Bitcoin (BTC) is holding strong near $119,000, buoyed by recent geopolitical calm after former President Donald Trump struck a new tariff agreement with the European Union. The deal has helped ease macroeconomic tensions, providing support for broader risk assets, including crypto.
Geopolitical Stability Fuels Market Confidence
The agreement—hailed as a “reset” in U.S.–E.U. trade policy—is being seen as a signal of stability amid global uncertainty. As tensions cool, Bitcoin’s on-chain activity remains strong, showing sustained accumulation and healthy transaction volumes.
“When global trade calms down, so does market volatility,” noted a Polymarket analyst. “That’s bullish for Bitcoin in the short term.”
Crypto prediction markets like Polymarket now assign a 63% probability that Bitcoin breaks $125,000 before mid-August. This growing optimism is rooted in both macro and technical strength, including:
A firm support base near $117,500
Shrinking BTC exchange balances (bullish signal)
Rising stablecoin inflows, suggesting fresh buying power
BTC Dominance Slips Below 61%
Interestingly, Bitcoin dominance—the ratio of BTC’s market cap to the overall crypto market—has dipped below 61%, its lowest in over a month. This signals renewed strength in altcoins, with Ethereum, Solana, and XRP leading the charge.
“Investors are rotating into riskier assets while keeping Bitcoin as the anchor,” said an analyst at Glassnode.
Technical Outlook: Eyes on the $120K Resistance
Bitcoin is currently trading in a tight range between $117K and $120K, with the $120,500 level acting as key resistance. A breakout above this range could open the door to $125K, while failure may lead to a retest of $115K support.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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