NewsletterUS-China Trade Deal: BTC Approaches $100k Ahead of Trade Talks on May 10
Highlights
- Scott Bessent revealed during a House hearing that US China trade war talks will begin on May 10.
- He also stated that this is just the beginning of negotiations and that discussions aren't advanced.
- Crypto analyst Zeinab predicts the BTC price could break above $100k amid optimism of an agreement between the two heavyweights.
The ongoing U.S.-China trade war has gone through several twists and turns, peaking at a 145% tariff from President Trump on China. On Wednesday, Trump reiterated that there will not be any concessions to bring China to the negotiating table. However, US Treasury Secretary Scott Bessent said that the talks will begin to settle the tariff war on Saturday, May 10.
Following reports of a restart of trade talks between the two largest economies earlier this week, the BTC price rallied past the crucial resistance level of $97k. Now, as the negotiation date has been finalised, Bitcoin is eyeing a breakout to $100,000 due to the optimism of a potential agreement between the two countries. At early hours on Thursday, BTC prices jumped by $2,000 to breach $99,000.
US-China Trade War: Talks To Begin On Saturday
In a hearing before the House Financial Services Committee, US Treasury Secretary Scott Bessent revealed that negotiations with China will begin on May 10 in Switzerland. Contrary to earlier reports, Bessent noted that this is just the beginning of trade talks between both countries and not ‘advanced’ discussions.
Trump also commented on the Saturday talks and raised the possibility of lowering the tariffs if talks between both countries go well. As CoinGape reported, the Bitcoin price surged past $96,000 and even touched $97,000 following reports of a restart of trade talks between both countries.
The U.S.-China trade war has been one of the highlights of Donald Trump’s tariffs and has continued to negatively impact the market. Both countries have raised tariffs to 145% and 125%, respectively.
Meanwhile, it is worth mentioning that the US Treasury Secretary revealed yesterday that they are close to reaching an agreement with 17 out of 18 key trading partners, with China being the exception.
During today’s hearing, Bessent declined to mention the exact countries, stating that doing so would be detrimental to US interests. However, he remarked that some trade negotiations are quite advanced towards agreements in principle.
Will BTC Price Break Above $100k Amid This Development
BTC price today trades at $99,033 at 3 AM EST, up 2.15% in the past 24 hours. Crypto analyst Crypto Zeinab has predicted that the Bitcoin price could break above $100,000 amid the upcoming US-China trade war talks. In an X post, the analyst noted that Bitcoin is now establishing the next leg of upside after a clean and clear retest of the support range.
Zeinab added that the Bitcoin price is aiming for $118,000, a new all-time high (ATH), followed by a rally to $130,000, which are the 1.272% and 1.618% Fibonacci levels.
With the BTC price holding above $96,400, crypto analyst Rekt Capital predicted that the flagship crypto could break above the $97,000 to $99,000 range and possibly touch $100,000. The analyst also remarked that Bitcoin’s downside deviation may be over.
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