Bitcoin is inching closer to the $120,000 mark after news of a 90-day tariff pause between the U.S. and China boosted confidence across global markets. The ceasefire has triggered a rally in risk assets, with crypto leading the charge as Bitcoin surged near the $119K–$120K zone.
Recently, Bitcoin broke above its previous trading range, igniting strong bullish momentum. Analysts suggest that if the price closes decisively above $119.5K, the door to a full move past $120K could swing open. Options traders are heavily stacked at the $115K and $120K levels, adding fuel to the breakout.
Historical patterns show that tariff news has often been a catalyst for Bitcoin’s price swings. Earlier this year, when a similar pause was announced, Bitcoin jumped sharply, alongside a surge in crypto-related stocks. This latest move mirrors that reaction as investors seek hedges amid shifting trade policies.
However, analysts warn that the rally remains tied to macroeconomic conditions. As the tariff pause improves equity sentiment, some capital may rotate back into traditional markets, which could slow Bitcoin’s momentum. The 90-day window also adds uncertainty—any breakdown in negotiations could quickly reverse the bullish tone.
