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Bitcoin Rises as Trump Extends China Tariff Pause

by Ouess

Bitcoin (BTC) spiked to $119,800 after President Trump delayed new tariffs on Chinese goods for another 90 days. The move eased market tensions, but will the rally hold?

Key Market Reactions

BTC Price Source : TradingView

📈 BTC briefly touched $119,800 before pulling back
📉 Now testing $119,000 support (CME gap below)
🎯 All-time high target: $123,000 if bullish momentum continues

What’s Next for Bitcoin?

1. Macroeconomic Data Ahead

📅 August 12-13: U.S. CPI & PPI inflation reports
💹 86.4% chance of September rate cut (per CME FedWatch)
📉 Cooling inflation could boost crypto further

2. Technical Outlook

🔹 CME gap at ~$119K may need filling first
🔹 Resistance at $122K remains strong
🔹 Fed decisions will dictate next big move

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