Bitcoin Price Approaches the Historic $100,000 Threshold

Bitcoin's price is approaching the historic $100,000 threshold, buoyed by rising market optimism and macroeconomic shifts

Bitcoin price is inching closer to the psychological level of $100,000 amid rising market optimism and macroeconomic shifts ahead of a key trade meeting between officials from the US and China.

At press time, BTC is trading above $99,000, testing a zone of strong resistance. The crypto is up nearly 3% in 24 hours and 5% in seven days.

The derivatives market has seen some cooling, with liquidations dropping more than 7% over the past 24 hours, mainly short positions, according to data from CoinGlass.

Crypto Fear & Greed Index returns to 'Greed'

The market’s Crypto Fear & Greed Index has returned to "Greed" territory, highlighting strong investor enthusiasm.

The US Federal Reserve’s decision to keep interest rates steady at 4.25% to 4.5% initially sparked a slight decline in Bitcoin from its recent high. As traders reacted to the Fed’s stance on monetary policy, BTC saw a brief dip to $95,866 before prices quickly recovered.

Federal Reserve Chair Jerome Powell noted that inflation had come down considerably but remained above the central bank’s longer-term target of 2%.

“Inflation has come considerably but remains above our longer-term target of 2%,” Powell said, adding that there were concerns about economic uncertainty, employment risks, and inflationary pressures.

This weekend will also see the US and China resume their trade talks in an effort to defuse escalating tensions and discuss tariffs ahead of President Joe Biden’s planned trip to Beijing later in the year.

Investors will be looking for any signs of progress in the trade discussions, which could significantly impact global financial markets, including cryptocurrency prices.

With macroeconomic headwinds and geopolitical tensions persisting, investors are seeking any positive developments that could sustain Bitcoin’s rally from the critical $100K level.

Houthi attack on Ben Gurion Airport injures eight

In a separate development, Houthi forces in Yemen launched a ballistic missile attack on Israel’s Ben Gurion Airport on Saturday, injuring eight people and causing significant damage.

The attack led to the closure of Israeli airspace for several hours, disrupting air travel and causing widespread chaos. As of Sunday morning, Israeli authorities confirmed that airport operations had been partially restored, with several flights landing and departing.

However, with the threat of further missile attacks remaining high, Ben Gurion Airport officials advised passengers to check the status of their flights with their respective airlines.

Moreover, Israeli authorities are also advising citizens to defer any non-essential travel plans from Israel due to the heightened geopolitical tensions in the Middle East.

The Houthi rebels, who are active in Yemen and have ties to Iran, claimed responsibility for the missile attack on Saturday evening. The missile struck a parking lot at the airport, injuring eight people and causing a fire that broke out in a nearby vehicle.

The attack caused widespread chaos and disruption, with several flights being cancelled or delayed. Israeli authorities also closed the airspace for several hours, impacting travel to and from Israel.

As a precaution, Ben Gurion Airport officials advised passengers to check the status of their flights with their respective airlines and be prepared for potential changes in travel plans.

Those planning to travel from Israel are advised to defer any non-essential trips from Israel due to the broader geopolitical and economic landscape.