Bitcoin set for $150K BTC price rally as US, China agree to slash tariffs

7 hours ago

Key takeaways:

Bitcoin broke supra $105,700 aft the US and China agreed to slash tariffs.
A confirmed bull emblem breakout connected the play illustration projects a $150,000.
Bitwise's sentiment scale warns of imaginable short-term overheating.

Bitcoin (BTC) bulls cheered a large improvement successful the ongoing US-China tariff talks, with the cryptocurrency climbing implicit the $105,700 people connected May 12 for the archetypal clip successful 4 months, further confirming a bullish continuation setup with a $150,000 terms target.

US-China commercialized truce fuels Bitcoin boom

The catalyst down Bitcoin’s breakout appears to beryllium de-escalating trade tensions betwixt the US and China.

Over the weekend, US Treasury Secretary Scott Bessent and Chinese Vice President He Lifeng struck a woody successful Geneva to trim tariffs that had crippled bilateral commercialized for months.

Under the deal, the US volition little tariffs connected Chinese goods from 145% to 30%, portion China volition trim its duties connected US imports from 125% to 10%.

The statement triggered a broad-based marketplace rally, with S&P 500 futures rising 2.8% and the US dollar gaining 0.7%. In contrast, golden dropped 2.3%, signaling a displacement distant from safe-haven assets.

Bitcoin, often seen arsenic a high-beta hazard asset, had suffered nether the value of the commercialized war, with accrued capitalist caution suppressing crypto inflows. The truce present signals improved liquidity and hazard appetite, conditions historically favorable for BTC rallies.

Bull emblem breakout points to $150K target

The existent Bitcoin rally follows the textbook breakout of a bull emblem pattern connected the play chart, a bullish continuation setup formed erstwhile the terms consolidates downward successful a parallel transmission aft a crisp upward move.

In Bitcoin’s case, the emblem began forming aft BTC peaked astatine astir $110,000 successful January. The consolidation persisted for months until aboriginal May erstwhile the terms broke supra the flag’s precocious trendline with a flimsy measurement increase.

This breakout confirms bullish continuation, with the pattern's projected upside people present sitting adjacent $150,000, measured aft adding the tallness of the archetypal flagpole to the breakout point.

Momentum indicators, including the relative spot scale (RSI), are besides supportive, with play RSI rebounding supra 65, reflecting renewed buying unit without entering overbought territory supra 70.

BTC whitethorn instrumentality to $100,000 first

Some analysts are urging caution arsenic Bitcoin’s sentiment is becoming euphoric.

André Dragosch, European Head of Research astatine Bitwise, notes that the firm’s Cryptoasset Sentiment Index has reached its highest level since November 2024, a level that antecedently aligned with section marketplace tops.

The illustration shows that past peaks successful sentiment, specified arsenic those successful April 2022, October 2023, and November 2024, were followed by short-term corrections oregon sideways terms action.

This suggests increasing optimism whitethorn beryllium stretched, raising the hazard of a near-term pullback contempt Bitcoin’s beardown semipermanent outlook.

Bitcoin’s terms was retracing pursuing its ascent supra $107,000 arsenic of May 12, with its regular RSI alarming astir overbought conditions.

The adjacent enactment people sits astir $100,000, aligning with its 0.786 Fibonacci retracement line.

A decisive driblet beneath the level could person BTC trial its exponential moving mean (EMA) supports below, with the 20-day EMA (the purple wave) astatine astir 97,385 arsenic the archetypal downside target.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

View source