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

Bitcoin is trading around a crucial level near its 50-week simple moving average (SMA), a key support point in its ongoing uptrend that stretches back nearly three years. This movement coincides with recent developments in U.S.-China trade relations, specifically China’s suspension of additional tariffs on U.S. goods, which has boosted market sentiment. The decision to halt retaliatory tariffs on U.S. agricultural products follows a meeting between President Trump and Chinese President Xi Jinping. Analysts suggest that easing trade tensions might enhance risk appetite globally, providing a favorable environment for Bitcoin. However, some recent events, like Sequans Communications' retirement of half its convertible debt, could dampen bullish sentiment surrounding Bitcoin. Stakeholders are closely monitoring these dynamics as Bitcoin hovers around $102,900, weighing potential future price movements against the backdrop of international trade relations.

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