Bitcoin Struggles Near $95,000 as Trade Deal Hopes Boost Asian Markets

Bitcoin (BTC) began the trading week with little movement above $94,000 as traders eagerly awaited updates from Beijing regarding the progress of a trade deal with the U.S. The CoinDesk 20 (CD20), an index tracking the performance of major digital assets, saw a decline of 1.5%, trading below 2,700.

Major markets in Asia were closed on Monday, leading to reduced liquidity and trading volumes. The potential easing of tensions in U.S.–China trade relations was a dominant theme in macroeconomic news. Over the weekend, China’s Commerce Ministry indicated it was reviewing a U.S. proposal to resume negotiations, while President Trump suggested that Beijing was interested in reaching a deal.

Despite the optimism, prediction markets were less confident. According to Polymarket bettors, there was only a 21% chance that a trade deal would be reached by June, and a 47% chance that the White House would lower tariffs by the end of May. Nevertheless, the markets responded positively to the potential thaw in relations. The Chinese yuan strengthened to a six-month high near ¥7.19, and regional currencies also saw gains.

Bitcoin's price movement was influenced by the broader market sentiment. The cryptocurrency faced significant resistance as it tested key technical and on-chain levels. According to a recent report by Glassnode, Bitcoin was 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. These levels were identified as a crucial battleground for market momentum. The report argued that failure to stabilize above these levels could push the price back into a consolidation range, leading many investors to experience meaningful unrealized losses.

However, the report also noted that above $100,000, there was less sell-side pressure due to a smaller volume of coins in that range. If Bitcoin could overcome the resistance around $95,000-$98,000, it could enter a relatively clear path toward new price discovery and potentially a new all-time high. This analysis highlighted the delicate balance between resistance levels and the potential for further price appreciation.