Bitcoin (BTC) Reclaims $102,000 Mark Amid New Bull Run Buzz

After dropping below $93,000 on February 3, the biggest cryptocurrency, Bitcoin has regained an intense bullish momentum, pushing BTC beyond the $102,000 mark with a 3.64%  hike in mere 24 hours. 

The drop on Monday slapped the cryptocurrency to a 3-week low with a whopping 14% plunge. According to some experts, the drop was reacted to U.S. President Donald Trump’s decision to impose 25% tariffs on neighboring countries, Canada and Mexico. He is also planning to impose similar trade fees on the European Union (EU).

“The recent tariff announcements, which introduced higher tariffs on Canada, Mexico, and China, underscore the impact of geopolitical shifts on global markets. In the short term, such measures can introduce significant volatility – just as we saw when Bitcoin plummeted following similar tariffs and trade tensions in the past,” stated Sumit Gupta, the Co-Founder at CoinDCX.

At the time of publication, BTC revolves around $101,203 with an impressive market capitalization of $2 trillion, according to CoinMarketCap.

Will Bitcoin See a New Bull Run?

                                                                                                           (Source: Rekt Capital)

The prominent crypto analyst, Rekt Capital celebrated the surge in BTC, writing on X “Bitcoin has successfully revisited the $101k level”. He called it a critical price point that now needs to be reclaimed as support. For this to happen, BTC must secure a daily close above this level and successfully retest it. If confirmed as support, the price can gain momentum toward the next key resistance along the blue diagonal shown in the graph. 

#BTC

Bitcoin has successfully revisited the $101k level (black)

Now BTC needs to Daily Close above it and retest it successfully to reclaim it into support

A successful reclaim and BTC could continue to the blue diagonal above

Until then – $101k needs to prove it is not a… https://t.co/gHHQGCypXL pic.twitter.com/KloKLgqs9f

— Rekt Capital (@rektcapital) February 3, 2025

There’s a buzz in the market that big investors are gradually increasing their Bitcoin stake. On the other hand, miners are selling less BTC, speculating the a new bull run. If this happens, BTC could break another psychological barrier of $110,000. 

Also Read: MicroStrategy Halts Bitcoin Buying Spree, What’s Next For BTC?