Bitcoin Rockets Past $104,000: Is the All-Time High Next?

BTC Surges Amidst Trade Talks and Global Optimism

Hang onto your hats, crypto fans—Bitcoin just blasted through the $104,000 barrier, inching ever closer to its January peak. This beast has tacked on over 10% in the last week alone. At the time of this adrenaline-pumping update, Bitcoin (BTC) was trading at a jaw-dropping $104,325, a mere 3.79% shy of its all-time high of $108,786. The initial thrust came from whispers of a U.S.-U.K. trade deal hinted at by President Donald Trump on May 8, sending shockwaves of confidence through global markets. But hold on, there’s more fuel in the tank.

Just when you thought things couldn’t get any hotter, the White House dropped a bombshell on May 11, declaring "substantial progress" in U.S.-China trade negotiations. No official deal yet, but the anticipation is thick enough to cut with a knife. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer teamed up for a statement that’s got everyone buzzing.

Bessent didn't hold back, saying, “I am happy to report that we made substantial progress between the United States and China in the very important trade talks.” He teased more details soon but kept the word "deal" out of his vocabulary—keeping us all on the edge of our seats.

The next big reveal is set for May 12, and it might just be the rocket fuel Bitcoin needs to hit the stratosphere. The crypto market, especially Bitcoin, has been riding these trade waves like a pro surfer. Remember those tariffs slapped on Canada and Mexico in February, and the so-called "Liberation Day" tariffs in April? They sent the market into a tailspin, vaporizing billions. But now, with hints of de-escalation, investors are cautiously optimistic, watching Bitcoin as it eyes that $108,000 mark again. And get this—the gains are showing some serious muscle.

Data from SoSoValue is showing more than $1.7 billion in net inflows into spot Bitcoin exchange-traded funds in the last month, flipping the script on the negative trend that’s been dogging the trade war era. ARK Invest’s April report also pointed out a decline in exchange balances, hitting just 14%—the lowest since 2018, a clear sign of ongoing accumulation.

The institutional demand is still burning hot. Strategy’s holding onto a whopping 555,000 BTC, not budging an inch, which CryptoQuant CEO Ki Young Ju says is helping tighten supply with what he calls a "-2.23% annual deflation rate" for Bitcoin. Ju took to X to declare, "Bitcoin is deflationary," shining a light on how institutional hoarding is squeezing the market.

But don’t get too comfy—analysts are warning that without a solid trade resolution, the mood could flip faster than a pancake. For now, though, Bitcoin seems to be standing firm on solid ground. If the institutional cash keeps flowing and the macro vibes keep improving, we could be looking at a new all-time high. Buckle up, folks—this ride is just getting started!