The Bitcoin price edged up over 3% in the past 24 hours to trade at $115,557 as of 3:59 a.m. EST on trading volume that skyrocketed 173% to $59.6 billion.
That increase in the BTC price above $115,000 led to $500 million in liquidations, according to Coinglass.
The rally came after US Secretary Bessent hinted at a potential deal between the US and China, which could be announced later this week after the presidents of the two countries met in Asia.
BREAKING: US Treasury Secretary Bessent says China is "ready" to make a trade deal with the US after 2 days of negotiations.
Bessent says the agreement will remove President Trump's 100% tariff set to go live November 1st.
— The Kobeissi Letter (@KobeissiLetter) October 26, 2025
US President Trump and Chinese leader XI are set to meet on Thursday on the sidelines of the APEC summit in Gyeonggi, South Korea, marking their first face-to-face talk since the US president returned to the White House and embarked on a radical shake-up of global trade.
However, some traders are betting against BTC’s price. One trader, James Wynn, claimed 1,854 USDX in referral rewards and opened a 40X short on 0.96 BTC ($111K). He would be liquidated if the BTC price goes above $117,460, according to an X post from Lookonchain.
Bitcoin Price Recovering Within A Rising Channel
The BTC price has been on a sustained rally from mid-April, trading within a bullish rising channel pattern.
The recent uptick allowed the Bitcoin price to soar to a new all-time high (ATH) of $126,080 in October, after facing resistance around the $111,170 and $123,410 levels.
After touching the ATH, the price of BTC went through a correction, breaking below the $105,000 level, briefly touching this level as bulls took control of the price.
Bulls have now staged a recovery to push the asset’s price back within the rising channel pattern.
As a result of the staged recovery within the 1-day chart, the price of Bitcoin has now crossed above both the 50-day and 200-day Simple Moving Averages (SMAs).
Meanwhile, the Relative Strength has crossed above the 50-midline level, currently at 55, which is an indication that buyers are taking control and may drive the price even higher.
The Moving Average Convergence Divergence (MACD) has also turned bullish, with the blue MACD line crossing above the orange signal line, further supporting the overall bullish sentiment.
BTC Bulls Target A 6% Surge
Based on the current BTC/USD daily chart, Bitcoin appears poised for a bullish continuation toward the upper boundary of its rising channel pattern.
With BTC price action recently rebounding from the 200-day SMA (around $108,980) and breaking above the 50-day SMA ($114,343), momentum is turning positive.
The next significant resistance lies at the $123,000 level, a 6.82% surge from the current level, with a potential upside target near the previous channel high around $126,000.
If Bitcoin maintains its position above the 50-day SMA, a move toward $126,000 in the coming weeks is likely.
Conversely, failure to hold above $114,000 could trigger a short-term pullback toward $110,000. Overall, the chart structure and technical indicators support a medium-term bullish projection, targeting approximately $125,000–$126,000 as the next major price zone.
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