Bitcoin Hits Fresh High Amid Trump Pressure
Bitcoin surged past $116,000 on Thursday after U.S. President Donald Trump renewed calls for a rate cut. The cryptocurrency reached $116,046.44 as of 2127 GMT, setting another all-time high. Earlier in the day, it hit $113,734.64 before extending gains.
According to CoinGecko, Bitcoin climbed 3.5% on Thursday, continuing its short-term uptrend. The asset broke past the psychological $110,000 barrier, triggering renewed investor interest and inflows.
Bitcoin price equals $116k
Trump Demands Fed Action
President Trump took to Truth Social to express support for a rate cut. He said, “Tech Stocks, Industrial Stocks, & NASDAQ, HIT ALL-TIME, RECORD HIGHS!” He added, “FED SHOULD RAPIDLY LOWER RATE TO REFLECT THIS STRENGTH. USA SHOULD BE AT THE ‘TOP OF THE LIST.’ NO INFLATION!!!”
This follows a pattern of Trump criticising Federal Reserve Chair Jerome Powell for delaying rate cuts. Trump has previously called Powell a “loser” and “stupid,” blaming him for missed economic opportunities.
The Fed began raising interest rates in 2022 to control 40-year high inflation. Markets, including cryptocurrencies, saw steep declines during that period. Last year, the Fed began cutting rates but has since paused further reductions.
Trump’s Crypto-Focused Moves
In March, Trump signed an executive order establishing a strategic reserve of cryptocurrencies. His administration also appointed crypto-supportive figures, including SEC’s Paul Atkins and AI advisor David Sacks.
The Trump Media & Technology Group has shown interest in launching a crypto ETF. According to an SEC filing, the fund may include Bitcoin and other major tokens.
Altcoins Also Rally
Other cryptocurrencies followed Bitcoin’s upward move. Ethereum climbed 3.01% to $2,905.24 by 2130 GMT. Earlier, Ethereum had traded at $2,783, reflecting a near 5% gain.
Solana, ranked sixth by market capitalisation, rose nearly 2% to reach $157. The broader crypto market mirrored Bitcoin’s rally, fuelled by Trump’s push and renewed optimism.
Institutional Demand Drives Rally
Joe DiPasquale, CEO of BitBull Capital, attributed the rally to institutional inflows and broader market sentiment. “We are likely headed even higher,” he said.
DiPasquale added, “Bitcoin’s rally is being driven by a mix of strong ETF inflows, renewed institutional demand, and a broad risk-on environment as investors anticipate Fed rate cuts.” He noted that breaking the $110K level prompted sidelined capital to enter the market.
He said, “On-chain data and positioning suggest there’s still room to run, so testing levels beyond the previous ATH looks increasingly probable, though the market remains vulnerable to sharp pullbacks if sentiment shifts.”
Technical Indicators Remain Bullish
On the daily chart, Bitcoin broke out from the $98,240 support zone and peaked at $112,040. A bullish engulfing candle and strong volume underpinned the breakout.
The 4-hour BTC/USD chart revealed a rise from $109,000 to $112,040, driven by high volume. However, the price later declined on lower volume, pointing to possible consolidation.
Bitcoin traded between $110,500 and $111,500. A break below the range could signal a retracement, while a bounce above $112,000 could trigger another rally.
Mixed Signals from Oscillators
The Relative Strength Index stood at 61, suggesting neutrality. The Stochastic at 81 also pointed to a neutral position. The Commodity Channel Index at 146 and Average Directional Index at 11 reinforced a non-committal market stance.
The Awesome Oscillator registered 2,681, showing no strong directional bias. However, the Momentum (10) indicator at 3,722 and MACD at 1,235 continued to show buying interest.
Moving Averages Confirm Uptrend
All key moving averages supported the bullish structure. The 10-period EMA stood at 109,128, while the 10-period SMA was at 108,917. Both signalled buying strength.
The 200-period EMA at 95,968 and 200-period SMA at 96,671 aligned with the ongoing trend. These indicators confirmed that the broader market direction remained upward unless support levels were breached.
Bull and Bear Perspectives
From a bullish viewpoint, Bitcoin remained structurally sound above $110,000. Sustained buying and renewed volume above $112,000 could lead to further record highs.
The bearish outlook pointed to fading momentum. Analysts warned that failure to hold $110,800 could lead to a retracement to the $108,500–$109,000 range.
Despite short-term uncertainty, institutional support, political backing, and technical structure suggested continued market interest in Bitcoin.
