Why Is Bitcoin (BTC) Price Rallying Today?
Highlights
- Bitcoin price surged from $95,700 to $99,400 in eight hours after Trump's announcement.
- Bitcoin is currently trading at $98,914.35 with a 2.52% today with forecasts of increased volatility.
- Analysts divided on Trump's announcement impact, some see potential for sustained uptrend if buyers defend $100,000 level
Donald Trump’s hinted at a “big announcement” on May 8 at 10 AM ET, which catalyze Bitcoin (BTC) price rally to nearly $100k. Will this news-driven rally push BTC price to $100k?
Trump’s comment has caused Ethereum price to shoot 6%, which is also seen across other altcoins in the crypto market today.
Why is Bitcoin Price Up Today?
Bitcoin price today trades at $101,440.0 on 6 PM. In the past 24 hours, BTC is up 4.88% with a daily high of $101,784.0 on October 11.
As noted above, Donald Trump said.
“Big news conference tomorrow, 10 am EST in the Oval Office.”
Trump also added that this would be regarding a major trade deal with a “big and highly respected country.”
*bitcoin price updated as of 6 PM.
Despite Trump’s trade war and building macroeconomic pressure, the BTC trades at $101,440.0 after bouncing 1.38% in the early Asian session. The optimism can be attributed to massive spot Bitcoin ETF inflows that have crossed the $3 billion mark in the past two weeks.
Will BTC Hit $100k Today?
Bitcoin price exploded from $95.7k to $99.4k in just eight hours, but is currently undergoing correction and is down 0.65% from the local top. May in the crypto community believe this sudden rally could be market front-running the announcement, which may cause a sell-the-news event.
Loma, a well-known crypto influencer, said,
“common sense traders, like me, mostly sidelined and in shambles.”
The analyst went on to suggest that Trump was “blatantly manipulating the markets higher.”
As for BTC price, revisiting the $100k psychological level is uncertain. While volatility from the news may lead to a brief retest of $100,000, buyers must defend and retain this level for a sustained uptrend. Until Trump’s announcement, Bitcoin price predictions are neither bullish nor bearish.
Frequently Asked Questions (FAQs)
1. What triggered Bitcoin's recent price rally?
2. Will Bitcoin hit $100,000 today?
3. What is driving the optimism in the crypto market?
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