Bitcoin The stock traded near a key level that has served as strong support during its nearly three-year-long uptrend, amid signs of an easing in US-China trade tensions.
That key level is the 50-week simple moving average (SMA), which has acted as a trampoline, fueling bullish momentum, which is the latest for at least three major uptrends since 2023. Let’s see if BTC bulls get fourth time lucky as prices trade near the 50-week SMA at $102,900.
The latest developments in US-China trade relations support the bullish case. China said early Wednesday it would suspend its 24% additional tariffs on American goods for a year, while maintaining the 10% levy, according to media reports.
The Treasury Department has confirmed it will stop retaliatory tariffs imposed on US agricultural products including soybeans, corn, wheat, sorghum and chicken from Monday.
The move follows last week’s meeting between President Donald Trump and his Chinese counterpart Xi Jinping and Washington’s decision to halve fentanyl-related tariffs on Chinese goods.
A sustained reduction in trade tensions could eliminate a significant source of uncertainty for the global economy, leading to increased risk taking in the economy and financial markets.
However, other factors are less supportive of Bitcoin at the moment – notably the decision by Sequance Communications to sell its BTC holdings to repay half of its convertible loan. Until now, the Treasury asset narrative was entirely focused on accumulation, so this move could shake that perception.