Cryptocurrency markets staged a significant rally over the weekend, shaking off earlier concerns about geopolitical trade tensions. The optimism was fueled by comments from U.S. Treasury Secretary Scott Bessent, who hinted at the finalization of several key trade deals ahead of a critical July 9 deadline. This news sent a wave of relief through digital asset markets, which had been trading cautiously on Friday. Bitcoin (BTC) led the charge, gaining over 1% to briefly surge past the $109,000 mark. The BTCUSDT pair recorded a 24-hour high of $109,656.72, demonstrating strong buying pressure. The bullish sentiment was widespread, with Ethereum (ETH) climbing 1.5% to trade around $2,550, reaching a daily peak of $2,603.59 on the ETHUSDT pair. Other major altcoins joined the rally, with payments-focused token XRP and high-performance blockchain native token Solana (SOL) both posting gains of over 2%, while the popular memecoin Dogecoin (DOGE) rose by a notable 3%.

BTC Navigates Tariff Headlines as Key Deadline Looms

The market's positive turn was a direct response to macroeconomic developments concerning U.S. trade policy. In a widely reported interview, Treasury Secretary Scott Bessent stated that the administration is close to securing deals, providing a potential off-ramp to the higher tariffs that are set to take effect on August 1 if negotiations fail by the July 9 deadline. According to a report from Reuters covering his remarks, Bessent articulated a clear ultimatum to trading partners, suggesting the looming deadline was designed to accelerate deal-making. This development provided much-needed clarity for traders, who have been navigating uncertainty since President Trump first announced sweeping tariffs on April 2. That initial announcement had triggered a sharp market downturn, with Bitcoin plunging to the $75,000 level before a 90-day pause was implemented. The recent rally suggests that investors are pricing in a favorable resolution, pushing BTC from its 24-hour low of $107,570.00 toward psychological resistance at $110,000.

Altcoin Volatility and Divergence in Crypto Equities

While the overall trend was positive, altcoin markets exhibited significant volatility. Although XRP and SOL saw initial surges, their 24-hour performance showed a more complex picture. The XRPUSDT pair traded at $2.2744, while SOLUSDT stood at $148.52, both slightly down over the full 24-hour period, indicating that early gains were partially retraced. This highlights the choppy conditions for traders. In contrast, some pairs showed sustained strength; the AVAXBTC pair was a standout performer, rallying an impressive 6.7% to a price of 0.00022670. This weekend's optimism stood in stark contrast to the mood on Friday, when the market was digesting renewed tariff threats against Canada. On that day, Bitcoin traded around $106,700, showing relative calm. However, crypto-related stocks displayed greater weakness. Coinbase (COIN) shares fell 6%, and stablecoin issuer Circle's stock (CRCL) plummeted 16%. Bitcoin miners also faced headwinds, with Hut 8 (HUT) dropping 6.5%, demonstrating a significant divergence between digital asset spot prices and their equity market proxies.

Looking ahead, the market's trajectory remains tightly linked to macroeconomic headlines, with the July 9 tariff deadline serving as the next major catalyst. The weekend price action established a potential support zone for Bitcoin near its 24-hour low of approximately $107,500. A sustained break above the recent high of $109,656 would signal continued bullish momentum and could open the door to testing higher resistance levels. The ETHBTC pair remained relatively stable, with a slight 0.38% dip to 0.02363, suggesting that Ethereum's recent gains were largely in tandem with Bitcoin's move rather than a sign of independent strength. Traders will be closely watching for further developments on the trade front, as any signs of faltering negotiations could quickly reverse the recent gains. The market's ability to absorb Friday's negative news and rally on Sunday's hopes indicates a resilient underlying sentiment, but also underscores the potential for rapid, headline-driven volatility in the coming week.