Bitcoin Price Hits Psychological $100K Following Trump-UK Trade Deal

Bitcoin (BTC) price has rallied past the psychological $100,000 for the first time since February, riding a wave of optimism sparked by the U.S.-U.K. trade deal and steady Federal Reserve policy. The pioneering cryptocurrency hit the milestone late Wednesday, peaking at $100,200 on major exchanges before easing slightly, as traders piled into risk assets amid improving macroeconomic signals. This was the third instance of Bitcoin price surpassing the $100,000 mark, following its initial breakthrough on December 5, 2024, and a subsequent record high on January 20, shortly before U.S. President Donald Trump’s inauguration. Trump-UK Trade Deal Propel Bitcoin Price The catalyst came earlier today when President Trump announced a trade agreement with the U.K. Key elements of the agreement include lowering tariffs on U.K. car exports to the U.S. from 27.5% to 10% and eliminating duties on steel and aluminum. The deal also opens U.K. markets to more U.S. agricultural products, such as beef and ethanol. Also, Trump signaled openness to pursuing future trade agreements with both the European Union and China. Meanwhile, the House approved a bill proposing to rename the Gulf of Mexico as the Gulf of America. This is the first major pact since the administration’s tariff regime kicked off—eased fears of persistent supply-chain inflation. That move has ignited broad market upswing, with Bitcoin emerging as a standout performer. Data from CoinGlass shows over the last 24 hours, 144,492 traders saw their positions liquidated, with total losses reaching $581.13 million. The biggest individual liquidation occurred on Binance, where a BTC/USDC position worth $10.59 million was closed. The bullish mood spilled over to other digital assets. Ethereum (ETH), Solana (SOL), and several other leading cryptocurrencies are posting strong recoveries, though most are still trading well below their highs from earlier this year. Analyst Eye New All-Time Highs Bitcoin price’s technicals also flashed bullish signals: breaking $100,000—a key psychological threshold—sets the stage for a potential push to $105,000, a level last tested in November 2023. Analysts suggest a clear run above that could target $120,000 in the near term. Geoff Kendrick of Standard Chartered notes that this rally is being driven by genuine capital inflows through spot Bitcoin ETFs, a shift from previous surges that were largely fueled by hedge fund basis trades. He now considers his earlier Q2 target of $120,000 for Bitcoin potentially too modest. Former Binance CEO Changpeng Zhao has reiterated his forecast that Bitcoin could reach between $500,000 and $1 million in the ongoing market cycle. Bitcoin’s market dominance has risen above 60% for the first time since early 2021, indicating that traders are favoring BTC over altcoins as geopolitical uncertainty persists. Bitcoin’s recent surge in market dominance mirrors levels not seen since early 2021, a period when the cryptocurrency was priced near $36,000 and climbing toward its former peak above $60,000. During previous runs toward the $100,000-mark, Bitcoin price’s dominance typically hovered between 52% and 54%. At the time of writing, BTC/USDT is trading at approximately $101,431, reflecting a 4.83% increase over the past 24 hours. The intraday high reached $101,879, while the low touched $95,959. Source: https://www.thecoinrepublic.com/2025/05/10/bitcoin-price-hits-psychological-100k-following-trump-uk-trade-deal/