Bitcoin Struggles at Resistance Levels as Markets Lock in on Possible US-China Trade Deal! Here Are the Details

Bitcoin (BTC) traded just above the $94,000 level earlier this week as global markets turned their attention to the ongoing trade talks between the United States and China, with investors remaining cautious amid low liquidity and macroeconomic uncertainty. Bitcoin Treads Above $94,000 as Investors Await Progress in US-China Trade Deal Although Bitcoin and XRP have recently recovered following the volatility caused by tariffs in April, analysts note that both assets are struggling to gain upward momentum. “Despite Bitcoin showing signs of breaking out of its correlation with U.S. equities, investors may be overly cautious of risky assets like crypto due to the current U.S. macroeconomic environment,” Nick Ruck, director of LVRG Research, said in a statement. Optimism about a potential easing of U.S.-China trade tensions largely dominated the macroeconomic agenda over the weekend. China’s Commerce Ministry confirmed it was reviewing a U.S. proposal to restart trade talks, while former President Donald Trump hinted that Beijing was willing to reach a deal. Despite these developments, forecast markets remain skeptical. According to Polymarket, there is only a 21% chance of a deal being reached by June, and a 47% chance of the US lowering tariffs by the end of May. Markets reacted to the uncertainty. The Chinese yuan reached a six-month high of 7.19 against the US dollar, while the New Taiwan dollar (NTD) rose to a two-year high of 29.6 NTD/USD, supported by $1.4 billion in foreign capital inflows and strong earnings from TSMC. BTC Faces Technical Resistance Bitcoin’s sideways movement reflects rising technical resistance and the prevailing cautious attitude among traders. According to the Glassnode report, BTC faces significant hurdles in the $93,000-$95,000 range. This range coincides with the cost floor of short-term holders and the 111-day moving average. “These levels are a critical turning point that must be maintained,” the report said. “If stability above these levels cannot be achieved, the price will fall back into the consolidation range and many investors will return to a position of meaningful unrealized losses.” Glassnode also noted that once BTC breaks above the $95,000-$98,000 resistance, selling pressure will significantly decrease, opening the doors for price discovery above $100,000 and possibly a new all-time high. *This is not investment advice. Continue Reading: Bitcoin Struggles at Resistance Levels as Markets Lock in on Possible US-China Trade Deal! Here Are the Details