NewsletterWhy 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 December 17.
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?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Related Articles
- Fed’s Chris Waller Says Labor Market Is ‘Very Soft,’ Signaling Support for More Rate Cuts
- DeepSnitchAI Raising funds to Build AI Intelligence for Investors
- LINK Vs. XRP: Crypto Founder Lark Davis Reveals Who Will Win in the Next Decade
- Bitcoin Proxy Metaplanet Gets Support from World’s Largest Sovereign Wealth Fund
- Bitcoin Adoption Hits New Levels as Bhutan Commits $1B BTC to Develop Its Economic City
- Bitcoin Price Prediction as Capriole Founder Warns of a Drop Below $50K by 2028
- XRP Price Rare Pattern Points to a Surge to $3 as ETFs Cross $1B Milestone
- DOGE Whales Add 138M Coins in 24 Hours: Will Dogecoin Price Rebound Above $0.15?
- Ethereum Price Outlook Hinges on Whale Moves: Dump Below $2,800 or Reclaim Above $3K Next?
- Solana Price Outlook After Charles Schwab Adds SOL Futures — What Next?
- Pi Network Stares at a 20% Crash as Whale Buying Pauses and Demand Dries
