Bitcoin Trades Steady Above $94,000 Amid U.S.-China Trade Deal Discussions
Bitcoin (BTC) opened the week steady above $94,000 as traders awaited updates on U.S.-China trade negotiations. The CoinDesk 20 index fell by 1.5%, trading below 2,700.
- XRP and Bitcoin rebounded from April tariff shocks but have not shown significant upward movement.
- Investors remain cautious about cryptocurrencies amid the current U.S. macroeconomic conditions.
- Major Asian markets were closed, resulting in low liquidity and trading volumes.
- China’s Commerce Ministry is reviewing a U.S. proposal to resume trade talks, with President Trump suggesting Beijing seeks a deal.
- Prediction markets assign a 21% probability of a trade deal by June and a 47% chance of tariff reductions by the end of May.
- The Chinese yuan strengthened to ¥7.19, while the New Taiwan Dollar surged to NT$29.6 per U.S. dollar due to foreign equity inflows.
BTC Technical Levels
- Bitcoin faces resistance between $93,000 and $95,000, crucial for market momentum.
- Stabilizing above these levels is necessary to avoid returning to consolidation and unrealized losses.
- If BTC surpasses $95,000-$98, it may have a clearer path toward new highs.