Bitcoin Price Pauses at $118K as Altcoins Rally Amid U.S. Tariffs
Bitcoin price surged past $118,000 to set a new all-time high before pausing near $118K as traders assessed the impact of 30% U.S. tariffs on the EU and Mexico. Institutional accumulation, limited supply and bullish technical signals—a moving average crossover on the hourly chart and a cooling RSI—propelled the rally. Altcoins extended gains: XLM and HBAR climbed 17.5% and 15% in 24 hours (weekly gains of 65–85% and 50%), while BONK, ALGO, IMX and MNT advanced, lifting the total crypto market cap to $3.76 trillion. Earlier breakout tokens like M, IP, PENGU and POL also delivered strong weekly returns. Bitcoin price now consolidates at this level as market participants watch for further fiscal and technical triggers.
Bullish
The combined factors of a record Bitcoin price surge, strong institutional accumulation, and bullish technical indicators support an overall positive outlook. Short-term momentum is likely to persist as traders respond to the moving average crossover and cooling RSI, while ongoing altcoin rallies and rising market capitalisation reflect broad market confidence. Although U.S. tariffs introduce economic uncertainty, the immediate impact has not derailed the upward trend. In the long term, limited Bitcoin supply and sustained institutional interest suggest continued bullish potential.