved," he said.

Smaller-cap tokens like LAYER and ALPACA saw gains of 30% or more, while meme coins such as GORK and Fartcoin posted double-digit spikes on decentralized platforms.

Total crypto trading volume surged 27.35% to $81.48 billion, indicating renewed market participation despite macro uncertainty.

All eyes are now on the upcoming Federal Reserve rate decision, with a 97% probability of no change according to the CME FedWatch Tool.

While altseason remains muted—measured by an index score of just 24/100—Bitcoin's rally toward the $100K psychological mark could be the ignition point.

Stay tuned to Benzinga for more crypto news and analysis.

Read More: Bitcoin Price Analysis: BTC Technicals Point To More Upside As Apex Coin Hits $97K, Short Sellers Get Crushed With $55M In Liquidations

This article is written with the assistance of AI.