- Bitcoin remains below $104,000 as recent U.S.-UK and China trade deals fail to spark a rally.
- Traders await a fresh catalyst to push BTC past its all-time high of $109,588.
Bitcoin traded just under $104,000 on Monday, falling short of re-testing its all-time high of $109,588. Despite last week’s historic trade deals between the U.S., U.K., and China, the crypto market failed to capitalize, signaling a wait-and-watch stance from investors
The world’s largest cryptocurrency had ended a prolonged consolidation phase on April 9, rallying past the key $100,000 milestone. However, momentum has since cooled, with BTC now less than 6% from its peak but lacking a clear catalyst for the next breakout. Meanwhile, total crypto market capitalization dipped 2% in the last 24 hours to $3.45 trillion, underscoring broader market hesitation.
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The U.S. recently struck its first major post-Brexit trade agreement with the U.K., followed by progress in negotiations with China. Yet, these high-profile developments failed to spark a fresh leg up in Bitcoin. Analysts suggest lingering uncertainty over tariffs from the Trump administration continues to weigh on market sentiment.
On-chain data points to a mixed but slightly bullish outlook. Metrics from Santiment indicate consistent profit-taking by BTC holders, while whale activity—transactions over $100,000 and $1 million—has tapered off since May 9. Daily active addresses are also in decline, a sign of reduced retail engagement.
Still, technical indicators suggest the rally could resume. Bitcoin’s Relative Strength Index (RSI) sits at 73, signaling strong momentum, and the MACD shows bullish histogram bars above the neutral line. Analysts view the $100,000 level as strong support, reinforced by a Fair Value Gap between $97,732 and $102,315.
With Bitcoin so close to historic highs, market watchers are now eyeing the next trigger—be it clarity on trade policy, resurgence in whale activity, or renewed institutional interest. Until then, BTC seems locked in a holding pattern, awaiting the spark that could send it soaring into uncharted territory.