Bitcoin (BTC) price surged past $94,000

Bitcoin (BTC) rose sharply on April 23, extending its rally above the $94,000 mark amid broad gains across U.S. equity markets.

U.S. President Donald Trump’s latest comments on China tariffs have continued to heat up the macroeconomic scene, setting the stage for a busy day of trading activity.

According to a report by Bloomberg, the Biden administration is in talks with Trump’s team to cut U.S. tariffs on China as part of a broader trade deal.

The report indicates that the two sides are discussing a 50% reduction in tariffs, which were imposed by the Trump administration in 2018.

The move comes amid heightened trade tensions between the U.S. and China, the world’s largest economies. The two nations have been engaged in a trade war for several years, imposing tariffs on billions of dollars worth of goods.

The Trump administration’s tariffs on China were a key part of its efforts to reduce the U.S. trade deficit with China. The tariffs covered a wide range of goods, including steel, aluminum, and solar panels.

The Biden administration has said that it is open to negotiating a new trade deal with China, but only if the deal is “fair” to both sides.

The report suggests that the talks between the two administrations could be a key factor to watch for investors in the coming days.

The S&P 500 gained 93 points, moving 1.77% higher to 5,375.86, with Big Tech stocks leading the rally at press time.

Banners displayed at the 2023 Viva Technology in Paris April 20, 2023.

A close-up view of the Nvidia logo displayed on a monitor during the 2023 Viva Technology in Paris April 20, 2023.

Microsoft rose by 2.78%, Alphabet added 1.94%, and Meta went up by 1.77%. Nvidia outperformed with a 3.21% increase, while Apple climbed by 1.05%.

Amazon shares advanced by 2.39%, reflecting recovering confidence among investors after tariff pressures saw the AI giant, book a $5.5 billion charge last week.

The market response reflected a shift toward risk-on positioning, prompted by Trump’s softened stance on tariffs. This rhetoric was interpreted by traders as a sign of reduced trade tensions and improved macroeconomic visibility.

However, despite the day’s gains, BTC price was unable to breach the key $95,000 resistance, a level seen by market participants as a psychological limit.

While bullish momentum remains intact, the inability to sustain a move above this level suggests a cautious stance and early profit-taking.

With Bitcoin price approaching a major psychological threshold, traders are watching closely for a decisive breakout above $95,000. A sustained move could open the door to $98,000 or higher.

However, renewed macro volatility or stronger-than-expected inflation could trigger profit-taking, with key support levels seen near $91,000 and $88,500.

Investors are also eyeing Trump’s upcoming policy announcements for further clues on U.S.-China economic direction.