Talks Announcement Amidst Trade Standoff
On May 7, welcome news emerged as the United States and China declared that they would initiate talks in Switzerland later this week. The ongoing US-China tariff deadlock has been a major concern for the global economy. These discussions will center on trade and tariff issues.
The Chinese Ministry of Commerce spokesperson addressed the upcoming high-level economic and trade talks. The spokesperson pointed out that since the new US administration took office, it has imposed a series of illegal and unreasonable unilateral tariff measures. These actions have seriously damaged Sino-US economic and trade relations, disrupted the international economic and trade order, and presented a severe challenge to global economic recovery. China has taken firm countermeasures to safeguard its legitimate rights and interests.
After carefully assessing information from the US, and considering global expectations, China’s interests, as well as appeals from the US business community and consumers, China decided to engage in the talks. Vice Premier He Lifeng, China’s lead in Sino-US economic and trade affairs, will meet with US Treasury Secretary Bessent, the US lead, during his visit to Switzerland. China made it clear that if the US acts duplicitously or tries to use the talks as a cover for coercion, China will not tolerate it. China will not sacrifice its principles or international fairness for any agreement.
In contrast, Bessent expressed his anticipation for the talks. He emphasized that the US aims to rebalance the international economic system to better protect national interests.
Bitcoin’s Price Surge
The news of the upcoming talks immediately boosted market confidence. Bitcoin’s price saw a significant increase. During the Asian morning trading session, it briefly reached the $97,000 mark. In the past 24 hours, Bitcoin rose about 2.95%, and its current price hovers around $96,914, with an intraday high of $97,400. Ethereum also saw a 2.44% increase on the day, trading at $1,839.
From a technical perspective, Bitcoin has been consolidating above an upward trend line that formed since late April. The 50-period Exponential Moving Average at $95,833 and the 0.382 Fibonacci retracement level at $96,048 provide short-term support. If it rebounds, Bitcoin may test $96,782, then challenge $97,329, and potentially return to its recent high of $97,966. However, as the MACD shows weakening momentum, traders need to be cautious and wait for clear breakout signals before opening new long positions.
BTC Bull Token’s Attraction
The BTC Bull Token ($BTCBULL) has been gaining attention. Its value is tied to Bitcoin’s performance, rising when Bitcoin reaches certain milestones. It has raised over $5.28 million, close to its $5.96 million pre-sale cap. Priced at $0.00249, it offers more than a typical meme coin. With a flexible 78% staking yield, investors can earn returns without sacrificing liquidity, making it an appealing option in the volatile crypto market.
Conclusion
The upcoming US-China tariff talks in Switzerland have injected new hope into the trade situation. This has also led to a significant rise in Bitcoin’s price. While technical analysis offers some insights into Bitcoin’s future movement, market volatility remains. Meanwhile, the BTC Bull Token’s growing popularity shows that innovative crypto products can attract investors seeking both returns and flexibility.
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