Bitcoin’s price seems to be on the verge of hitting the coveted $100K level ahead of this weekend’s meeting between representatives of the United States and China.
At the time of this writing, BTC’s price is trading above $99,000, currently sitting in an area of considerable resistance, as seen in the chart below.
The cryptocurrency is up almost 3% on the day and around 5% on the week.
The derivatives market is also cooling down. Liquidations have decreased by more than 7% in the past 24 hours, currently standing just shy of $300 billion, predominently occupied by short positions, data from CoinGlass shows.
Bitcoin’s market dominance stands at 62% according to CoinGecko, while the overall market is now in a state of “greed.” This signals a clear shift in sentiment in the past week.
It’s safe to say that the latest moves in BTC are driven mostly by macroeconomic events.
AsCryptoPotatoreported yesterday, representatives of the United States and China are expected to meet this weekend. They will discuss a potential trade deal following escalated tentions following the recent threats of tariffs.
Additionally, the US Federal Reserve decided to maintain key interest rates at the same levels of 4.25% to 4.5% yesterday. Although Bitcoin initially declined on the news, the losses have been erased as markets settled. It appears investors are positive on the news as the S&P 500 posted the first positive day in three.