Investing.com-- Bitcoin rose on Thursday, extending gains from the prior session amid more signs of progress in U.S. trade relations, although traders were still on edge before a slew of key U.S. economic readings due later in the day.

The world’s largest crypto appeared to have broken out of a $103,000 to $108,000 trading range on Wednesday, although it remained to be seen whether the breakout could be sustained.

Bitcoin rose 2.3% to $109,113.8 by 01:15 ET (05:15 GMT). Broader crypto prices also advanced amid improving risk appetite. Strong overnight gains on Wall Street, where the S&P 500 hit a record high, also aided sentiment.

Bitcoin buoyed by trade optimism

Bitcoin benefited from improved risk appetite after the U.S. and Vietnam announced a trade deal, a third agreement for Washington before a July 9 deadline.

Markets were also encouraged by the U.S. easing some restrictions on chip technology exports to China, after the two reached a framework trade deal in June.

The trade progress drove up hopes for more U.S. trade deals before next week’s deadline. U.S. officials said a deal with India was close, but talks with Japan and South Korea appeared to have hit a snag.

Trump also signaled that he had no intention of extending his July 9 deadline to impose steep trade tariffs on major trading partners.

Tax bill passage, nonfarm payrolls in focus

Focus was squarely on the progress of a controversial tax bill through Congress, which Trump said the House of Representatives will vote on later today. But reports showed the bill was still being considered for debate in the House.

A test vote showed at least five Republicans opposing the bill, which stall the bill’s passage.

Concerns over the bill are tied chiefly to its potential impact on government debt and fiscal health, with several critics of the bill stating that it will increase U.S. economic risks.

A slew of key U.S. labor market readings are also due later on Thursday, with focus chiefly on nonfarm payrolls data for June. The prints come amid increased speculation over interest rate cuts by the Federal Reserve, with any outsized cooling in the labor market likely to elicit more easing.

Crypto price today: altcoins rebound tracking Bitcoin gains

Broader crypto prices rose in tandem with Bitcoin, also recouping some losses after a dismal performance in June.

World no.2 crypto Ether rose 6.1% to $2,592.85, while XRP rose 3.7% to $2.2684.

Solana rose 4.3%, while Cardano soared 7.8% after tumbling nearly 17% in June.

Among meme tokens, Dogecoin rose 8.1%, while $TRUMP added 4.4%.