Bitcoin Gains Amid U.S.-China Trade Optimism
- Bitcoin rose by 3.5% over the weekend, reaching $115,400 before settling at $115,235.
- U.S. and Chinese officials reached a preliminary trade framework in Malaysia, boosting global market risk appetite.
- Market sentiment on Myriad indicated “greed,” with a peak of 60% before easing to around 57%.
- Despite the rally, Bitcoin remains about 6.5% below its October high of $126,000.
- Analysts note that key on-chain metrics have not yet confirmed the price rebound, indicating potential vulnerability.
The recent surge in Bitcoin prices is attributed to optimism surrounding U.S.-China trade discussions, which have temporarily increased risk appetite across global markets. However, analysts caution that without confirmation from on-chain activity indicators like transaction count and active users, the sustainability of this rally remains uncertain.
Despite rising to $115,400 over the weekend due to easing trade tensions between the U.S. and China, Bitcoin still trades below its October high of $126,000 as analysts await stronger on-chain signals for a sustained recovery.(Source)
