Bitcoin opened the week with a strong hourly travel, rising 1.7% to $105,705 in the early Monday trade.
Surge has lifted its assets to the highest level since its all-time high of $109,356 in January, adding new momentum following a month’s sideways move.
An hourly candle printed between 7:00 and 08:00 UTC brought Bitcoin from about $103,200 to just under $106,000, within 4% of the price discovery level. However, it was only $104,700 at press time.
The rally comes as the BBC is currently reporting confirmation of progress in US-China trade negotiations.
“After a ‘robust’ debate, the US and China have agreed to a 90-day suspension on ‘mutually’ tariffs. This means that both sides will reduce tariffs by 115%. ”
This move coincided with the broader market risk-on environment. Spot Gold fell 1.4% in the session and retreated to $3,278 per ounce as optimism surrounding US-China trade talks focused on safe demand.
Meanwhile, WTI crude oil futures rose 1.5%, extending the rallies for several days. Bitcoin’s price action mirrors this macro turn, tracking high along with oil and stocks, while being separated from gold.
This pattern emerges during periods of reduced risk aversion, suggesting that traders are reclassifying Bitcoin as a beta macro asset rather than a defensive hedge.
Flowing into funds traded through Bitcoin Spot Exchange is still an important driver. Data compiled by Farside investors shows that the cumulative inflow beyond US listed spot Bitcoin ETFs exceeded $41 billion, with an inflow of $321 million on Friday.
The product absorbs BTC at a rate of six times higher than current mining issues. These influxes strengthen upward price pressure, especially during low-liquid periods where orders are limited.
Price action around the $106,000 level proves decisive, with bids stacking slightly below, limiting overhead sales.
The broader context reflects improvement in macroemotion. The BBC reported that China has confirmed a “suspension of tariff measures” and is supporting mild investors’ concerns about tariffs and global demand.
As a result, the US dollar is trading relatively flat, with yields hovering near recent lows. This environment supports risky assets and has historically supported cryptocurrency valuations.
The move also exceeded $100,000 last week’s Bitcoin rebound. This updated the influx and erased April’s tariff-driven drawdown with improved sentiment. Traders are now watching the sustained momentum as their assets approach previous highs.
The $105,000 level has psychological weight, but the technical mid-point between resistance is $106,400, with support close to $102,400.
Monday’s activity will bring Bitcoin back to the 2025 range limit. Whether flows and macro conditions can support sustained movements beyond the January highs could depend on future catalysts, including Tuesday’s US CPI report and a commentary on the Federal Reserve.
For now, Bitcoin’s return to $105,000 reaffirms its position at the forefront of risk appetite in the global market.
(tagstotranslate)Bitcoin
