After a slight weakening earlier yesterday, the BTC price has significantly corrected and ultimately closed higher. The BTC futures price has rebounded above the resistance level of $108,855, stopping just before testing the historical high. This move comes as optimism reignites in the China-U.S. trade negotiations, with representatives from both sides meeting in London, striving to get the talks back on track, which will continue today. Additionally, there are rumors that Trump plans to relax the restrictions on U.S. chip exports to China in exchange for easier access to rare earth materials for China. These developments have collectively boosted risk sentiment this week, leading traders to feel that a China-U.S. trade agreement could potentially be reached within the current 90-day negotiation window.

News of more large-scale corporate acquisitions has also lifted Bitcoin. The Japanese hotel group/cryptocurrency investor Metaplanet announced its plan to raise approximately $5 billion to purchase BTC ETFs. Previously, Strategy recently announced additional purchases worth $75 million in BTC, and has now become the largest holder of BTC globally, with holdings of approximately $65 billion, surpassing both the U.S. and China.

Looking ahead, BTC seems poised for a new breakthrough. The news of aggressive buying and rising institutional ETF demand suggests that the market may continue to find support. Any positive news from the China-U.S. trade front should serve as a catalyst for a new round of rebounds in the near term.