Bitcoin Hovers Above $94K as Market Awaits News on U.S.- China Trade Deal
Bitcoin (BTC) opened the trading week flat above $94,000 as traders waited for news from Beijing on the progress of a trade deal with the U.S.
The CoinDesk 20 (CD20), a measure of the performance of major digital assets, was down 1.5%, trading below 2,700.
Major markets in Asia were closed on Monday, with Hong Kong, mainland China, Japan, and Korea closed, leading to thin liquidity and trading volumes.
A potential thaw in U.S.–China trade relations dominated macro headlines. Over the weekend, China’s Commerce Ministry said it was reviewing a U.S. proposal to resume negotiations, while President Trump hinted Beijing “wanted to do a deal.”
Polymarket bettors are skeptical, however, with prediction markets giving a 21% chance that a trade deal will be reached by June, and a 47% chance the White House will lower tariffs by the end of May.
Although details were vague on this potential trade deal, markets took notice. The Chinese yuan strengthened to a six-month high near ¥7.19, while regional currencies rallied.
The standout mover was the New Taiwan Dollar (NTD), which surged to a two-year high around NT$29.6 per U.S. dollar as last week ended.
The spike was driven by $1.4 billion (NT$42.9 billion) in foreign equity inflows and surging confidence in Taiwan’s tech sector after TSMC reported a 60% jump in quarterly profits. Taiwan’s central bank intervened to curb volatility but denied political pressure, calling the move market-driven.
BTC range bound?
Further compounding BTC’s relative stagnation is that its encountering significant resistance as it tests key technical and on-chain levels, according to a recent report by Glassnode.
Bitcoin is struggling to break through the $93,000–$95,000 range, an area aligned with both the short-term holder cost basis and the 111-day moving average, marking a crucial battleground for market momentum, the report argues.
“These levels represent a critical inflection point that must be upheld. Failure to stabilize above these levels would push the price back into the consolidation range, and return many investors to a state of meaningful unrealized loss,” the report reads.
However, above $100,000 there is less sell-side pressure due to a smaller volume of coins in that range. If bitcoin can overcome the resistance around $95,000-$98,000 it could enter a relatively clear path toward new price discovery and possibly a new all-time high, the report added.
