Bitcoin Nears $104K as Crypto Market Rebounds on Macro Tailwinds and Ethereum Upgrade

Bitcoin surged past $100,000 for the first time in over two months, briefly nearing $104,000 during early Saturday Asian hours. The move came as broader crypto markets rallied, driven by easing macroeconomic concerns and Ethereum’s successful “Pectra” network upgrade. Ether (ETH) rose 3.5% on the day, pushing its weekly gains above 30%. Dogecoin (DOGE) led altcoin performance with a 10% spike, while Solana (SOL), Cardano (ADA), XRP, and BNB saw gains of 2–6%.

Investor sentiment has shifted from caution to risk-on following several pro-crypto developments in the U.S. This week, New Hampshire and Arizona passed bills to establish state-level Bitcoin reserves, signaling growing political support for digital assets ahead of the November election. Meanwhile, President Donald Trump’s upbeat comments on U.S.-China trade talks helped ease market concerns, while a new U.S.-U.K. trade deal further lifted sentiment across equities and crypto.

Jeff Mei, COO at BTSE, noted that optimism around the trade talks is encouraging capital flows into risk assets like crypto, with Bitcoin potentially on track to challenge its January all-time high of $108,700. Analysts also believe altcoins may have broken out of their sluggish March–April performance, with renewed buying pressure suggesting a broader recovery.

Ethereum’s rally is bolstered by institutional interest and the Pectra upgrade, which introduces execution layer improvements to enhance scalability and efficiency. Mei highlighted that with ETH still below its all-time high, there’s strong upside potential as macro conditions improve and institutions allocate more capital toward crypto and ETFs.

However, investors remain cautious as U.S.-China trade negotiations continue this weekend in Switzerland, with the outcome likely to influence short-term market direction.