Source: CoinGeckoThe latest spike in Bitcoin dominance matches historic levels last seen in early 2021, when Bitcoin was trading at around $36,000 and heading toward its previous all-time highs above $60,000.“Bitcoin has been showing strength for weeks now, outstripping other digital tokens, and scarcely flinching against the sort of geo-political events in Asia and the Middle East that may have impacted it in the past,” Mercuryo CEO Petr Kozyakov told Cointelegraph.“With gold also running good all year, there’s now a case for saying that Bitcoin may have proven itself as an economic hedge and a long-term store of value,” he added.
For the rally to sustain, the trade deal narrative will need to evolve into concrete progress.”According to Ben Caselin, chief marketing officer at VALR, there is a “good chance” that Bitcoin will chart new highs, north of $110,000, sooner rather than later, as the asset seeks to consolidate its value above $100,000.“Retail is only set to come in toward what is traditionally the latter part of the Bitcoin four-year cycle, which might see a macro top reached in Q4 of this year,” Caselin told Cointelegraph.
Some in the community linked Bitcoin’s latest bullish action to a potential trade deal between the US and the United Kingdom, which Trump hinted at in a Truth Social post on May 7.“Bitcoin is hovering near $100,000, a key psychological level for traders, after Trump hinted at a major trade deal, likely with the UK,” Kronos Research chief investment officer Vincent Liu told Cointelegraph.
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