Bitcoin Rebounds As US & China Agree To New Trade Talks
Highlights
- Bitcoin is back above $104,000 following US and China's agreement to begin new rounds of trade talks.
- The flagship crypto dropped to as low as $103,900 on the day.
- Trump and Xi confirmed that trade talks will begin soon.
The Bitcoin price has recovered from its intraday low and bounced above the $104,000 mark following the agreement between the US and China to initiate new trade talks. US President Donald Trump and XI Jinping both confirmed this development, following the call they had earlier today.
Bitcoin Back Above $104,000 As Trump & Xi Reach Agreement
CoinMarketCap data shows the flagship crypto has rebounded above the psychological price level following President Trump and XI’s announcement of new trade talks. BTC had dropped to as low as $103,944 on the day as market uncertainty due to tariffs and other macro fundamentals persist.
However, Bitcoin is now back above $104,000 and targeting a rally to the $105,000 level as the new agreement between the US and China provides some relief to market participants. In a Truth Social post, Trump announced that the call between him and Xi resulted in a very “positive conclusion” for both countries.
He further stated that their respective teams will be meeting shortly at a location to be determined. US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer will represent the US at this meeting. Reporter Walter cited a CCTV report, in which President XI also confirmed that both countries have agreed to a new round of trade talks.
It is worth mentioning that the Bitcoin price had earlier dumped last week after Donald Trump announced that China had broken the agreement that both countries made in Geneva in May. This sparked a bearish sentiment among traders, with concerns that the announcement would again escalate trade tensions between the two countries.
However, the US subsequently extended the tariff pause on some Chinese goods on June 3, providing some relief to the market. Bitcoin rallied above $106,000 following the report.
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