Bitcoin climbed back above $109,000 on late Sunday, erasing the steep fall it saw last week when prices briefly slipped below $105,000. The rebound has steadied the market’s tone at the start of the week.
Early Monday trading saw Bitcoin move between $108,200 and $109,700 with market players seeing $109K level acting like a psychological barrier. Although buy orders under that level shows that traders are still stepping in to support the price.
Data from CoinMarketCap shows that Bitcoin gained with a decent upside of 0.66% in the past 24 hours. The daily trading volume rose above the weekly average and futures open interest also picked up after a slow weekend.
Trump Pushes Tariff Deadline
Over the weekend, President Donald Trump confirmed that the United States would delay its planned tariff increases. The new rates will now take effect on 1 August. Trump also said that official letters explaining the changes would be sent out on Monday.
Many traders believe the delay helped ease market fears. Without the immediate pressure of higher tariffs, some investors are turning back to risk assets like Bitcoin. Moreover, the anticipation around “Crypto Week” is also a key factor in sending Bitcoin price thriving ahead of Monday U.S. stock market opening.
Looking ahead, technical analysis shows support around $107,500 and resistance close to the record high of $111,212. Notably, strong ETF inflows from the previous week also remain a key factor behind Bitcoin’s recent strength.
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