Bitcoin Price Surges, Then Retraces Amid Renewed US-China Trade Talk Buzz

The price of Bitcoin (BTC) saw a sharp spike following initial optimism around renewed US-China trade negotiations, only to retreat shortly after further details were revealed. U.S. Treasury Secretary Scott Bessent confirmed that trade discussions with China are scheduled to officially begin on May 10 in Switzerland, but clarified they are still in preliminary stages with no significant progress yet.

Bitcoin Rallies to $97K Before Cooling Off

News of potential progress in the U.S.-China trade conflict initially boosted crypto market sentiment. The BTC price quickly jumped past $96,000, briefly testing the $97,000 level. However, once Bessent emphasized the early nature of these talks, Bitcoin reversed course and dipped below the $97K mark. The crypto market reacted swiftly, with traders adjusting their expectations amid the shifting narrative.

This volatility underscores how sensitive Bitcoin's price action is to geopolitical developments. Bessent, speaking before the House Financial Services Committee, reiterated that while trade discussions are underway, they are far from finalization, disrupting earlier hopes of swift progress and injecting fresh uncertainty into the market.

Global Trade Tensions Influence BTC Market Behavior

Bessent also mentioned that the United States is close to finalizing trade agreements with 17 out of 18 major global trading partners, although he declined to specify which countries due to ongoing sensitive discussions. China remains the outlier, with no deal in sight, keeping markets on edge and Bitcoin traders watching closely.

The long-standing U.S.-China trade tensions, dating back to the Trump era, continue to shape market sentiment. With tariffs still at 145% for the U.S. and 125% for China, global trade volumes remain under pressure. Bitcoin, often viewed as a hedge against traditional market turmoil, is reflecting this uncertainty.

Despite the lack of progress with China, Bessent highlighted that several other trade agreements are nearing completion. This broader momentum has added some optimism to global markets, but Bitcoin remains highly reactive to any China-related headlines. The upcoming May 10 meeting now serves as a critical inflection point for investors and traders.

Analysts Predict BTC to Break $100K Soon

Leading crypto analyst Zeinab believes that Bitcoin is poised to surpass the $100,000 mark, citing strong technical indicators and recent momentum. A clean support retest has set the stage for potential higher highs, with projected targets at $118,000 and $130,000 based on key Fibonacci levels.

Similarly, Rekt Capital highlighted that BTC has held strong above $93,500, with only minor pullbacks. The analyst noted that a breakout in the $97K–$99K range could pave the way for a decisive move past the $100K threshold. This consolidation phase may be setting the foundation for a new bullish leg.

BTC Nears Major Resistance as May 10 Looms

Technical charts continue to show a bullish setup, especially if upcoming trade developments boost overall investor confidence. With BTC nearing key resistance levels, many believe a breakout could be imminent if macroeconomic news aligns favorably.

For now, all eyes are on May 10, as crypto markets brace for the next major move. Whether Bitcoin breaks through resistance or faces another pullback will likely depend on how the US-China trade talks unfold.