Cryptocurrency markets opened the week on a decidedly bullish note, shaking off recent macroeconomic anxieties as positive remarks from U.S. Treasury Secretary Scott Bessent fueled a relief rally. Bitcoin (BTC) surged past a key psychological barrier, briefly touching over $109,000 in early Sunday trading. According to market data, the BTCUSDT pair registered a 24-hour high of $109,072.12 before experiencing a slight pullback to the $108,325 level. This upward momentum was not isolated, as major altcoins followed suit. Ethereum (ETH) climbed 1.5% to trade around $2,557, with its 24-hour peak reaching $2,585.88. The rally was even more pronounced in other large-cap tokens, with XRP gaining over 2% to test resistance near $2.35, and Solana (SOL) posting a similar 2% increase. The meme coin sector also saw a surge in buying pressure, with Dogecoin (DOGE) leading the charge with a 3% gain.

Macroeconomic Optimism Fuels Crypto Rally

The primary catalyst for this market-wide upswing appears to be comments made by Treasury Secretary Bessent regarding looming trade tariff deadlines. In a widely reported interview, Bessent signaled that the U.S. is on the verge of securing several trade agreements ahead of the critical July 9 date. This deadline marks the end of a temporary pause on higher tariffs that were initially announced on April 2. The original announcement had sent shockwaves through global financial markets, causing a sharp sell-off in both equities and digital assets, which saw Bitcoin plummet to $75,000. Bessent's recent comments, suggesting that many deals could be finalized quickly to avoid the August 1 reinstatement of higher tariffs, have injected a strong dose of optimism. This sentiment has allowed risk assets like cryptocurrencies to thrive, breaking the recent pattern of range-bound trading and suggesting a potential shift in market structure if the positive macro environment persists.

Diverging Performance in Crypto Stocks and Altcoins

While the spot crypto market enjoyed a buoyant weekend, the preceding Friday offered a more mixed and cautious picture, particularly in crypto-related equities. Bitcoin itself remained relatively stable, trading at approximately $106,700 with a minor 0.7% decline. However, crypto-adjacent stocks displayed significant weakness. Shares of the exchange Coinbase (COIN) dropped 6%, while the stablecoin issuer Circle (CRCL) saw a staggering 16% decline in its stock price. This divergence highlights that equity investors may be pricing in different risks compared to direct crypto traders. In contrast, the Bitcoin mining sector was a pocket of strength, with Core Scientific (CORZ) soaring over 30% on Thursday following reports of a potential acquisition by AI Hyperscaler CoreWeave. This news underscores the growing intersection of AI and crypto infrastructure, creating unique, narrative-driven trading opportunities that can decouple from broader market trends. However, not all miners benefited, as Hut 8 (HUT) fell 6.5%, indicating a selective investor appetite.

From a trading perspective, the recent price action provides several key levels to monitor. For Bitcoin, the immediate resistance is the recent high around $109,072, with the $110,000 level acting as a major psychological hurdle. Support can now be found at the 24-hour low of $107,500. A failure to hold this level could see a retest of the $106,700 zone from Friday. For Ethereum, immediate resistance lies at the $2,585 high, while support is established at the $2,514 low. The ETH/BTC pair, currently trading at 0.02334, has shown some weakness with a 1.14% decline, suggesting Bitcoin is leading the current charge. Traders should also watch standout performers like Avalanche (AVAX), whose AVAX/BTC pair surged an impressive 6.73%, signaling strong relative strength and potential for continued outperformance if the market's risk appetite remains strong ahead of the July 9 tariff deadline.