Bitcoin prices climbed above $104,000 today, setting a new 2024 high as the digital asset market responded to a series of positive events and data, according to Coinbase and TradingView. The price jump followed the release of a bullish reading of 80 on the Bitcoin: Bull Score Index from CryptoQuant.

The index has reached this high mark several times this month, signaling a strong positive outlook for bitcoin among investors, according to additional CryptoQuant data. The digital asset moved up from about $95,000 on May 1 to over $104,000 following these readings.

Explaining the indicator’s effect, Julio Moreno, head of research for CryptoQuant, said via Telegram that the index measures demand, valuation, and liquidity conditions for bitcoin. In his words, “As long as the index is at 60 or above, it signals bullish sentiment and supports higher prices.” He noted the index had risen significantly after dropping to a low of 10 in early April. Joe DiPasquale of BitBull Capital added that market sentiment has improved markedly in recent weeks, with the bullish index readings confirming on-chain optimism.

Contributing to the rally, trade negotiations between the United States and United Kingdom resulted in a new agreement described as beneficial for both countries. According to a White House statement, the deal expands U.S. exports, especially in agriculture, and includes new tariff structures for vehicles imported from the U.K. Both leaders expect the deal to boost trade and create jobs.

In parallel, the U.S. will maintain a 10% baseline tariff but will allow up to 100,000 U.K.-built vehicles to enter the market at this rate, with any additional vehicles facing a higher tariff of 25%. There is also optimism that the U.S. may reduce tariffs on Chinese imports soon, as reported by China-tariffs-will-come-down-145-percent-2025-05-08/” target=”_blank” rel=”nofollow noopener noreferrer”>Reuters.

Analysts noted that macroeconomic developments, including the U.S.-U.K. trade deal and U.S.-China talks, contributed to broader optimism. Tim Enneking of Psalion said via email that, “the announcement of a trade agreement this morning” was a significant catalyst, though he stressed other factors have contributed to the recent rise in bitcoin and ether.

Other experts, like DiPasquale, believe a mix of macroeconomic momentum and post-halving scarcity effects also supported bitcoin’s climb above $100,000. He explained via email that both the policy environment and institutional buying have continued to support higher digital asset prices.

Large investors, known as whales, reportedly maintained confidence throughout bitcoin’s movements—keeping accumulation steady as prices recovered from the April dip below $75,000. According to Enneking, “that institutional confidence has now been justified, triggered and supported by today’s tradfi macro events.”

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