Main takeout:
Bitcoin has cut more than $ 105,700 after the US and China agreed to slash tariffs.
The bull -flag brake out found on the weekly chart is $ 150,000.
The emotional index of Bitwise warns of potential short -term overheating.
BITCOIN (BTC) Bulls supported major developments in the ongoing US-QHINA tariffs, and the cryptocurrency rose to more than $ 105,700 on May 12 for the first time in four months, and more than $ 150,000.
Us-Hina Trade Truce fuel Bitcoin Boom
The catalyst behind Bitcoin’s escape seems to remove trade tensions between the United States and China.
During the weekend, Scott Bessent, US Treasury Secretary and China’s vice president, signed a contract in Geneva to reduce the tariffs that broke the quantum trade for several months in Geneva.
Under the agreement, the US will reduce the tariffs of Chinese products from 145%to 30%, while China will reduce its obligations for imports from 125%to 10%.
relevant: Us-Hina Trade Deal can reveal the use of Bitcoin: Trader
The contract triggered a wide range of market rally with S & P 500 futures 2.8% and US dollars increased 0.7%. In contrast, gold decreased 2.3%, far from safe assets.
Bitcoin, which is often considered a high beta risk asset, suffered from the weight of the trade war, and investorism suppressed the inflow of encryption. The ceasefire is now a historically favorable condition for liquidity and dangerous appetite and BTC rally.
Bull Flag Breakout points to $ 150K goal.
Currently, Bitcoin Rally follows the bullet pattern textbook brake out on the weekly chart.
In the case of Bitcoin, the flag began to form after the BTC reached its peak at almost $ 110,000 in January. Integration has increased slightly, as the price has risen slightly higher than the top trend line of the flag for months until early May.
The brake out confirmed the optimistic series, and the pattern projected upward was now sitting nearly $ 150,000, adding the height of the initial flagpole to the brake out point.
The momentum indicators, including the relative strength index (RSI), are also in place, and the weekly RSI rebounds on the weekly RSI with more than 65 and reflects the new purchase pressure without entering more than 70 excess regions.
BTC can first return to $ 100,000
Some analysts are calling forism as Bitcoin’s feelings are happy.
André Dragosch, the head of European research at Bitwise, pointed out that the company’s Cryptoasset appraisal index has reached the level that has been consistent with the local market tower since November 2024.
This chart shows that short -term modifications or price behaviors were followed to the peak of emotions such as April 2022, October 2023 and November 2024.
This can increase optimism despite optimistic long -term prospects, and in spite of Bitcoin’s powerful long -term prospects, the risk of fullback is increased in the short term.
The price of Bitcoin rose to more than $ 107,000 as of May 12, and the RSI maintained an alarm for over -purchase conditions.
The next support target is about $ 100,000 and coincides with 0.786 Fibonacci Retression Line.
The decisive decline of less than the level is that the BTC can test the exponential (EMA) support below, and the EMA (purple wave) is about 97,385 for the initial decline.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.