Bitcoin (BTC) Price: Climbs Above $115K Following US-China Trade Framework Agreement
Bitcoin Climbs Above $115,000 Following US-China Trade Framework Agreement
Bitcoin surged above $115,000, currently trading at over $114,400, as fresh recovery momentum took hold over the weekend. This positive price movement follows the announcement of a new US-China trade framework agreement reached in Malaysia on October 26, which has helped boost the broader cryptocurrency markets.
### US-China Trade Deal Spurs Crypto Rally
The global crypto market capitalization rose by approximately 1.9%, reaching around $3.92 trillion in response to the trade deal news. The agreement, announced after two days of negotiations in Malaysia, eased tensions between the world’s two largest economies—providing a conducive environment for risk assets like cryptocurrencies to recover.
US Treasury Secretary Scott Bessent described the deal as a “very substantial framework” that could prevent the threatened 100% US tariffs on China and pause China’s rare-earth export restrictions. Chinese Vice Premier He Lifeng emphasized the mutual benefits of the relationship, expressing hope that both sides will properly address concerns and protect the progress made during the talks.
### Market Response and Technical Outlook
Following the announcement, Bitcoin tested resistance levels above $115,000, bouncing back from a recent low near $106,720. The cryptocurrency successfully broke through key resistance at $112,000 before spiking beyond $115,000. Large-cap altcoins and Ethereum also extended their weekly gains as traders showed reduced concerns about near-term tariff impacts on risk assets.
Bitcoin now faces immediate resistance around $115,500. Should bulls manage to push beyond this level, the next resistance targets are $116,200 and potentially $117,000. Currently, Bitcoin is consolidating above the 23.6% Fibonacci retracement level of its recent price wave, which ranged from a swing low of $106,718 to a high of $115,400.
Support levels are intact at $114,000 for immediate support, with stronger holds at $113,500 and the trend line near $113,350.
### Key Agreement Highlights
The joint statement from the US and China highlighted that the two countries have reached “basic consensuses” on six trade areas, including:
– Section 301 measures concerning China’s maritime and shipbuilding sectors
– Extension of reciprocal tariff suspensions
– Cooperation related to fentanyl control
Both sides have agreed to work out specific details of the framework and proceed with their respective domestic approval processes. Close communication will continue under the existing consultation mechanisms to maintain stable bilateral ties.
### Conclusion
This new trade framework signals a notable shift from the previous tense rhetoric. Earlier in October, Secretary Bessent had indicated that a Senate supermajority was prepared to authorize President Donald Trump to impose tariffs up to 500% on China related to Russian oil purchases. With the agreement now in place, cryptocurrency markets appear to be responding positively to the easing of geopolitical risks, providing fresh momentum for Bitcoin and other digital assets.
Investors will be watching closely as Bitcoin tests critical resistance levels in the days ahead, with the potential for further upward movement contingent on continued positive trade developments and market sentiment.
https://coincentral.com/bitcoin-btc-price-climbs-above-115k-following-us-china-trade-framework-agreement/
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