(In the U.S) Bitcoin Eyes New Record as Tariff Deadline and Crypto Week Stir Market Optimism

 

Bitcoin is on the verge of reaching a new all-time high, trading near $109,500 to $110,000, just 2 percent below its May 22 peak. With the U.S. tariff decision deadline set for July 9, analysts believe the coming days could trigger a significant breakout for the world’s leading cryptocurrency.

Markus Thielen of 10x Research said Bitcoin typically performs well after the July 4 holiday and that the market has largely dismissed tariff-related concerns. If the U.S. postpones the tariffs again, analysts at UBS Global Wealth Management say it could signal hesitance to escalate trade tensions, boosting risk appetite across markets.

John Bollinger, creator of the Bollinger Bands trading indicator, echoed the optimism, suggesting Bitcoin is poised for an upside breakout. Meanwhile, Apollo Capital’s Henrik Andersson said a U.S.–EU trade agreement is possible this week and noted Elon Musk’s renewed interest in Bitcoin, adding fuel to bullish sentiment.

The crypto market already rallied by more than $50 billion in capitalization over the last 24 hours, according to CoinGecko. Traders had feared pre-deadline volatility but are now more confident as reports indicate that negotiations could extend into early August.

Additionally, optimism around a potentially soft Consumer Price Index reading and upcoming "Crypto Week" in Washington D.C. could further energize the market. Dogecoin led altcoin gains with a 6 percent jump.

Nick Ruck of LVRG Research noted that traders might increasingly turn to altcoins in anticipation of heightened volatility and surging digital asset prices in the latter half of the year. Eugene Cheung of OSL added that a new price discovery phase could follow if Bitcoin crosses its all-time high, drawing investors toward Bitcoin and Ethereum amid macroeconomic uncertainty.

See also: Trump threatens extra 10% tariffs on BRICS as leaders meet in Brazil