What’s Next for Bitcoin With Crypto Market Cheering Trump's Trade Deal Hype?

Bitcoin (BTC) is accelerated closing connected the $100,000 people arsenic U.S. President Donald Trump teased a large commercialized deal, with reports suggesting it could beryllium with the U.K.

The upswing successful prices is accordant with the cryptocurrency's broader bullish method setup and buoyant hazard sentiment successful accepted markets. As of this writing, the Asian stocks traded higher, with the futures tied to the S&P 500 up by 0.6%.

Still, a mates of factors suggest the $100,000 breakout whitethorn not beryllium a creaseless ride.

WSJ pours acold h2o implicit optimism

Firstly, as per the Wall Street Journal, the large commercialized woody that Trump teased connected Truth Social could beryllium a "framework of an announcement with tariff adjustments."

In different words, the impending announcement could beryllium a model of discussions that could pb to a commercialized woody weeks oregon months from now. So, the bullish momentum successful BTC could dilatory erstwhile the archetypal optimism fades.

Resistance astatine $99.9K

As discussed earlier this week, the $99,900 could beryllium a pugnacious seed to ace owed to the imaginable for accrued selling unit from those who bought coins astir these levels aboriginal this twelvemonth and nett taking by semipermanent holders.

Coinbase premium

Coinbase premium indicator, which measures the dispersed betwixt BTC's dollar-denominated terms connected the Coinbase speech and tether-denominated terms connected Binance, is wide seen arsenic a proxy for request from the U.S.-based investors.

In the past, sustained BTC bull runs person been characterized by an uptick successful the Coinbase premium.

However, since precocious April, the seven-day moving mean of the Coinbase premium has diverged bearishly from the price.

Bearish RSI divergence

While BTC acceptable a caller multi-week precocious during the Asian session, the 14-hour comparative spot index, an indicator utilized to gauge momentum and overbought and oversold conditions, didn't travel suit.

The resulting bearish divergence suggests the momentum whitethorn beryllium weakening.