Bitcoin and Altcoins Surge as U.S.-China Trade Talks Begin
On Monday, Bitcoin and top altcoins experienced a important rise as U.S.-China trade negotiations commenced.Bitcoin reached $108,000, its highest since May 29, marking a 7.55% increase from its monthly low.
Key altcoins like Venice Token, Kaia, Ravencoin, Fartcoin, and SPX6900 also saw significant gains. venice Token climbed to $3.52, while others jumped over 10%. This rally pushed the total market cap of all coins to over $3.35 trillion.
The surge is highly likely due to easing trade tensions between the U.S. and China. Talks in London on Monday raised hopes for an agreement to ease export controls and reduce tariffs. This could alleviate investor fears that have persisted due to trade restrictions.
Accumulation continued to fuel the rally. Strategy bought 1,045 coins worth $110 million last week, bringing its total holdings to over $62 billion. Companies like Trump Media and GameStop also increased their Bitcoin holdings. The amount of Bitcoin on exchanges dropped to 1.18 million, down from 1.57 million in January. Lower exchange balances are seen as bullish,indicating long-term holding.
Financial experts are optimistic. Cathie wood predicts a 15x price jump in five years, while Tom Lee expects it to reach $200,000 to $300,000 by year-end. The Bitcoin supply on exchanges fell to 1.18 million, suggesting investors are moving assets into self-custody.
Technical indicators support this bullish trend. The activation of Bitcoin’s cup-and-handle pattern suggests a potential surge to $142,000. Altcoins typically perform well during Bitcoin’s strong rallies.
Key takeaways include:
- Bitcoin and altcoins rose amid U.S.-China trade talks.
- Accumulation by major players and lower exchange balances are bullish signs.
- Technical patterns and expert predictions support further price increases.
