Bitcoin (BTC) has surged past the $113,000 resistance zone following renewed optimism in the global financial space. This marks the asset’s first climb to this price level since October 21, as it seeks to recover its previous range before a significant crypto liquidation event.
The recent surge was triggered by a statement from the U.S. Secretary of the Treasury, Scott Bessent, indicating that China is ‘ready’ for a trade deal. According to sources familiar with the development, this statement comes after two days of negotiations between the two nations.
Bitcoin Recovers as US and China Near Trade Breakthrough
Barring any last-minute surprises, the U.S. could rescind the 100% trade tariff imposed by President Donald Trump. This policy, which was expected to take effect by November 1, 2025, may no longer be implemented.
The cryptocurrency market had experienced a significant downturn after the U.S. government announced its intention to impose a 100% trade tariff on China. Shortly after this announcement on October 10, the value of Bitcoin crashed from above $120,000 to around $111,000. The flagship crypto coin even dipped below $108,000 amid the intense volatility.
With the resumption of talks between teams from both the U.S. and China, it appears that progress has been made on the terms of a potential agreement. Reports suggest that the possibility of striking a deal following these negotiations is very high.
Traders Watch Volume as Bitcoin’s Bullish Momentum Builds
This newfound optimism has positively impacted Bitcoin’s price outlook. The asset climbed from a low of $111,217.93 to a peak of $113,939.38 amid renewed confidence that the geopolitical tensions surrounding trade tariffs would be resolved.
As of this writing, Bitcoin is trading at $113,764.27, representing a 1.81% increase in the last 24 hours. The coin shows potential for further upward movement, supported by the prevailing bullish sentiments in the market.
However, some traders remain cautious, a sentiment reflected in the current trading volume. The trading volume has yet to climb out of the red zone, remaining down by 7.8% at $31.7 billion. An upsurge in volume could potentially trigger a higher price value for BTC.
Institutional Interest Strengthens Bitcoin’s Long-Term Outlook
Meanwhile, institutional adoption of Bitcoin continues to gain traction. Notably, JPMorgan Chase, one of the world's largest banks, has announced it will allow clients to use BTC as loan collateral. This offer will be exclusively available to high-net-worth clients and institutional investors.