Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating after hitting its highest levels since late January.
The US and China agreed to slash reciprocal trade tariffs on the day, causing the S&P 500 and Nasdaq Composite Index to gain around 3%.
US dollar strength also benefited as a result, with the US dollar index (DXY) hitting one-month highs.
US dollar index (DXY) 1-day chart. Source: Cointelegraph/TradingView“The last time US tariffs on China were this high, the S&P 500 was ~200 points lower, 4 Fed rate cuts were expected in 2025, and Wall Street was calling for a recession,” trading resource The Kobeissi Letter wrote in part of ongoing analysis on X
“Sentiment is everything.”
US tariffs on China. Source: The Kobeissi Letter/X
Bitcoin thus adopted the middle ground between major assets on the day as gold dropped precipitously to $3,208 per ounce, nearing month-to-date lows.
“BTC Swept most nearby liquidity above after chopping around the $103K-$105K area for a few days,” popular trader Daan Crypto Trades told X followers alongside a chart of exchange order book liquidity from monitoring resource CoinGlass
“Below keep an eye on the ~$102K region as that's a pretty dense area in terms of liquidation clusters. Could be a good level for some action. Depending on the reaction there you can reassess.”
BTC liquidation heatmap. Source: CoinGlassCoinGlass data showed increasing bids around the $103,000 mark after the Wall Street open.
New BTC price record “in the making”
Continuing, fellow trader CrypNuevo was among those doubling down on a longer-term bull thesis for BTC price action.
Related:Is Bitcoin about to go parabolic? BTC price targets include $160K next
BTC/USD, he noted, had conducted a successful retest of the 50-week exponential moving average (EMA).
Currently at $80,300, the 50-week EMA has functioned as a springboard for new all-time highs in recent years.
“We got the 1W50EMA retest and, consequently, the next leg up,” CrypNuevo explained in an X thread on May 11
“Every previous time that we saw this structure, we made a new high so the trend signals a new ATH in the making.”
BTC/USDT 1-week chart with 50 EMA. Source: CrypNuevo/XEarlier, Cointelegraph reported on a classic bull market breakout signal on weekly timeframes in the form of a cross on the moving average convergence/divergence (MACD) indicator.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Le contenu est fourni à titre de référence uniquement, il ne s'agit pas d'une sollicitation ou d'une offre. Aucun conseil en investissement, fiscalité ou juridique n'est fourni. Consultez l'Avertissement pour plus de détails sur les risques.
Bitcoin all-time high cues come as US-China deal sends DXY to 1-month high
Key points:
Bitcoin (BTC) stuck to $104,000 at the May 12 Wall Street open as markets shifted on US-China trade deal news.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating after hitting its highest levels since late January.
The US and China agreed to slash reciprocal trade tariffs on the day, causing the S&P 500 and Nasdaq Composite Index to gain around 3%.
US dollar strength also benefited as a result, with the US dollar index (DXY) hitting one-month highs.
Bitcoin thus adopted the middle ground between major assets on the day as gold dropped precipitously to $3,208 per ounce, nearing month-to-date lows.
“BTC Swept most nearby liquidity above after chopping around the $103K-$105K area for a few days,” popular trader Daan Crypto Trades told X followers alongside a chart of exchange order book liquidity from monitoring resource CoinGlass
New BTC price record “in the making”
Continuing, fellow trader CrypNuevo was among those doubling down on a longer-term bull thesis for BTC price action.
Related: Is Bitcoin about to go parabolic? BTC price targets include $160K next
BTC/USD, he noted, had conducted a successful retest of the 50-week exponential moving average (EMA).
Currently at $80,300, the 50-week EMA has functioned as a springboard for new all-time highs in recent years.
“We got the 1W50EMA retest and, consequently, the next leg up,” CrypNuevo explained in an X thread on May 11
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.