Bitcoin (BTC) price has led the wider crypto market in a bullish outlook today. After previously erasing the new year gains, the flagship coin rebounded above $90k during the mid-North American trading session.
The total crypto market cap surged 1% to hover about $3.05 trillion at press time.
Bitcoin Rebounds on TACO Trade
The main reason why the crypto market rebounded on Wednesday was due to the trade deal announced between the United States and Europe. Bitcoin price rebounded after President Donald Trump announced a deal with respect to Greenland.
“We have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region. This solution, if consummated, will be a great one for the United States of America, and all NATO Nations. Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st,” President Trump stated.
The Bitcoin price rebound was influenced by traders’ TACO (Trump Always Chickens Out) narrative. Moreover, similar narratives happened during the 2025 tariff wars.
What’s Next for BTC Price?
From a technical analysis standpoint, the flagship coin is not yet out of the woods even after today’s rebound. Moreover, Bitcoin price in the daily timeframe has been forming a bearish continuation flag, with a midterm target of about $80k.
As Coinpedia reported, Bitcoin price is in the last phase of the bearish outlook, with the cumulative strong fundamentals and the anticipated capital rotation from Gold likely to trigger a fresh bull rally in the near future.