Bitcoin Rises as Trump Extends China Tariff Pause

by Ouess

Bitcoin (BTC)ย spiked toย $119,800ย afterย President Trump delayed new tariffs on Chinese goodsย for anotherย 90 days. The move eased market tensions, but will the rally hold?

Key Market Reactions

BTC Price Source : TradingView

๐Ÿ“ˆย BTC briefly touched $119,800ย before pulling back
๐Ÿ“‰ย Now testing $119,000 supportย (CME gap below)
๐ŸŽฏย All-time high target:ย $123,000ย if bullish momentum continues

Whatโ€™s Next for Bitcoin?

1. Macroeconomic Data Ahead

๐Ÿ“… August 12-13: U.S. CPI & PPI inflation reports
๐Ÿ’น 86.4% chance of September rate cut (per CME FedWatch)
๐Ÿ“‰ Cooling inflation could boost crypto further

2. Technical Outlook

๐Ÿ”น CME gap at ~$119K may need filling first
๐Ÿ”น Resistance at $122K remains strong
๐Ÿ”น Fed decisions will dictate next big move

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