BTC breaks $105K, forming a 2017-style setup that previously led to a major bull cycle.
U.S.-China trade deal boosts market sentiment, driving a 1.75% BTC price surge.
Analysts see potential move to $110K as BTC holds above support and momentum stays strong.
Bitcoin has broken above $105,000, forming a price structure similar to the setup seen in 2017. According to an observation by Daan Crypto via X, repeated price rejections were swiftly bought up, suggesting strategic buying ahead of market-moving news. The last time Bitcoin formed this pattern, it triggered one of the most powerful bull cycles in crypto history.
BTC Surges as Trade Talks Fuel Market Confidence
Bitcoin is now trading at $105,505 after news of a U.S.-China trade deal, which includes a 90-day reduction in tariffs. According to a joint statement from both nations, U.S. tariffs on Chinese imports will drop from 145% to 30%, while China will lower its tariffs to 10%. The agreement followed weekend-long negotiations in Geneva.
According to a statement from U.S. Treasury Secretary Scott Bessent, “We made substantial progress between the United States and China.” The two countries will now continue talks through a newly formed discussion mechanism led by senior economic officials. The announcement was followed by a broad market rally, with both the U.S. dollar and Chinese yuan strengthening.
https://twitter.com/JavonTM1/status/1921682689645560281
Bitcoin responded with increased buying pressure, rising over 1.75% in 24 hours. Ethereum, XRP, and Solana also saw gains. Bitcoin’s trading volume rose 17.8% compared to the previous day. According to Coinglass, $5 billion in liquidations may occur if BTC reaches $101,000, indicating high leveraged exposure.
BTC Patterns Mirror 2017 Formation as Bulls Take Control
According to analysis prepared by Ted Pillow via X, Bitcoin's price action now mirrors its 2017 breakout channel. Then, a similar setup triggered a powerful market-wide bull run. With BTC now up 25% this month, some analysts suggest a repeat of that trend could be starting.
MACD remains in bullish territory, and RSI has cooled while staying above neutral. Price remains above the $102,700 support. According to TradingView, the current structure could lead BTC toward $110,000 if the bullish momentum continues.
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