Bitcoin Briefly Jumps Above $97,000 as China and US Set to Meet

Bitcoin price briefly surged above $97,000 during Asian trading hours on Wednesday, May 7, as new reports emerged of U.S.-China trade talks.

At the time of writing, BTC/USD is trading at $96,500.

Bitcoin Surpasses $97,000 Mark Briefly

Bitcoin price action continues to heat up, with the cryptocurrency now testing new highs for the year. Earlier this week, BTC/USD soared above $90,000 for the first time in 2025.

This rally was fueled by several factors, including the news that U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer would be meeting with their Chinese counterparts in Switzerland.

This first high-level meeting since President Donald Trump launched a trade war against China would see the two sides discussing trade relations and the possibility of resolving outstanding issues.

The news was well-received by the market, which saw Bitcoin price surge towards the $97,000 mark. However, after briefly testing this level, Bitcoin pulled back slightly.

This pullback was triggered by several technical factors, such as the overbought conditions in the market and the fact that Bitcoin price had risen too quickly in a short period of time.

Despite this pullback, Bitcoin price is still up more than 100% since the beginning of 2025. This strong performance has led some analysts to believe that Bitcoin could continue to rally towards new all-time highs.

However, other analysts are cautioning that Bitcoin price could be due for a deeper correction. These analysts cite the fact that Bitcoin price is now trading at levels that are typically associated with a bear market rally.

Only time will tell what the fate of Bitcoin holds as it navigates the ever-changing landscape of the cryptocurrency market.