Thomas Daniels
Bitcoin’s price experienced a strong rebound, surpassing $109,000 after U.S. President Donald Trump announced a delay in implementing a proposed 50% tariff on European Union goods. The decision, made after discussions with European Commission President Ursula von der Leyen, extends the deadline to July 9, offering a temporary reprieve from escalating trade tensions.
This development sparked renewed enthusiasm among risk assets, with Bitcoin reaching an intraday high of $110,100 on May 26, marking a 3.2% increase from a May 25 low of $106,660. The cryptocurrency’s resilience was further demonstrated by its seventh consecutive weekly close above $109,000, a trend historically associated with sustained bullish momentum.
Market Outlook and Price Trajectory
Bitcoin’s current trajectory suggests it is well-positioned to record its eighth consecutive weekly gain. Historically, such streaks have often led to six to twelve months of continued positive price performance, although a short-term correction is possible.
According to traders, maintaining the recent breakout levels is essential for further upward momentum. Analysts note that surpassing the resistance band between $109,588 and $111,980 could push Bitcoin into price discovery territory, with potential upside targets near $130,000.
Key Support and Resistance Levels
- Resistance: The primary resistance zone spans from $109,588 to $111,980. A decisive breakout could trigger a surge toward $125,000 to $130,000 in the near term.
- Support: Immediate support lies between $104,500 and $106,000, followed by secondary levels at $102,500 and the psychological threshold of $100,000.
Market participants emphasized the importance of Bitcoin closing above its previous all-time high of $109,000, achieved on January 20. A sustained hold above this level would reinforce bullish sentiment and validate the ongoing rally.
If Bitcoin continues to trade within its current range, with buyers defending the $105,500 to $107,000 support band, analysts anticipate a potential run toward fresh record highs in June.
