Bitcoin ($BTC) price has surged above the $100,000 mark, nearing its previous all-time high as investors respond to renewed optimism in global markets.
The BTC price surge, which represents a 10% gain in just a few days, has brought the world’s largest cryptocurrency within $6,000 of record levels.
The crypto market rally has also lifted Ethereum ($ETH), with the second-largest digital asset experiencing its biggest one-day price jump since 2021 following the successful launch of its Pectra upgrade.
The broader digital asset space, including major altcoins, is riding the wave of this renewed bullish momentum amid macroeconomic and geopolitical developments.
The Bitcoin price rally has taken many by surprise. According to TradingView, BTC/USD jumped more than 10% in just days, reaching a local high of $103,461 before slightly retracing to around $102,734.
Bitcoin is now just $6,000 away from its all-time high of $109,000, a level it reached just before President Donald Trump’s inauguration earlier this year.
The recent boost in sentiment stems from political and trade developments. Most notably, President Trump confirmed a major trade agreement with UK Prime Minister, Keir Starmer, on 8 May, fuelling hopes for similar deals with the EU and China.
“I’m sure markets are hoping this has a kick-on effect to get trade deals on the table for other major trade parties”, trader Skew noted on social media platform X.
Market watchers are also pointing to the importance of what comes next. According to Skew, “passive flows will be important for accepting higher value especially after such a large market bid which led price to break $100K”.
These flows refer to consistent buying that can stabilise newly reached levels and convert them into strong support zones.
Meanwhile, trading data shows Bitcoin breached key technical indicators. Analyst, Patric H., pointed out that BTC has cleared the 1.618 Fibonacci level and is currently testing a weak resistance trendline along the volume-area high. “Bitcoin is at the last technical level to clear before new ATHs”, he said.
CoinGlass data shows minimal resistance above $103,000 and strong buying interest below $100,000. This suggests more upside may be possible if current price levels hold. “There’s much less short liquidity clustered above”, said trader TheKingfisher, adding that downside zones may now attract more price action.
Finding stability after a six-month correction
The recent breakout comes after a prolonged six-month correction phase that began in January. During that time, Bitcoin fell to a local low of under $75,000.
Since then, the price has recovered more than 39%, pushing it above the psychological $100,000 mark once again. Bitcoin’s market capitalisation now sits above $2 trillion.
As Geoffrey Kendrick from Standard Chartered noted, this latest development could suggest even stronger gains ahead. In a note to clients, he revised his earlier projection of $120,000 for Q2, saying that the original target may have been “too low”.
Kendrick now views $120,000 as “very achievable” and set a year-end BTC target of $200,000. “The dominant story for Bitcoin has changed again. It is now all about flows. And flows are coming in many forms”, he wrote.
Bitcoin’s rise is also supported by macroeconomic conditions. Analyst Jack mentioned that despite oil prices dropping to $59.77—a 22% fall since early 2025—the Federal Reserve is unlikely to cut interest rates. He suggested that the weak global economy signalled by the oil price could favour Bitcoin.
Jack compared this to gold’s behaviour in early 2020 when it dipped and then rallied by 43% in just five months. For Bitcoin to avoid another dip, Jack emphasised that it must hold above $93,000.
The correlation between market sentiment and social media headlines also remains high. Bitcoin and other risk assets continue to react strongly to posts by high-profile figures like President Trump, as well as ongoing discussions about global trade policy and tariff threats.
Ethereum and altcoins join the rally
While Bitcoin leads the way, Ethereum price has made headlines with a 21.9% single-day gain—the largest since 2021. ETH recently touched $2,448, before settling near $2,338.
The surge follows the successful rollout of Ethereum’s Pectra upgrade, its most significant network change since the Merge in 2022.
According to Presto Research analyst, Min Jung, “ETH is finally catching up after lagging behind $BTC for most of the year”. The upgrade has “helped restore some confidence”, especially with the ETH/BTC ratio having dropped nearly 40% year-to-date.
Pectra brings several improvements, including an increase in validator staking limits from 32 ETH to 2,048 ETH and a package of 11 Ethereum Improvement Proposals (EIPs).
These changes aim to enhance network scalability and simplify operations, laying groundwork for the next major upgrade, the Fusaka hard fork, expected in late 2025.
Ethereum creator, Vitalik Buterin, believes that simplifying Ethereum’s infrastructure to match Bitcoin’s could significantly boost adoption in the next five years.
The altcoin market has also come to life. Over half of the top 20 digital assets saw double-digit weekly gains. Top performers this week include Ethereum (up 28.18%), Sui (17.19%), Dogecoin (15.55%), and Cardano (12.34%).
As of now, Bitcoin has gained 7.78% over the same period, highlighting strong overall momentum across the crypto sector.
This buying surge has had a dramatic impact on leveraged traders. CoinGlass data shows that more than $800 million in short positions were liquidated—mostly on Binance and OKX.
This marks the largest short liquidation event since 2023. Over 84% of these liquidations came from bearish bets, underscoring just how quickly sentiment has shifted.
Bitcoin ETFs are also contributing to this wave of demand. Institutional inflows have ramped up significantly, further demonstrating that confidence in the digital asset class remains robust despite global uncertainty.
The rapid recovery in Bitcoin price – alongside strong moves in Ethereum and other altcoins – highlights a shift in momentum that few expected just weeks ago.
With a new all-time high within reach and geopolitical developments continuing to shape sentiment, the crypto market is once again in the global spotlight.