Bitcoin Price Jumps 4.5% to $104,946 as Trump Pushes Peace, Bulls Eye $107K
Bitcoin (BTC/USD) surged over 4.5% to hit $104,946, rebounding from weekend lows after former President Donald Trump called for peace...
Quick overview
- Bitcoin surged 4.5% to $104,946 following Donald Trump's call for peace in the Middle East, alleviating fears from recent geopolitical tensions.
- Despite the recovery, Bitcoin faces resistance at $106,171, with sellers actively defending this level.
- Market sentiment remains volatile as traders await US economic data and Federal Reserve commentary on potential rate cuts.
- Binance CEO Changpeng Zhao advises investors to focus on the long-term potential of strong cryptocurrencies amidst current market fluctuations.
Bitcoin (BTC/USD) jumped 4.5% to $104,946 after former President Donald Trump called for peace in the Middle East. The crypto market had been spooked by Iran’s retaliatory strikes on US bases and quickly shifted from fear to risk-on after Trump’s post on Truth Social said 13 out of 14 Iranian missiles were intercepted with no casualties, framing the conflict as “contained”.
This public tone shift led to a quick recovery across the crypto market. Bitcoin, which had briefly dropped below $100,000 for the second time in two days, recovered within hours and closed near resistance. Social media chatter spiked with terms like “Iran” and “missiles” trending on crypto-tracking platforms like Santiment.
Market watchers see Trump’s comments as a sign the worst of the military confrontation may be over – at least for now.
Resistance at $106K Capping Short-Term Upside
Despite the initial pop, Bitcoin is still below the descending trendline at $106,171 where it also meets the 200-EMA. This has produced two clear rejection wicks, sellers are defending the level aggressively.
Technically, BTC is consolidating just above support at $104,606 with the 50-EMA ($103,232) providing dynamic support. A bullish engulfing candle at $104,600 hinted at momentum but without follow through, traders are cautious.
Key Levels:
- Resistance: $106,171 and $107,673
- Support: $104,606 and $103,354
- Bias: Bullish above $106,171
- Bearish risk: Below $104,600 targets $101,623
A close above $106,171 could set up a move to $107,673 and then $108,966. Failure to hold $104,600 could drag BTC to the 50-EMA or deeper retracement zones.
Geopolitics and Fed Policy Keep BTC Volatile
Macro narratives are still driving the direction of Bitcoin. While the rebound is relief from geopolitics, uncertainty remains. Trump’s comments helped calm fears but new developments can still impact sentiment quickly.
And on top of that, traders are waiting for US economic data and Fed commentary for rate cut hints. Lower rates are good for non-yielding assets like BTC but the dollar’s strength is still capping upside.
Binance CEO Changpeng Zhao reminded investors to zoom out: “Only a few strong coins will reach new highs. Focus on staying power.”
Summary:
Bitcoin’s 4.5% pop shows how crypto is so tied to global headlines. Resistance at $106,171 is big but a breakout could unlock the momentum. Until then, traders are navigating this high risk zone with caution and one eye on the next political or policy signal.
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