coindesk.com
Bitcoin $BTC$102,108.42 is trading near a key level that has served as strong support throughout the nearly three-year-long uptrend, amid signs of de-escalation in U.S.-China trade tensions.
That key level is the 50-week simple moving average (SMA), which has acted as a trampoline, fueling bullish momentum, refreshing for a larger upward move at least three times since 2023. Let's see if $BTC bulls get lucky a fourth time as prices trade near the 50-week SMA at around $102,900.
The latest development in U.S.-China trade relations supports the bullish case. According to media reports, China said early Wednesday that it will suspend its 24% additional tariff on U.S. goods for a year, while retaining the 10% levy.
The Ministry of Finance confirmed that it will halt retaliatory tariffs imposed on U.S. agricultural products, including soybeans, corn, wheat, sorghum, and chicken, starting Monday.
The move follows a meeting last week between President Donald Trump and his Chinese counterpart, Xi Jinping, and Washington's decision to halve its fentanyl-related levies on Chinese goods.
The continued easing of trade tensions could eliminate a significant source of uncertainty for the global economy, supporting increased risk-taking across the economy and financial markets.
Other factors, however, are less supportive of Bitcoin at the moment—particularly the decision by Sequans Communications to offload its $BTC holdings to retire half of its convertible debt. Until now, the treasury asset narrative had been solely centred on accumulation, so this move may shake that perception.