Bitcoin Continues Intraday Uptrend on US-Vietnam Trade Deal

Trump Announces Adjustment of Tariffs on Vietnamese Goods from 46% to 20%
BTC Breaks Through $109,000 in the Morning and Maintains Price During Trading
Altcoins Sustain Morning Surge Throughout the Afternoon
Experts Say "If BTC Exceeds $109,000, It Could Reach $120,000"

The cryptocurrency market, including Bitcoin (BTC), rose on the 3rd following news of a trade agreement between the United States and Vietnam.

On the 2nd, U.S. President Donald Trump announced on his social media platform 'Truth Social' that he was "honored to have concluded a trade agreement with Vietnam" and stated that he would "impose a 20% tariff on all Vietnamese goods entering U.S. territory and a 40% tariff on transshipment goods (volumes exported to the U.S. via Vietnam through a third country)".

The news of a trade agreement with Vietnam, which has established itself as the "world's factory" and a major production and export country, also caused the cryptocurrency market to rise.

Bitcoin touched $109,000 in the morning and continued to maintain this level, while altcoins also sustained their upward trend. Many major altcoins recorded over 10% growth.

◇Bitcoin = As of 4 PM on the 3rd, the Bitcoin price on Upbit was 148,170,000 won. Bitcoin's dominance was 65.09%.

According to on-chain analysis platform Sigbit, the long and short betting ratios in the Bitcoin futures market were 32.68% and 67.32%, respectively.

Expert opinions on Bitcoin were mixed.

Global bank Standard Chartered predicted that Bitcoin would reach $135,000 in the third quarter and finally hit $200,000 this year.

Standard Chartered reported that U.S. Bitcoin spot ETFs are currently purchasing about twice as many Bitcoins compared to the first half of the year, and this trend is expected to continue in the third and fourth quarters. They stated, "U.S. Bitcoin spot ETFs purchased 118,424 Bitcoins in the first half of the year and recently acquired 245,510 Bitcoins," adding that "this accumulation trend is unlikely to be easily broken this year".

Famous cryptocurrency YouTuber Lark Davis opined that Bitcoin needs to break through $109,000 to continue its rise.

Davis analyzed the sell wall based on the Bitcoin graph in his YouTube video, pointing out that $109,000 is a key psychological barrier for Bitcoin's further ascent. He said, "There is a major sell-off at $109,000" and "if this point is breached, Bitcoin could rise to $120,000".

◇Rising Coins = As of 4 PM on the 3rd on Upbit, Zilliqa (ZIL) recorded the largest increase, rising by approximately 17%.

Zilliqa is a cryptocurrency designed to expand transaction rates using Sharding technology to improve the scalability and issues of existing cryptocurrencies and smart contracts.

Launched its mainnet in January 2019, it focuses on processing smart contracts at scale without wasting decentralization of consensus, and its smart contracts are based on the proprietary programming language Scilla.

◇Fear and Greed Index = The digital asset Fear-Greed Index provided by Alternative is at 73 points, entering the 'Greed' stage. The greed stage is a period of increased price volatility and trading volume, indicating a price rise. There is a high possibility of forming a short-term peak, so caution is advised when selling.

The Relative Strength Index (RSI) provided by Sigbit is 62.1, recording a 'neutral' state. RSI measures the relative strength between upward and downward price pressures of a specific asset and indicates the overbought and oversold scale of an asset.

Reporter Seung-won Kwon ksw@blockstreet.co.kr