Bitcoin nears $100K amid Trump’s upcoming UK trade deal announcement

Bitcoin’s (CRYPTO:BTC) price approached the $100,000 mark following US President Donald Trump’s announcement of a trade deal with the United Kingdom, signaling renewed market interest.

On May 7, Trump posted on Truth Social that a “major trade deal” with a “big, and highly respected, country” would be revealed on May 8.

The New York Times reported that the country in question is the UK, citing sources familiar with the plans.

At the time of Trump’s post, Bitcoin was trading around $97,759 and subsequently climbed closer to $99,140, according to CoinMarketCap data.

Market analysts and crypto enthusiasts attribute this rally to speculation surrounding the trade agreement.

“As is often the case in markets, just when consensus leans heavily bearish, price bottoms form and new market structures start to emerge,” said Charlie Sherry, head of finance at Australian crypto exchange BTC Markets.

Sherry added that the trade deal may already be factored into Bitcoin’s price and noted potential psychological resistance at the $100,000 level.

Neil Jacobs, co-founder of FOMO21, stated on X that Trump’s announcement was the primary driver behind the Bitcoin rally.

Crypto entrepreneur Anthony Pompliano commented that the trade deal “means odds are increasing we hit new all-time highs in 2025.”

Bitcoin previously reached an all-time high of $109,000 on January 20, shortly before Trump’s inauguration.

Sahib Anandsongvit, CEO of Pandora, highlighted Bitcoin’s recent price movement from $80,000 in early April to nearly $98,000, linking the rise to the trade deal news.

Trump’s announcement came shortly after the US Federal Reserve decided to maintain interest rates between 4.25% and 4.50%, despite pressure from Trump to lower rates.

Bitcoin’s price has not crossed $100,000 since February 1, following Trump’s proposal of import tariffs on China, Canada, and Mexico.

The recent 3% price increase led to the liquidation of approximately $96 million in short positions, according to CoinGlass data.

At the time of reporting, the Bitcoin (BTC) price was $99,345.01.