Major cryptocurrencies are surging across the board as trade war tensions ease

Bitcoin has broken cleanly out of its downtrend, a significant technical win

Major cryptocurrencies are surging across the board as trade war tensions ease, following President Trump's remarks that talks with China are "doing fine.”

The president's comments helped to soothe market nerves, which had been frayed by a report that Trump was planning to impose tariffs on another $325 billion in Chinese goods.

If those tariffs do come to pass, they would effectively cover nearly all imports from China.

However, Trump's optimistic tone on trade talks helped to keep the door open for a resolution to the trade dispute, which has weighed heavily on both the U.S. and Chinese economies.

In other developments, Bitcoin has hit a new all-time high, surging above the $95,000 level as bulls continue to push higher.

The world's leading cryptocurrency is now trading at levels not seen since December 2017, when Bitcoin first burst onto the scene and began its meteoric rise.

This move has also seen Bitcoin break out of a downtrend that began in March, a significant technical development that could pave the way for further gains in the coming months.

Trader Notes:

Sistine Research has set a Bitcoin target at $370,000, citing a historical pattern: once BTC clears major psychological resistance zones, it tends to accelerate rapidly in momentum-fueled rallies, especially after lulls in price action.

At resistance, the move is often slow and the crowd is skeptical, but once it kicks in, it tends to come quickly.

ShardiB2 highlighted that Bitcoin is undergoing an orderly pullback, and a dip to the $90,000 level, marked by the green line which would still be considered structurally healthy.

That zone could offer a high-conviction entry for bulls.

$BTC orderly pullback.. could even go to 90k where that green line is and still be good structurally.. wouldn't mind a lower entry but wouldn't get high conviction till 90k pic.twitter.com/lJVQ7f9t0b

— Chart / Indicator / Structure / Price Action & Deep Thoughts (@ShardiB2) August 7,

Byzantine General added that while Bitcoin has broken cleanly out of its downtrend, a significant technical win, this area is also a prime zone for mean reversion, with a potential move back toward the midrange before resuming trend.

Crypto trader CJ noted Bitcoin's strong close above range highs with no short signals in sight, confirming bullish momentum. However, with price now tapping into monthly liquidity, a retracement may be imminent.

He's watching for a "three drives" pattern into $95,000. If that level triggers a reversal, it could open up a short opportunity targeting the $90,000 imbalance or the equilibrium of the previous expansion candle.

If no reversal emerges, the bull trend remains intact, and there's no need to force trades.