BTC Price Nears $100K as US-China Trade Talks Set to Begin May 10

TLDR

The US and China will begin trade talks on May 10 in Switzerland. Bitcoin price surged past $96,000 before dropping below $97,000. Scott Bessent confirmed the talks are at an early stage. The US is close to trade deals with 17 18 key partners. BTC price remains above $93,500 despite short-term pullbacks.

The BTC price rose sharply after initial optimism over renewed US-China trade talks but quickly pulled back after key clarifications. US Treasury Secretary Scott Bessent announced that trade negotiations with China will officially begin on May 10 in Switzerland. However, he confirmed that the talks will be in the early stages and not yet advanced.

Following early reports of resumed dialogue, the Bitcoin price surged past $96,000 and briefly touched $97,000, showing strong momentum. But after Bessent clarified the nature of the talks, the BTC price dropped below $97,000. Market participants adjusted their expectations, leading to rapid changes in Bitcoin price behavior throughout the day.

The ongoing US-China trade war affects global markets and sentiment, which is reflected in Bitcoin price movements. During the House Financial Services Committee hearing, Bessent explained that negotiations are just starting and not near completion. The statement removed earlier speculation about imminent progress, causing uncertainty in the short term.

BTC Price Reacts to Trade Updates

In addition to China, Bessent confirmed that the US is finalizing trade agreements with 17 of 18 major global partners. He did not name the countries due to sensitive negotiations, but emphasized that most talks are progressing well. China remains the only country not nearing an agreement, keeping pressure on global trade.

Trade tension between the US and China started under Donald Trump’s administration and remains unresolved as tariffs remain elevated. The US has tariffs set at 145% while China maintains them at 125%, affecting global trade volumes. Bitcoin price appears sensitive to such developments as traders watch for signs of progress.

Despite uncertainty in the China talks, Bessent noted that several other trade deals are close to finalizing key principles. This broader trade progress has provided some positive sentiment, though Bitcoin price remains driven by China-specific headlines. The timeline set for May 10 has now become the key focus for market reactions.

Crypto Analysts Set BTC Price Targets Above $100K

Based on technical and market momentum indicators, Crypto Zeinab forecasted that the BTC price could break the $100,000 level. The analyst identified a clean retest of BTC support, suggesting that the price may now aim for new highs. Based on Fibonacci levels, Zeinab outlined $118,000 and $130,000 as next targets.

Source: X

Rekt Capital shared similar views, noting that BTC price has remained steady above the $93,500 mark despite temporary pullbacks. The analyst pointed to a possible breakout between $97,000 and $99,000, leading to the $100,000 milestone. BTC price stability suggests that downward deviations have already concluded.

Source: X

Technical charts support a bullish outlook, especially if trade negotiations create positive momentum in broader financial markets. BTC price is now near major resistance levels, with strong sentiment driving potential upward moves. All eyes remain on May 10, as BTC price seeks a decisive breakout.

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