Bitcoin Breaks 99K! Will New Developments in US-China Trade Help It Surpass the 100K Mark?
On Thursday, Bitcoin (BTC) made a big splash, directly breaking through the $99,000 mark, with trading prices exceeding $99,000 in the Asian market. Why is it rising so sharply? The main reason is that the current macroeconomic signals are quite positive, coupled with increasing market interest in cryptocurrencies, Bitcoin seems to be on a rocket, heading towards the critical resistance level of $100,000.
Some say that Bitcoin's breakthrough of $99,000 is not just a psychological milestone, but also a clear signal for it to continue rising. However, around 1:40 AM Eastern Time, Bitcoin's price fell back a bit, dropping to $98,938. Nevertheless, it still rose 2.64% over the past 24 hours. Earlier, Bitcoin also touched a local high of $99,400.
So why was Bitcoin able to rebound this time? This can be traced back to earlier on Wednesday Asian time when there was a headline news report about the resumption of US-China trade negotiations, which acted like a shot of adrenaline for the market, boosting the overall market sentiment.
Additionally, US Treasury Secretary Scott Bessenet and Trade Representative Jamison Greer are set to meet with Chinese officials in Switzerland this weekend. Everyone is hoping that the trade tensions between these two major countries can ease during this opportunity, and maybe even find a solution.
As for the situation with the Federal Reserve on Wednesday, the Federal Open Market Committee decided to keep US interest rates stable. An analyst named Rong Ge mentioned that investors are closely watching this matter, believing that the Fed's actions signal that the market is still more inclined towards a risk-taking mode.
Everyone's thoughts are still focused on trade-related news. Trump has announced that he will make a statement regarding major trade agreements tomorrow at 10 AM Eastern Time. If there are any new developments in his speech, the market will certainly react, and it could lead to another big storm.
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