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 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