Bitcoin traded over $99,000 earlier Thursday in Asia as a mix of positive macroeconomic signals and continued growth in institutional interest pushes the cryptocurrency toward the $100,000 resistance line.
“This isn’t just a psychological milestone, it’s a signal of growing conviction,” BTC Markets’ Crypto Analyst Rachael Lucas said.
According to The Block’s bitcoin price page, the cryptocurrency has now fallen back to $98,938 as of 1:40 a.m. ET, up 2.64% in the past 24 hours. Bitcoin rose to a local high of $99,400 earlier.
“The rally was initially sparked by headlines about renewed U.S.-China trade negotiations early Wednesday Asia time, which lifted overall market sentiment,” Presto Research Analyst Min Jung told The Block.
U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are set to meet with Chinese officials in Switzerland this weekend, raising hopes of a potential resolution to the trade tension between the world’s two largest economies.
On Wednesday, the Federal Open Market Committee kept U.S. interest rates steady, which Jung said investors took as a “signal to remain in risk-on mode.”
“Attention remains on trade headlines … Trump is scheduled to speak at 10 AM ET tomorrow on major trade deals, and any new developments could further drive market volatility,” Jung added.
Trump later announced that he would unveil a trade deal with the United Kingdom on Thursday, according to the Wall Street Journal.
Bitcoin’s last bullish momentum had been tempered by President Trump’s sweeping tariff policy announcement, which prompted trade partners to announce retaliatory measures. While bitcoin fell to lows of around $74,700 in April, it has since shown resilience in macro uncertainties, winning over market confidence.
New all-time high possible
BTC Markets’ Lucas said bitcoin could possibly retest its all-time high if it holds above $100,000 in the coming sessions.
“This rally is underpinned by more than just investor sentiment,” Lucas said. “We’re seeing the impact of post-halving supply constraints, the build-up of institutional infrastructure, and increased macro interest in non-correlated assets.”
The analyst said the upward momentum is being reinforced by strong flows into spot bitcoin exchange-traded funds. The 12 U.S. funds collectively saw over $5 billion in net inflows since April 25, according to SoSoValue data.
“While short-term volatility and profit-taking around round-number resistance levels is expected, the broader trend remains constructive,” Lucas commented.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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