Bitcoin Hits Record High Amid EU-US Trade Deal, Sparks Crypto Rally
Bitcoin surged to a record $117,647 this week after the U.S. delayed new tariffs until August 1 and the EU abandoned its digital tax plan under U.S. pressure. The potential EU-US trade deal reduced geopolitical uncertainty and fueled institutional inflows and bullish derivatives flows, pushing Bitcoin into price discovery. Altcoins also rallied: Ether broke $3,000 on rising ETF demand and eyed $3,500, while XRP topped $2.70 on strong momentum. On-chain data show profit-taking in BTC and ETH, slower in XRP; whale wallets continue to accumulate Bitcoin as small holders trim positions. Traders may consider long entries on positive MACD signals, watching key support and resistance levels. Market participants will monitor the final tariff deadline and trade deal terms, which could further lift the cryptocurrency market if they confirm a stable regulatory framework.
Bullish
This news is bullish for Bitcoin and the broader crypto market because it combines a fresh all-time high with reduced geopolitical and regulatory uncertainty from the prospective EU-US trade deal. Institutional inflows and bullish derivatives flows point to strong buying momentum. In the short term, traders can capitalize on positive technical indicators such as MACD crossovers and overbought RSI levels by targeting key support and resistance. Over the long term, a confirmed trade agreement and stable regulatory framework could attract sustained institutional and retail adoption, reinforcing upward pressure on Bitcoin and major altcoins.