Bitcoin (BTC) approached its highest levels since late January, reaching above $105,000 before consolidating near $103,000, following news of a major US-China trade deal that slashed reciprocal tariffs. The agreement fueled gains across risk assets, notably in the S&P 500 and Nasdaq, and pushed the US dollar index (DXY) to a one-month high.
Amid this positive macro backdrop, Bitcoin's price surge spurred analysts and traders to anticipate new all-time highs, especially after a successful retest of the 50-week exponential moving average (EMA), which historically has signaled the start of fresh price rallies. Order books revealed strong liquidity concentrations between $102,000 and $105,000, attracting heightened trading interest as participants monitor these zones for action.
However, profit-taking has also accelerated. According to on-chain analytics from Glassnode, an uptick in profit takers contributed to a short-term dip in BTC price, counterbalancing the strong inflow from new buyers. While the RSI for first-time buyers remains high, momentum buyers are showing some weakness, raising the possibility of a near-term consolidation phase if fresh inflows slow. Nonetheless, market analysts—including Bitfinex—note that capital rotation into BTC and ongoing macro tailwinds could support further upside, with rising ETF inflows and fewer coins held at a loss all pointing to a structurally bullish market for BTC.