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

Bitcoin is currently trading close to its significant 50-week simple moving average (SMA), which has historically acted as a strong support level during its three-year bullish trend. The recent suspension of additional tariffs on U.S. goods by China has contributed to increased market optimism, suggesting a potential easing of U.S.-China trade tensions. This development follows a recent meeting between U.S. President Donald Trump and Chinese President Xi Jinping. The halting of retaliatory tariffs, particularly on agricultural products, is expected to mitigate global economic uncertainties and encourage risk-taking behavior in the financial markets. However, despite this bullish backdrop, Bitcoin's performance may be affected by other variables, such as Sequans Communications' decision to retire half of its convertible debt, which has the potential to influence market sentiment. Stakeholders await to see if Bitcoin will maintain momentum near the critical SMA level around $102,900, given the backdrop of easing trade tensions and fluctuating internal market dynamics.

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