$BTC Will BTC Price Exceed $100k As the US and China Start Trade Talks on May 10?

US Treasury Secretary Scott Bessent has provided a schedule for when talks will begin to resolve the ongoing US-China trade war, following yesterday's report on the resumption of trade talks between the two largest economies.

The BTC price is targeting a breakthrough to $100,000 due to optimism about a potential deal between the two countries.

During a hearing before the House Financial Services Committee, US Treasury Secretary Scott Bessent revealed that negotiations with China would begin on May 10 in Switzerland.

Contrary to previous reports, Bessent noted that this is just the beginning of trade talks between the two countries and not 'advanced' discussions.

The price of Bitcoin soared past $96,000 and even touched $97,000 following reports on the resumption of trade talks between the two countries.

However, the BTC price quickly fell below $97,000 following Bessent's statement that US-China trade talks have not advanced.

The US-China trade war has been one of the highlights of Donald Trump's tariffs and continues to negatively impact the market. Both countries have raised tariffs to 145% and 125%, respectively.

Meanwhile, it is important to mention that the US Treasury Secretary revealed yesterday that they are close to reaching a deal with 17 out of 18 major trading partners, with China being the exception.

During today's hearing, Bessent declined to specify those countries, stating that doing so would harm US interests.

However, he stated that some trade negotiations are quite advanced towards a principle agreement.