Bitcoin (BTC) opened the trading week flat above $94,000, as traders eagerly await news from Beijing regarding a potential U.S.-China trade deal. The CoinDesk 20 (CD20), which tracks major digital assets, was down 1.5%, trading below $2,700.
Nick Ruck, director at LVRG Research, shared insights, stating, "XRP and Bitcoin bounced back from the tariff shocks in April, but have yet to make a significant movement upwards. Investors may be overly cautious about risk assets such as crypto due to the current U.S. macroeconomic climate, despite Bitcoin's trend breaking away from its correlation with U.S. equities."
Major markets in Asia were closed on Monday, including Hong Kong, mainland China, Japan, and Korea, which led to thinner liquidity and trading volumes. Despite this, the Chinese yuan strengthened to a six-month high near Ā„7.19, and regional currencies rallied. The New Taiwan Dollar (NTD) surged to a two-year high around NT$29.6 per U.S. dollar, driven by $1.4 billion in foreign equity inflows and rising confidence in Taiwan's tech sector after TSMC reported a 60% jump in quarterly profits.
The market is cautiously optimistic about the potential for a trade deal, with Polymarket prediction markets giving a 21% chance that a deal will be reached by June and a 47% chance that the White House will lower tariffs by the end of May.
BTC Range Bound?
Bitcoin is struggling to break through the $93,000-$95,000 range, an area that aligns with both the short-term holder cost basis and the 111-day moving average, which is a crucial battleground for market momentum. According to a recent report by Glassnode, these levels represent a critical inflection point that must be upheld. Failure to stabilize above these levels could push the price back into a consolidation range, subjecting many investors to meaningful unrealized losses.
However, if Bitcoin can overcome the resistance around $95,000-$98,000, the path toward new price discovery and possibly a new all-time high could be clear. Ruck remains optimistic about the long-term surge in crypto prices as institutional adoption deepens with Real World Asset (RWA) launches and integrations with crypto-native platforms.
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