Bitcoin paints $150K BTC price rally setup as US, China agree to slash tariffs
Bitcoin (BTC) surpassed $105,700 on May 12, marking a four-month high, driven by a US-China trade truce. The agreement between US Treasury Secretary Scott Bessent and Chinese Vice President He Lifeng will reduce US tariffs on Chinese goods from 145% to 30% and Chinese tariffs on US imports from 125% to 10%. This development spurred a market rally, with S&P 500 futures rising 2.8% and the US dollar gaining 0.7%, while gold fell 2.3%. Bitcoin's recent bullish momentum follows a breakout from a bull flag pattern, projecting a price target of $150,000. However, analysts caution that sentiment is euphoric, with the Cryptoasset Sentiment Index at its highest since November 2024, indicating potential for a near-term pullback. Bitcoin's next support level is around $100,000, with further downside risks if it drops below this threshold.
