Bitcoin Near Make or Break Level as China Suspends 24% Tariff on U.S. Goods

Bitcoin is currently trading near its 50-week simple moving average (SMA), which has historically provided strong support during its nearly three-year uptrend. The recent suspension of additional tariffs on U.S. goods by China has raised market optimism, indicating a potential easing of U.S.-China trade tensions. This key support level, approximately $102,900, has previously helped fuel bullish momentum for Bitcoin. The Chinese Ministry of Finance announced that it will halt tariffs on U.S. agricultural products starting soon, following positive diplomatic discussions between U.S. and Chinese leaders. While optimism in trade relations may bolster Bitcoin, other factors, including Sequans Communications’ decision to retire half of its convertible debt, present challenges, possibly altering perceptions about treasury assets in the crypto market.

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