Bitcoin (BTC) Price Pushes Past $60,000, Coming Within a Whisker of $104,000

Bitcoin price rose above $103,000 on Saturday, nearing a three-month high and leading a broad rally in cryptocurrencies as macro sentiment improved and Ethereum completed its latest network upgrade.

Dogecoin (DOGE) was a top performer among major altcoins, surging more than 10%, while ether (ETH) gained 3.5% after the successful implementation of the Pectra upgrade brought its weekly gains to over 30%.

Solana (SOL), Cardano (ADA), xrp (XRP) and BNB Chain’s BNB were also up 2-6% as investor flows turned from largely neutral to increasingly risk-on.

The move follows a series of pro-crypto developments in the U.S. This week, New Hampshire passed a bill allowing the state to create a strategic Bitcoin reserve. Arizona followed a day later with its own legislation supporting a crypto reserve. The state-level momentum comes as political leaders factor digital asset policy more heavily ahead of the November election.

President Donald Trump’s bullish remarks on upcoming U.S.-China trade talks also helped to ease market jitters. The comments came alongside the U.S. and U.K. signing a new trade agreement that will remove reciprocal tariffs and lower duties on American goods - further lifting sentiment across equities and crypto.

“President Trump’s optimistic outlook on this weekend’s China trade talks is easing fears of an escalating trade war, encouraging traders to capitalise on asset classes like cryptocurrencies,” said Jeff Mei, COO at BTSE, in a message to CoinDesk. “This could very well drive Bitcoin towards its all-time high and potentially surpass it.”

BTC was up about 5% from European morning hours on Saturday, and is now trading about 10% below its January record high of over $108,700.

Analysts say the recent moves mark a decisive break from the sluggish price action that plagued altcoins through much of March and April.

“Traders believe the crypto industry may have finally found its second wind as a hedge against market uncertainty,” Nick Ruck, director at LVRG Research, told CoinDesk in a Telegram chat. “Investors are changing their perspectives on crypto now that altcoins have departed from a negative trend and found buying pressure from a renewed risk-on sentiment,” Ruck added.

Ethereum's 30% rally this week is also being attributed to increasing institutional interest and the momentum behind its Pectra upgrade, which brings long-awaited execution layer reforms to improve efficiency and scalability.

“The upgrade provides reforms Ethereum desperately needs to cement its position as a leading chain amidst growing competition,” BTSE’s Mei said. “Given that Ethereum is trading well below its all-time high, we could see substantial upside in the coming weeks and months, especially as macro fears ease and institutions become more willing to allocate towards crypto and crypto ETFs.”

Still, traders will be closely monitoring this weekend’s U.S.-China trade negotiations. Talks are set to begin later on Saturday in Switzerland, and any signs of deadlock or renewed tension could derail the current rally.