Bitcoin Rallies Past $100,000 After Highly Bullish Sentiment Reading
Bitcoin prices reached over $104,000 today. (Photo illustration)
Bitcoin prices rose sharply today, climbing above the crucial $100,000 level and reaching their highest since January after CryptoQuant's Bitcoin: Bull Score Index showed a bullish reading of 80.
Since the aforementioned index attained this figure not only today, but also on May 1, 2, 3, and 7, it has repeatedly tied for its loftiest value since January 30, additional CryptoQuant data reveals.
This coincided with the digital currency rising from roughly $95,000 on May 1 to more than $104,000 today, according to Coinbase figures from TradingView.
Julio Moreno, head of research for CryptoQuant, shed some light on what this reading means, specifying via Telegram chat that 'The index measures demand, valuation and liquidity conditions for Bitcoin. As long as the index is at 60 or above it signals bullish sentiment and supports higher prices.'
He noted that the Bitcoin: Bull Score Index sank to as little as 10 in early April, which means that the measure increased 700% in roughly the space of a month.
Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, also weighed in how the mindset of investors has strengthened lately.
'There's little doubt that sentiment around bitcoin has improved markedly in recent weeks. CryptoQuant's Bull Score Index hitting 80 — the highest since January — reinforces what we're seeing on-chain and across trading desks: renewed conviction.'
Bitcoin prices rallied today after President Donald Trump announced that he and U.K. Prime Minister Keir Starmer had managed to work out a trade deal that both heads of state described as advantageous for their countries.
'The deal includes billions of dollars of increased market access for American exports, especially in agriculture, dramatically increasing access for American beef, ethanol, and virtually all of the products produced by our great farmers," said Trump, according to a White House statement.
'This is going to boost trade between and across our countries. It's going to not only protect jobs, but create jobs, opening market access,' Starmer added.
The U.S. will continue to impose a 10% baseline tariff, the statement revealed, but the nation has agreed to change up its treatment of automobiles imported from the U.K.
'Under the deal, the first 100,000 vehicles imported into the U.S. by UK car manufacturers each year are subject to the reciprocal rate of 10% and any additional vehicles each year are subject to 25% rates,' the announcement specified.
While announcing this deal, Trump expressed optimism that the 145% tariff that the U.S. has imposed on Chinese imports would soon come down, according to Reuters.
Several analysts cited these development as contributing to bitcoin's latest price gains, but emphasized that other causes helped drive the digital currency higher.
When asked what fueled bitcoin's latest gains, Tim Enneking, managing partner of Psalion, stated via email that 'I think the proximate cause was clearly the US-UK announcement of a trade agreement this morning – which was teased beginning yesterday (many details of which, however, remain to be finalized).'
'However, that was far from the entire reason and really wouldn't be sufficient to explain the rather large BTC (and ETH) move of the past couple of days,' he added.
'Mid-level talks between the US and China, which were announced yesterday, kicked things off. But, perhaps more important than either, BTC has been like an ever-tighter coiling spring since it bounced off of $74.5k in early April,' said Enneking, focusing on the strong, upward trend the digital asset has been experiencing lately.
DiPasquale also claimed that myriad developments placed upward pressure on bitcoin prices, indicating via email that 'Bitcoin's surge above $100,000 appears to be driven by a convergence of macro tailwinds and narrative momentum.'
'The announcement of a new U.S.-U.K. trade deal under Trump likely contributed to broader optimism in risk assets, reinforcing the idea that a more favorable geopolitical and regulatory environment could benefit digital assets. However, bitcoin's move is also powered by deeper structural factors — from ongoing institutional accumulation to the scarcity effect post-halving,' he stated.
Enneking spoke to the optimism of major players, emphasizing that they never lost confidence that bitcoin would recover after falling below $75,000 last month.
'Whales never lost the faith that BTC was going up from there to set a new ATH and not down as they steadily accumulated,' he stated.
'That institutional confidence has now been justified, triggered and supported by today's tradfi macro events,' Enneking added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
Your boss is probably using AI more than you
Leaders use AI around twice as much as individual contributors, a new Gallup Poll finds. Gallup data indicates AI adoption has risen, especially in white-collar roles, with tech leading at 50%. 16% of employees surveyed who use AI "strongly agree" that AI tools provided by their company are useful. There's a good chance your boss is using AI more than you. Leaders are adopting AI at nearly double the rate of individual contributors, a new Gallup poll released Monday indicates. The survey found that 33% of leaders, or those who identified as "managers of managers," use AI frequently, meaning a few times a week or more, compared to 16% of individual contributors. Gallup's chief scientist for workplace management and wellbeing, Jim Harter, told Business Insider that leaders are likely feeling added pressure to think about AI and how it can increase efficiency and effectiveness. "There's probably more leaders experimenting with it because they see the urgency and they see it as a competitive threat potentially," Harter said. The data point was one of several findings from Gallup's survey on AI adoption in the workplace, including: The number of US employees who use AI at work at least a few times a year has increased from 21% to 40% in the past two years Frequent AI use increased from 11% to 19% since 2023 Daily use of AI doubled in the past year from 4% to 8% 15% of employees surveyed said it was "very or somewhat likely that automation, robots, or AI" would eliminate their jobs in a five-year period 44% of employees said their company has started to integrate AI, but only 22% say their company shared a plan or strategy 30% of employees said their company has "general guidelines or formal policies" in place for using AI at work 16% of the employees who use AI "strongly agree" that AI tools provided by their company are helpful for their job While AI adoption has increased overall in the last two years, that increase isn't evenly distributed across industries. The Gallup report said that AI adoption "increased primarily for white-collar roles," with 27% surveyed now saying they use AI frequently on the job, a 12% increase from last year. Among white-collar workers, frequent AI is most common in the tech industry, at 50%, according to the survey, followed by professional services at 34%, and finance at 32%. Meanwhile, frequent AI use among production and front-line workers has dropped from 11% in 2023 to 9% this year, according to Gallup's polling. Concerns that AI will eliminate jobs have also not increased overall in the last two years, but the report indicated that employees in industries like technology, retail, and finance are more likely than others to believe AI will one day take their jobs. The most common challenge with AI adoption, according to those surveyed, is "unclear use case or value proposition," suggesting that companies may not providing clear guidance. The report said that when employees say they "strongly agree" that leadership has shared a clear plan for using AI, they're three times as likely to feel "very prepared to work with AI" and 2.6 times as likely to feel comfortable using it at work. "In some cases, you've got to have the training to be able to use AI as a complement with other text analytic tools that are more precise," Gallup's Harter told BI. Harter said that while organizations are increasingly developing plans around AI usage, "there's still a long way to go," and it may not be a one-and-done approach. "They're going to have to continue to be trained in how to use it because it's going to evolve itself," Harter said. Read the original article on Business Insider
CNN
31 minutes ago
- CNN
Minnesota Gov. Tim Walz confirms Vance Boelter has been apprehended
Vance Boelter, the suspect in the assassination and attempted assassination of two Minnesota lawmakers, has been captured, Minnesota Gov. Tim Walz confirmed in a news conference late Sunday.
Washington Post
34 minutes ago
- Washington Post
North Carolina redistricting trial begins, with racial gerrymandering allegations the focus
RALEIGH, N.C. — North Carolina congressional and legislative districts drawn by Republicans that helped them retain majorities in Raleigh and Washington are in court, as federal lawsuits accuse mapmakers of illegally eroding Black voting power in the process. A trial scheduled by a three-judge panel will start Monday in Winston-Salem over allegations that GOP legislative leaders violated federal law and the U.S. Constitution when they enacted new electoral maps in the ninth-largest state in October 2023 . Republican leaders counter that lawfully partisan — and not racial — considerations helped inform their decision-making.
