Bitcoin surged past the $105,000 mark, marking its highest level since late January, fueled by the U.S. and China’s newly announced trade deal. This development has ignited optimism among analysts, with many predicting a significant uptrend for Bitcoin if it sustains a weekly close above the $104,500 level identified by analyst Rekt Capital. The cryptocurrency market experienced substantial liquidations in the past 24 hours, totaling over $333 million, primarily driven by leveraged bullish bets. Notably, nearly $720 million in Bitcoin shorts faced potential liquidation should the apex cryptocurrency reclaim its all-time high of $109,000. Open interest for Bitcoin rose by 1.81% during this period, although a considerable portion – over 60% – of Binance traders holding a Bitcoin position were positioned short. This dynamic underscores the ongoing debate and risk associated with the cryptocurrency’s volatile nature.

The Crypto Fear and Greed Index reflects the market’s current sentiment, classifying it as ‘Greed,’ suggesting a potential surge in buying pressure as investors anticipate further gains. Top gainers in the 24-hour period include Pi (PI) with a remarkable +49.64% increase to $1.15, Four (FORM) up 8.61% at $2.59, and Kaspa (KAS) rising 6.89% to $0.1184. The global cryptocurrency market capitalization stands at an impressive $3.34 trillion, representing a 0.60% increase in the last 24 hours. This growth is partially attributed to the positive developments in the U.S.-China trade negotiations.

Stock market futures also experienced a rally, with the Dow Jones Industrial Average Futures rising 436 points (1.06%), the S&P 500 Futures lifting 1.34%, and the Nasdaq 100 Futures gaining 1.76%. These gains reflect confidence following President Trump’s assessment of ‘great progress’ made during the trade talks in Geneva. Investors will be closely monitoring the Consumer Price Index (CPI) reading for April, which will provide crucial insights into the impact of trade tensions on inflation and the overall economy. This data will be pivotal in shaping investment strategies. Furthermore, the stock market has shown resilience, with the Dow Jones Industrial Average rising 254.48 points (0.62%) to 41,368.45, the S&P 500 lifting 0.58% to 5,663.94, and the Nasdaq Composite gaining 1.07% to 17,928.14. These developments highlight the interconnectedness of global markets and the influence of geopolitical events. The White House confirmed the trade deal, signaling a potential resolution to trade disputes. Opportunities abound for investors, including speculating on price movements, claiming up to $200 in bonuses, and engaging in risk-free paper trading with crypto futures on Plus500. Benzinga’s Stock Score rankings provide vital metrics on any stock, offering a comprehensive analysis for informed decision-making. Remember, Benzinga does not provide investment advice, and all rights are reserved. Photo Courtesy: Yalcin Sonat on Shutterstock.com Read Next: Decade-Old Bitcoin Whale Emerges, Transfers $207.51 Million BTC With Nearly 112,000% Profit