BTC price has been trending upwards recently

Last week, the price of Bitcoin has broken through $97,000 and approached $100,000, reaching a new high in nearly 90 days. Earlier, due to Trump’s announcement of an important trade agreement with the UK, market sentiment improved significantly. This news fermented during the European trading session, causing the price of Bitcoin to rise for several days, attracting the attention of a large number of investors.

Figure:https://www.gate.io/trade/BTC_USDT

On May 11, 2025, the price of BTC is around $104,500, with a recent significant increase. Please trade cautiously and be aware of the risks.

The Impact of Trump on the UK Trade Agreement

Trump announced on his social platform Truth Social that a “significant trade agreement” had been reached with the UK, marking the first such important trade agreement since he imposed tariffs on multiple countries. Trump stated that he would hold a press conference in Washington to announce the agreement with “a major and highly respected country.” This news has brought a positive response in the market, as trade agreements with major countries help alleviate global economic uncertainty, thereby boosting market confidence in risk assets such as Bitcoin.

BTC Technical Analysis: Potential Upside

From a technical analysis perspective, Bitcoin’s upward trend remains strong. The Relative Strength Index (RSI) has already broken through 70 on the daily chart, indicating that Bitcoin has entered the overbought zone, but this also implies strong upward momentum. Although the RSI indicator is in the overbought zone, a pullback may occur, it is also possible to continue to remain in the overbought zone and continue to rise.

In addition, the Moving Average Convergence Divergence (MACD) indicator shows some signs of convergence. If the MACD indicator undergoes a bullish crossover, this may further enhance market sentiment towards Bitcoin, providing investors with a buy signal.

How does market sentiment affect BTC prices

The price of Bitcoin is often greatly influenced by market sentiment, especially in the face of global economic uncertainty. The effective easing of market concerns over global trade wars by the trade agreement between Trump and the UK has boosted investor confidence in risk assets and driven up the price of Bitcoin. In addition, as the price of Bitcoin breaks through key psychological levels, investor buying interest continues to increase.

BTC Future Trend Prediction

If Bitcoin continues to maintain its current upward momentum, it may challenge the next key technical target of $105,000. After breaking through $100,000, investors’ attention will turn to this new target price, with many believing Bitcoin could approach its all-time high of $109,588.

However, considering that Bitcoin is already in an overbought state, investors should remain cautious. Although technical indicators show strong upward momentum, the risk of market pullback still exists. Therefore, traders participating in the Bitcoin market still need to closely monitor market dynamics in order to adjust investment strategies in a timely manner.

Why choose Gate.io for BTC trading?

The current price of Bitcoin is close to a historical high, and market opportunities are fleeting. Choosing a platform that is safe, smooth, and supports a variety of trading tools is particularly important.Gate.ioAs a leading global cryptocurrency trading platform, Gate.io not only provides a wide range of trading pairs (such as BTC/USDT), but also is equipped with comprehensive charting tools and technical indicator support, suitable for both novice and professional users to conduct technical analysis. The platform supports various trading methods, including spot, futures, and quantitative strategies, with transparent fees and secure funds. Go to Gate.io now, participate in BTC trading, and seize the market opportunities!

Summary

The price of Bitcoin quickly rose after Trump announced a trade agreement with the UK, boosting market sentiment and driving Bitcoin’s price closer to $100,000. Technical analysis suggests that Bitcoin may continue to rise to $105,000, with a chance to even surpass its all-time high. However, investors should remain cautious and pay attention to potential pullback risks. In the coming months, Bitcoin may experience more volatility due to market sentiment and global economic changes.