The cryptocurrency market saw a significant surge in optimism on Sunday, as positive macroeconomic signals fueled a broad-based rally. Bitcoin (BTC), the market's bellwether, led the charge after comments from U.S. Treasury Secretary Scott Bessent hinted at the strong possibility of averting a trade war. The positive sentiment rippled across the altcoin market, with XRP, Dogecoin (DOGE), and Solana (SOL) posting notable gains. This price action underscores the market's heightened sensitivity to global economic policy, presenting clear trading opportunities based on geopolitical developments.

Macro Catalyst Ignites Crypto Rally

The primary driver for the market's upward momentum was an interview with Treasury Secretary Scott Bessent, where he expressed confidence in finalizing several trade deals before the critical July 9 tariff deadline. According to reports from Reuters covering his CNN appearance, Bessent indicated that the administration is prepared to reinstate higher tariffs, originally announced on April 2, by August 1 if negotiations do not progress. This deadline has effectively spurred action among trading partners, creating a risk-on environment in financial markets. The initial "Liberation Day" tariff announcement in April had previously sent shockwaves through the markets, causing a sharp decline in U.S. stocks and plunging Bitcoin's price to as low as $75,000. The subsequent 90-day pause and the current prospect of successful deals have reversed that fear, fueling a recovery that has seen both the S&P 500 and BTC reclaim and surpass previous highs.

Bitcoin Price Analysis: Testing Key Resistance

In response to the news, Bitcoin (BTC) demonstrated significant strength, briefly surging above the $109,000 mark. The BTC/USDT pair reached a 24-hour high of $109,656.72 before experiencing a slight pullback to trade around $107,969. For traders, this $109,600 level now acts as a crucial immediate resistance. A decisive breakout and hold above $110,000 could signal further bullish continuation. On the other hand, immediate support can be found near the 24-hour low of approximately $107,900. A breach of this level could indicate that the rally was a short-lived reaction and may lead to consolidation. Trading volume on the BTC/USDT pair has been moderate, suggesting that while sentiment is positive, traders may be waiting for more concrete confirmation before committing to larger positions.

Altcoins Outperform: XRP and ETH Lead the Pack

While Bitcoin captured headlines, several altcoins displayed even more impressive performance. XRP was a standout gainer, climbing over 3% on some trading pairs. The XRP/USDT pair hit a 24-hour peak of $2.3517, with significant trading volume of over 466,000, indicating strong buying pressure. The key for XRP traders is to watch if the price can establish support above the $2.30 level to build momentum for another test of the $2.35 resistance. Ethereum (ETH) also saw a robust rally, pushing to a high of $2,603.59 before settling near $2,524. The ability to break the psychological $2,600 barrier, even briefly, is a bullish signal. The ETH/BTC pair also showed strength, gaining over 0.5%, suggesting Ether was outperforming Bitcoin during this period. Other notable movers included Avalanche (AVAX), which saw its AVAX/BTC pair soar by over 6.7%, and Litecoin (LTC), with the LTC/BTC pair rising 1.69%, indicating that positive macro sentiment is lifting a wide range of digital assets.