Bitcoin (BTC) Price Surges Ahead of Renewed US-China Trade Talks

The US Treasury Secretary announced that the new round of trade negotiations with China will begin on May 10 in Switzerland.

What Happened: US Treasury Secretary Scott Bessent made the announcement while appearing before the House Financial Services Committee on Wednesday.

However, Bessent clarified that the talks with China are still in the early stages and not yet advanced.

Earlier reports of renewed US-China trade talks quickly pushed the Bitcoin price above the $96,000 mark, briefly touching $97,000, showcasing rapid price action.

But after Bessent stated that the talks will officially commence on May 10 in Switzerland, the BTC price dropped from the $96,800 level.

Later, Bessent confirmed that the US is finalizing trade agreements with 17 of 18 major global partners in addition to China.

The Treasury Secretary declined to name the countries due to the sensitivity of the negotiations but disclosed that most of the talks are progressing well.

He also added that the US is still working on an agreement with China, and there is no new update on the status of the negotiations.

Top Gainers (24 Hour)

CoinPriceChange (24h)

Chainlink LINK $20.0676+10.15%

Optimism (OP) $2.0406+7.40%

Aptos (APT) $10.64+6.03%

The Impact: The ongoing trade war between the US and China has a significant impact on global markets and sentiment, which in turn affects cryptocurrency prices.

Earlier reports had mentioned progress in US-China trade talks, sparking optimism among investors. However, Bessent’s statement adjusts these expectations.

During his testimony, Bessent noted that several other trade deals are close to finalizing their key principles.

This broader trade progress has brought some positivity, but the main focus remains on the China talks. The timeline of May 10 for the start of the talks is now key for market reactions.

See More: Best Cryptocurrencies to Buy Now

Crypto Analyst Sets BTC Price Targets Above $100K

Based on technical and market momentum indicators, Crypto Zeinab forecasted that the BTC price could break the $100,000 level. The analyst identified a clean retest of BTC support, suggesting that the price may now aim for new highs.

Based on Fibonacci levels, Zeinab outlined $118,000 and $130,000 as next targets.

Similar views were shared by Rekt Capital, who highlighted that BTC price has remained above the $93,500 mark despite temporary pullbacks. The analyst pointed out a possible breakout between $97,000-$99,000, leading to the $100,000 milestone. BTC price stability suggests that downward deviations have concluded.

BTC price is now nearing major resistance levels from the 2023 high, setting the stage for a potential bullish move. Strong technical indicators and positive sentiment contribute to the broader uptrend.