Bitcoin (BTC) opened the week with little change, remaining above $94,000 as traders remained on the sidelines, awaiting news from Beijing regarding the status of trade talks with the U.S.
The CoinDesk 20 (CD20), a key indicator of major digital assets’ performance, saw a slight decline of 1.5%, trading below 2,700 points.
“While XRP and Bitcoin have bounced back from the tariff-related shocks in April, neither has experienced any significant upward movement yet,” said Nick Ruck, director at LVRG Research, in a Telegram message to CoinDesk. “Investor caution toward risk assets like crypto persists, largely due to the current U.S. macroeconomic environment, even as Bitcoin shows signs of decoupling from the movement of U.S. equities.”
Trading volumes were thinner on Monday, as major markets across Asia—including Hong Kong, mainland China, Japan, and Korea—remained closed for the day.
A potential shift in U.S.-China trade relations continues to dominate the broader market narrative. Over the weekend, China’s Ministry of Commerce confirmed it was reviewing a proposal from the U.S. to resume negotiations, while President Trump suggested that Beijing “wanted to make a deal.”
“We remain optimistic that, over the long term, crypto prices will hit new highs as institutional adoption continues to grow, especially with Real World Asset (RWA) launches and further integrations with crypto-native platforms,” Ruck noted.
Polymarket bettors, however, are less confident. According to prediction markets, there is only a 21% chance that a deal will be struck by June, while a 47% chance exists that tariffs will be reduced by the end of May.
Despite vague details on the trade negotiations, markets have reacted. The Chinese yuan strengthened to a six-month high near ¥7.19, and regional currencies also gained ground.
The biggest mover was the New Taiwan Dollar (NTD), which surged to a two-year high of NT$29.6 per U.S. dollar by the end of last week. This surge was fueled by $1.4 billion (NT$42.9 billion) in foreign equity inflows, alongside strong confidence in Taiwan’s tech sector following a 60% profit jump reported by TSMC. Although Taiwan’s central bank intervened to curb volatility, it denied any political pressure, calling the action market-driven.
Bitcoin Faces Resistance Around $94K–$95K Range
Further complicating Bitcoin’s price movement is the increasing resistance it’s facing as it approaches key technical and on-chain levels, according to a recent Glassnode report.
Bitcoin continues to struggle to break above the $93,000–$95,000 range, a crucial battleground where both the short-term holder cost basis and the 111-day moving average align. This range is seen as a critical point for determining the next direction of Bitcoin’s price momentum.
“These levels represent a key inflection point that must hold,” the report stated. “Failing to stabilize above these levels would likely push the price back into its consolidation range, leading many investors back into a position of significant unrealized losses.”
However, the report noted that if Bitcoin can break through the $95,000–$98,000 resistance range, there would be less sell-side pressure. This could open the door for Bitcoin to enter a more bullish phase, potentially leading to new all-time highs.
