Bitcoin (BTC) Hovers Above $90,000 Mark as Renewed Optimism Sweeps the Crypto Market

As Bitcoin (BTC) hovers above the $90,000 mark, renewed optimism is sweeping through the crypto market — and surprisingly, much of it is driven by the political developments made by United States (US) President Donald Trump.

As Bitcoin (BTC) trades above the $90,000 mark, new optimism is brewing in the crypto market. Surprisingly, a significant portion of this optimism can be traced back to the political developments unfolding under United States (US) President Donald Trump's administration.

Amidst the ongoing market turmoil and crypto prices slipping from their 2023 highs, Trump has recently displayed a shift in his stance. This becomes apparent as he discussed the possibility of delaying the planned tariff hikes on China. Analysts are now highlighting this potential trade resolution as a key factor that could propel Bitcoin to $100,000.

Bitcoin Price Reacts To Trump’s China Tariff Plans

Bitcoin price is back in the spotlight today as the leading cryptocurrency breaches $94,000.

However, the recent Bitcoin ETF applications and ensuing rumors of institutional investors shifting their attention to crypto don’t seem to be the primary catalysts behind this rally. Instead, it appears that a "huge accumulation spike from whales" and some "political changes" in the U.S. are driving the crypto market.

Over the past few months, Trump has been making headlines for his administrative actions. These include slashing interest rates and announcing plans to defer the installment of the new tariffs on China.

The crypto market has quickly responded to Trump's policies. For instance, Bitcoin price dropped to lows of $75,000 following reports that Trump might remove Federal Reserve Chair Jerome Powell. But now, as Trump discussed delaying the tariff hikes and playing down the threat of a trade war, Bitcoin rallied.

The crypto price is now trading above the lower boundary of the crucial $75,000-$80,000 support zone. According to one analyst, BTC could slide to $88,000-$80,000 if it drops below this support.

Alternatively, a breakout from the critical $95,000 resistance is likely to ignite a strong rally in Bitcoin price to the psychological $100,000. Afterwards, the analyst expects BTC to face another resistance at $105,000.

Another analyst shares similar bullish sentiments. They suggest that the easing tariff tensions in the U.S. and Trump's optimistic remarks about being in talks with China will trigger a surge in BTC, possibly pushing it to $100,000. The analyst predicts that Bitcoin will reclaim this level once the U.S. secures a trade agreement with China.