- Bitcoin trades at $96,437.16, up 1.42% daily, 22.56% monthly.
- U.S.-China trade negotiations, anticipated on May 10-11, generate confidence.
- Bitcoin breaks the descending channel, eyes $100,000 resistance.
Bitcoin rose to $96,437.16 on May 7, 2025, a 1.42% rise in the last 24 hours and 22.56% in the last month. Optimistic expectations for high-level trade discussions between the U.S. and China set for the upcoming weekend have also given cryptocurrency momentum.
The price rise comes as executives from both nations are reported to be meeting on Saturday and Sunday to discuss ongoing tariff rows. Those positive developments from these talks will also help to alleviate global economic tension, which could further add to the case for risk-on assets like Bitcoin.
Source- X
This week, the price of Bitcoin touched $97.8k earlier in the week, as a recent chart shared on X shows. On the Binance exchange, the chart has a one-hour timeframe, and Bitcoin is breaking out of a descending channel, which could mean more to come. Market participants are still looking at the $100,000 level, however, the current trading level is close to the all-time high.
Trade Talks Drive Market Sentiment
Interest in the planned US-China trade talks is running high on financial markets. The tariff war, which has shaken the world, is the aim of the talks to settle. The U.S. has put tariffs on Chinese goods that are 145 percent, and China has struck back with tariffs on U.S. exports of 125 percent.
Positive outcomes could come from the talks, with the easing of trade barriers enabling a more stable economic environment. The stability often draws investors to invest more money into riskier assets such as cryptocurrencies. Bitcoin, a hedge against economic uncertainty, has benefited from the anticipation of lower global tensions.
In response to market sentiment and speculation about the trade discussions, the price of bitcoin has been fluctuating. The cryptocurrency rebounded sharply after earlier this week going below $96,000, a sign of renewed investor confidence.
Technical Outlook of Bitcoin and Its Market Impact
Technically, Bitcoin’s price movement has been bullish. The cryptocurrency has the potential to continue its price upsurge if it breaks out of the descending channel on the one-hour chart. It also shows support at the $95,779.75 level, strong support, with resistance a little below $98,400, a level Bitcoin briefly breached earlier this week.
This technical outlook broadly fits the broader market sentiment. Geopolitical tensions often mean more confidence in investors, and they pour capital into Bitcoin. Should the U.S.-China negotiations at the negotiating table move things in a positive direction, Bitcoin could continue this rally, even potentially pushing past the psychological $100,000 mark in the near future.
Bitcoin’s performance also relies on external factors, including macroeconomic conditions. Recent trade talk developments are following the same trends, adding fuel to the fire for Bitcoin’s role as a speculative asset during times of geopolitical flux.
Bitcoin’s monthly performance is equally impressive, with a 22.56% gain, showing Bitcoin’s bullish strength is still here to stay. However, with the earlier volatility, the cryptocurrency seems to be able to hold above $96,000, which shows that buyers are still in control.
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