Bitcoin is forced at the levels of resistance, while the markets are locked in the possible US-China trade agreement! Here are the details

Bitcoin (BTC), With the translation of global markets into ongoing trade negotiations between the US and China, it watched a little more than $ 94,000 at the beginning of this week. Investors took a cautious attitude due to low liquidity and macroeconomic uncertainty.

Bitcoin is more than $ 94,000 while investors expect development in the US-China Trade Agreement

Although Bitcoin and XRP have recently recovered after the fluctuation due to customs duties in April, analysts have difficulty in gaining acceleration of both assets.

“Although Bitcoin tends to break with US stocks with US stocks, investors may be extremely cautious against risky assets such as crypto, although Bitcoin tends to break with US stocks with US stocks.

The optimism regarding the potential softening of the US-China trade tension has greatly determined the macroeconomic agenda during the weekend. The Chinese Ministry of Commerce confirmed that the US proposal to restart trade negotiations, while former President Donald Trump implied that Beijing was willing to reach an agreement.

Despite these developments, forecasting markets continue to be skeptical. According to Polymarket, the probability of an agreement until June is only 21 %, and the probability of the United States to reduce customs duties by the end of May is 47 %.

Markets reacted to uncertainty. The Chinese Yuan reached the highest level of 7.19 to six months against the US dollar, while the new Taiwan Dollar (NTD) increased to the highest level of two years with 29.6 NTD/USD with the support of the powerful earnings of 1.4 billion dollars of foreign capital inflows and TSMC’s powerful earnings.

BTC faces technical resistance

Bitcoin’s horizontal course reflects the cautious attitude of the rise and the cautious attitude among the merchants. According to the Glassnode report, the BTC faces significant obstacles between $ 93,000-95,000. This range corresponds to the cost base of short -term owners and the 111 -day moving average.

The report said, “These levels are a critical turning point that needs to be protected”. “If the stability cannot be achieved above these levels, the price will return to the consolidation range again and many investors will return to a significant unrelated loss state.”

Glassnode also said that when the BTC exceeds $ 95,000-98,000 resistance, sales pressure would significantly decrease and the doors will be opened for the highest level of price discovery of over $ 100,000 and probably for the highest level of a new time.

*It is not an investment advice.