The cryptocurrency market saw a significant surge in buying activity on Sunday morning, as positive macroeconomic signals from Washington D.C. fueled risk-on sentiment among traders. Bitcoin (BTC), the market's bellwether, led the charge, climbing over 1% to briefly surpass the critical $109,000 level. This move reflects a growing investor confidence tied directly to comments made by U.S. Treasury Secretary Scott Bessent regarding potential trade deals ahead of a looming July 9 tariff deadline. The optimism wasn't confined to Bitcoin; major altcoins also posted impressive gains. Ethereum (ETH) rose approximately 1.5%, with its price reaching $2,559 on the ETH/USDT pair. Other notable performers included XRP, which gained over 2% to trade around $2.29, and Solana (SOL), which also saw a 2% increase to hit $152.28. The meme token Dogecoin (DOGE) outperformed many, rallying a strong 3%.

Macro Catalyst: Trade Deal Hopes Drive Market Rally

The primary driver for this market-wide upswing was an interview with Treasury Secretary Bessent, where he indicated that the U.S. is on the verge of finalizing several key trade agreements. This development is crucial as it comes before the July 9 expiration of a temporary pause on higher tariffs, which were first announced on April 2. According to a Reuters report on Bessent's comments, the administration is prepared to escalate pressure if negotiations stall. "President Trump's going to be sending letters to some of our trading partners saying that if you don't move things along, then on August 1, you will boomerang back to your April 2 tariff level," Bessent stated. This has created a sense of urgency, suggesting a flurry of deal-making activity is imminent. The market is reacting to the potential avoidance of a trade war escalation, a scenario that previously had a chilling effect on both traditional and digital asset markets. The initial "Liberation Day" tariff announcement in April triggered a severe market sell-off, which saw U.S. stocks plummet and Bitcoin’s price collapse to $75,000, underscoring how sensitive crypto markets have become to global macroeconomic policy.

Bitcoin (BTC) Technical Outlook: Eyeing Resistance at $110,000

From a trading perspective, Bitcoin's recent price action is pivotal. The BTC/USDT pair reached a 24-hour high of $109,656.72, showing a clear test of the psychological resistance level at $110,000. While the price has since retraced slightly to around $108,426, holding support above the 24-hour low of $108,120 is a constructive sign. A sustained break above $110,000 could open the door for a larger move, targeting previous highs. However, traders should note the relatively thin 24-hour volume on the BTC/USDT pair, recorded at just 8.6 BTC, which could suggest that while sentiment is positive, significant institutional capital has not yet fully committed to this rally. The immediate challenge for bulls is to convert the $109,500-$110,000 zone from resistance into a new support floor. Failure to do so could see the price consolidate between $108,000 and $109,000 before its next directional move.

Altcoin Spotlight: SOL, AVAX, and LINK Show Relative Strength

While Bitcoin captured headlines, several altcoins are demonstrating notable strength against both the US dollar and Bitcoin itself. Solana (SOL) is trading robustly, with the SOL/USDT pair reaching a high of $153.67. More significantly, the SOL/BTC pair registered a 2.09% gain, hitting a high of 0.00140820 BTC, indicating that SOL is outperforming Bitcoin in the current rally. Another standout is Avalanche (AVAX), which posted a remarkable 6.7% gain against Bitcoin, with the AVAX/BTC pair climbing to 0.00022890 BTC on strong volume. This suggests a strong appetite for layer-1 alternatives. Meanwhile, Chainlink (LINK) also showed positive momentum, with the LINK/BTC pair gaining over 1% to trade at 0.00014900 BTC. The ETH/BTC pair also saw a modest increase of 0.42%, trading at 0.02345 BTC, suggesting that capital is beginning to flow from Bitcoin into higher-beta altcoins. For traders, these cross-pairs are critical to monitor as they often signal the beginning of a broader 'altseason'. The key risk remains a sudden reversal in macroeconomic sentiment; should the trade deal optimism fade, these high-beta altcoins could experience sharper corrections than Bitcoin.