Bitcoin (BTC) has opened a trading week of over $94,000 as traders awaited news from Beijing about the progress of their trade agreement with the US.
The Coindesk 20 (CD20), a measure of performance of key digital assets, fell 1.5%, below 2,700.
“XRP and Bitcoin bounced back from the tariff shock in April, but have yet to make any significant moves upwards,” LVRG Research director Nick Ruck told Coindesk in a telegram message. “Investors may be overly cautious about risky assets such as crypto due to the current US macroeconomic climate, despite the bitcoin trends breaking out of their correlation with US stocks.”
Major Asian markets closed on Monday, shutting down Hong Kong, mainland China, Japan and South Korea, closing thin liquidity and trading volume.
Potential thawing of US-China trade relations dominated the macro headlines. Over the weekend, China’s Commerce Department said it was reviewing the US proposal to resume negotiations, and President Trump suggested that he “want to make a deal” with Beijing.
“We remain optimistic that crypto prices will surge to new highs in the long term as real-world assets (RWAs) continue to deepen institutional adoption with encryption and native platforms,” Lack added.
However, Polymet bettors are skeptical, with forecast markets at 21% likely to reach trade contracts by June and 47% likely to lower tariffs by the end of May.
Details of this potential trade agreement were vague, but the markets took note. The Chinese Yuan has strengthened to a six-month height of nearly 7.19 yen, and local currency has recovered.
The outstanding mover is the new Taiwan Dollar (NTD), which has surged to a two-year high of around $29.6 per US Dollar after it ended last week.
After TSMC reported a 60% jump in quarterly profit, Spike was driven by a $1.4 billion (NT$42.9 billion) foreign stock inflows and a surge in confidence in Taiwan’s technology sector. Taiwan’s central bank intervened to curb volatility, but denied political pressure and called for market-driven.
According to a recent report from GlassNode, if we further exacerbate the relative stagnation of BTC, the relative stagnation of BTC is encountering significant resistance as it tests critical technology and on-chain levels.
Bitcoin is struggling to break through the $93,000-95,000 range, an area along both the short-term holder cost base and the 111-day moving average, marking a key battlefield for market momentum, the report says.
“These levels represent important inflection points that must be supported. If they are not stabilized beyond these levels, they will push prices back into the integrated range and bring many investors back to meaningless, unrealized losses,” the report states.
However, if it exceeds $100,000, there are fewer coins in that range, which means less pressure on the seller. If Bitcoin can overcome resistance around $95,000 to $98,000, it could potentially enter a relatively clear path to discovering new prices, perhaps the highest ever high, the report added.