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Bitcoin’s price seems to be on the verge of hitting the coveted $100K level ahead of this weekend’s meeting between representatives of the United States and China.
$BTC Eyes $100K
At the time of this writing, $BTC’s price is trading above $99,000, currently sitting in an area of considerable resistance, as seen in the chart below.
The cryptocurrency is up almost 3% on the day and around 5% on the week.
The derivatives market is also cooling down. Liquidations have decreased by more than 7% in the past 24 hours, currently standing just shy of $300 billion, predominently occupied by short positions, data from CoinGlass shows.
Bitcoin’s market dominance stands at 62% according to CoinGecko, while the overall market is now in a state of “greed.” This signals a clear shift in sentiment in the past week.
The Macro Shapes Bitcoin’s Price
It’s safe to say that the latest moves in $BTC are driven mostly by macroeconomic events.
As CryptoPotato reported yesterday, representatives of the United States and China are expected to meet this weekend. They will discuss a potential trade deal following escalated tentions following the recent threats of tariffs.
Additionally, the US Federal Reserve decided to maintain key interest rates at the same levels of 4.25% to 4.5% yesterday. Although Bitcoin initially declined on the news, the losses have been erased as markets settled. It appears investors are positive on the news as the S&P 500 posted the first positive day in three.