Bitcoin Surges 10% to $110,530 on U.S.-China Trade Talks

Bitcoin has surged past $109,000, reaching a peak of $110,530 in the last 24 hours. This rally was triggered two weeks ago when Trump accelerated negotiations to counter China, leading to renewed discussions between the U.S. and China in London. The market's optimism is expected to strengthen as trade agreements approach, with the EU and China adopting a controlled response to avoid a complete fallout with the U.S. The focus is now shifting towards signed agreements as the deadline of July 9 nears.

Investors remain cautious as discussions with China continue without significant progress. European markets remain stable, with China needing to alleviate tensions through positive steps in technology and rare earth elements. Despite the Hang Seng China Enterprises Index shrinking due to a lack of clear signals, Trump’s reassuring statement about positive relations with China promises market support in the next 24 hours.

Bitcoin is currently hovering above $109,500, recovering from losses caused by the China standoff. The easing of tension between Trump and Musk has also encouraged progress. Sustaining closings above $107,185 for Bitcoin (BTC) is promising for further ascents. Although surpassing the $110,600 resistance isn’t realized yet, clearer U.S.-China reconciliation indications could lead to a potential target of $112,000.

Ethereum is at a pivotal moment, crucial for altcoins. The support at $2,747, highlighted during previous surges, is maintained. Soon, closings above $2,852 need initiation, allowing liquidity to enhance altcoins. Returning to the $3,070-$3,462 range requires reclaiming $2,852 for ETH.

PEPE Coin’s 30% rise does not surprise, given its amplified response to ETH’s rise. Its earlier discussed significance is showing effects. Should the altcoin king remain robust, scenarios aim to solidify $0.00001442 as a support, targeting the $0.0000170-$0.0000219 range.