Bitcoin surged to an intraday high of $119,700 over the weekend, driven by renewed optimism in U.S.-China trade relations as reports indicated a potential 90-day extension of their tariff truce. The cryptocurrency’s price rose nearly 1% in the past 24 hours, according to CoinMarketCap, with trading volumes spiking 17% to $56 billion. Bitcoin now trades at $119,326, just 2.88% below its all-time high of $123,091, recorded on July 13. The rally coincided with heightened institutional interest, fueled by MicroStrategy’s Sunday buy signal and a record hashrate of 932 EH/s, signaling robust network security [1].
The surge coincided with geopolitical developments. The South China Morning Post reported that the U.S. and China plan to meet in Stockholm to finalize an agreement to pause tariffs for another 90 days. Analysts noted that such a delay could ease global market tensions, creating a favorable environment for risk assets like cryptocurrencies. This optimism was reflected in broader market movements: Ethereum rose above $3,825, with CME futures for ETH hitting a record $7.85 billion in open interest. Binance Coin (BNB) also hit an all-time high of $825, contributing to a total crypto market cap of $3.94 trillion, nearing the $4 trillion threshold [1].
The interplay between macroeconomic factors and cryptocurrency markets became evident as investors sought exposure to high-risk, high-reward assets. MicroStrategy’s public endorsement of Bitcoin reinforced institutional confidence, while technical metrics underscored sustained miner participation. However, analysts caution that the absence of concrete details from the anticipated Stockholm meeting introduces uncertainty. A deviation from the reported timeline or terms of the tariff truce could trigger a reversal in crypto prices [1].
Bitcoin’s performance highlights its growing integration into traditional finance. Institutional adoption and geopolitical dynamics are increasingly shaping its price trajectory. While the current rally aligns with a narrative of crypto as a portfolio diversifier, sustained momentum will depend on resolving key macro events, including central bank policies and global economic data. Traders remain cautious, as Bitcoin’s proximity to its July high without breaking through reflects a balance between bullish sentiment and profit-taking [1].
Market participants are advised to monitor U.S.-China diplomatic updates and institutional activity, which could either solidify the current trend or prompt a correction. The asset’s volatility underscores the importance of real-time data and policy clarity in determining its next move.
Source: [1] [Bitcoin Jumps to $119,700 as US-China Tariff Talks Resume] [https://www.cryptotimes.io/2025/07/28/bitcoin-jumps-to-119700-as-us-china-tariff-talks-resume/]
