Bitcoin’s price surged to an impressive $115,000 on Monday, marking a rise of over 1% in the past 24 hours. This upward momentum is being driven by growing optimism around easing trade tensions between the U.S. and China, as well as a renewed interest from investors in riskier assets, which has had a positive impact on global markets.
Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered Bank, has indicated that Bitcoin’s price may “never fall below $100,000 again” if the favorable macroeconomic conditions observed this week persist. Kendrick emphasized that the improving trade relations between Washington and Beijing have transformed last week’s market apprehension into a newfound optimism.
A relief rally was ignited following U.S. Treasury Secretary Scott Bessent’s comments over the weekend about possibly postponing restrictions on China’s exports of rare earth materials for a year. Additionally, reports that China intends to purchase significant quantities of U.S. soybeans added to the positive sentiment across equities, commodities, and cryptocurrencies.
The anticipated trade agreement, expected to be finalized at the upcoming summit between President Trump and President Xi in South Korea, has rekindled investors’ risk appetite and pushed the Bitcoin-to-gold ratio back to levels not seen since before October 10. On that date, the markets experienced a downturn due to the threat of new tariffs.
Kendrick also pointed out that fresh inflows into spot Bitcoin exchange-traded funds (ETFs) are another strong indicator of growing market confidence. Over $2 billion recently exited U.S. gold ETFs, and if even half of that capital reallocates into Bitcoin funds, it would represent a significant vote of confidence in the cryptocurrency.
Moreover, macroeconomic tailwinds are playing a crucial role in Bitcoin’s trajectory. Analysts are anticipating a 25-basis-point rate cut at this Wednesday’s Federal Open Market Committee (FOMC) meeting, an action that many experts believe would further buoy Bitcoin prices.
Investors are also eyeing a robust earnings calendar from major tech and cryptocurrency companies. Reports are forthcoming from Microsoft, Meta, and Google on Wednesday, followed by Apple, Amazon, Coinbase, and Strategy (formerly MicroStrategy) later in the week.
“If this week goes well,” Kendrick stated, “Bitcoin may never fall below $100,000 again.”
Despite the bullish signals, resistance levels remain significant for Bitcoin. Key hurdles loom overhead at $117,600 and $122,000, which have constrained upward movement, placing bears in relative control of the market. Should Bitcoin surpass the $122,000 mark, analysts suggest that the next target could be as high as $128,000.
Maintaining bullish momentum will require the preservation of critical support levels. The key short-term support at $106,900 proved resilient throughout last week and has helped stabilize the market. However, falling below this threshold could expose Bitcoin to a support zone between $105,000 and $102,000, which has already been tested twice. A third test there could increase the likelihood of a breakdown.
For the broader bull market, the $96,000 level stands as a crucial long-term support, representing a critical floor should prices continue to decline.
As of the latest update, Bitcoin was trading at $115,041, reflecting a 1.22% increase over the past 24 hours.
