Bitcoin News: Cost Basis Hint Bigger Rally as ‘Dip Opportunity’ Emerges Onchain

In latest Bitcoin news and risk-on markets are in the spotlight as the United States and India are reportedly set to sign a trade agreement within the next 7 to 10 days.

If this deal goes through, it will benefit the Indian economy, as companies will likely shift production from China to the country.

The potential trade deal between the US and India comes amid expectations of a sustained Bitcoin (BTC USD) rally.

The US-India Trade Concessions

CNBC-TV18 brought the market’s attention to the possible trade deal between the US and India.

Per the deal, the US could partially exempt Indian goods from the 26% reciprocal tariffs.

Also, Indian imports may see a 10% tariff, with zero duties on select product lines.

The undisclosed sources further noted that Apple’s manufacturing operations in India may be exempted from Donald Trump’s proposed 25% tariff on Apple phones.

Although the deal is not yet confirmed, it could ease tensions, boost India-US ties soon, and strengthen Apple’s Indian presence.

The reports have sparked mixed reactions within the online community. Some have welcomed the deal and even hailed India for making the first move to take business from China.

Others, however, argued that India may not agree to the deal as it leaves significant tariffs on their exports.

For a little backstory, the trade war escalated when President Donald Trump raised US tariffs on Chinese imports from 54% to 145% in April.

In retaliation, tariffs on US goods increased from 84% to 125%. The high tariffs disrupted global supply chains.

After negotiations in Geneva on May 14, the US and China agreed to a 90-day pause.

Bitcoin News: Market shift and Current Accumulation Cluster Indications

Shortly after, there were rumors that Trump was negotiating lower tariffs with China. However, China disputed the claims, noting that no such negotiations were underway.

In latest Bitcoin news update the price surged past $104,000 following the 90-day pause, fueled by improved market sentiment.

Bitcoin soon experienced consolidation before its latest rally, and BTC USD price was traded at $109,076, up 0.16% in the past 24 hours at the time of writing.

Recent data provided by Glassnode noted that over 420,000 BTC now have a cost basis of around $94,000.

This level, one of the strongest support zones in the current cycle, suggests institutional-level accumulation.

Such a high accumulation level from whale investors may propel Bitcoin (BTC USD) to new all-time highs.

Is the Bitcoin & Altcoin Season Canceled?

There were heightened speculations about the emergence of a possible altcoin after BTC USD reached $111,978.

Many speculated that the positive momentum in the Bitcoin market would flow to the altcoins.

Discussions about the altcoin season even became intense after Bitcoin faced mild consolidation during the day.

However, top altcoins like Ethereum (ETH), XRP, and Solana (SOL) are currently seeing a downtrend in their prices.

ETH and XRP declined by 0.23%, 0.26%, and 1.6%, respectively. Popular crypto analyst Michael van de Poppe attributed the market downturn to the potential tariffs on the EU.

According to the analyst, market corrections offer buying opportunities for investors in Bitcoin and altcoins.

He cited previous instances where panic moments provided tremendous short-term returns. Thus, he envisions Bitcoin and altcoins hitting new highs soon.

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