China Confirms US Tax Suspension, Bitcoin Nears ATH With a Large Green Candle Up to $105,000

Bitcoin kicked off the week with a strong move in the hour, rising 1.7% to $105,705 in the early trading session on Monday. This rally has brought the asset to its highest level since the all-time high of $109,356 in January, adding fresh momentum after a month of sideways movement. The one-hour candle, printed between 07:00 and 08:00 UTC, pushed Bitcoin from around 103,200 dollars up to nearly 106,000 dollars, placing it within 4% of the price discovery level. However, it has slightly decreased to 104,700 dollars as of the time of this report. The protest takes place as the BBC is currently reporting confirmation of progress in US-China trade talks, with a statement from Scott Bessent, "After "intense" discussions, the United States and China agreed to temporarily suspend the application of "reciprocal" tariffs for 90 days, meaning both sides will reduce their tariffs by 115%." This move also coincides with the risk environment in the broader market. Spot gold fell 1.4% during the session, dropping to $3,278 an ounce as optimism surrounding U.S.-China trade talks weighed on safe-haven demand. Meanwhile, WTI crude oil futures rose 1.5%, extending a multi-day rally. The price movement of Bitcoin reflects this macro rotation, tracking higher alongside oil and stocks while decoupling from gold.

This pattern appears during a period of declining risk aversion, indicating that traders are reclassifying Bitcoin as a beta-macro asset rather than a hedge asset. The flow of money into spot Bitcoin exchange-traded funds (ETFs) remains the main driving force. According to data compiled by Farside Investors, accumulated money flowing into spot Bitcoin ETFs listed in the United States has exceeded $41 billion, with $321 million flowing in on Friday. Products are absorbing BTC at a rate six times higher than the current mining issuance. These cash flows reinforce bullish pressure, especially during low liquidity periods when the order book depth is restricted. Technical indicators indicate short-term resistance. The relative strength index (RSI) on the daily chart is at 73, in the overbought zone, and previous moves above 105k have not held. Price fluctuations around the $106,000 level could be decisive, with a slight increase in demand and limited selling starting to appear. The broader context reflects an improved macro sentiment. BBC reports that China has now confirmed a "suspension of retaliatory tariffs," easing investors' concerns about tariffs and global demand. As a result, the US dollar has traded relatively stable, with yields fluctuating near recent lows. This environment supports risk assets and has historically favored bullish cryptocurrency. This move also comes after Bitcoin recovered above $100,000 last week, as new money flowed in and improved sentiment erased the bearish rally caused by tariffs in April. Traders are now watching for a sustainable bullish trend as the asset approaches previous highs. Although the level of 105,000 dollars has psychological weight, it is still an interim technical point between the resistance level of 106,400 dollars and the support level of around 102,400 dollars. Monday's activity brought Bitcoin back near the upper boundary of the 2025 range. Whether the flow of money and macro conditions can support a sustainable move beyond the January highs may depend on upcoming catalysts, including the U.S. CPI report on Tuesday and comments from the Federal Reserve. Currently, Bitcoin's return to the level of 105,000 dollars has reaffirmed its leading position in terms of risk appetite in the global market.