Bitcoin price rose for the second day in a row on Thursday, going up by 0.8% at the time of writing to trade at $97,447. The uptrend is supported by the changing tone in the tariff war pitting the United States and China, which has boosted confidence in financial markets.
US President Donald Trump stated on Wednesday that he expected his Chinese counterpart, Xi Jinping, to visit the United States, adding that a trade deal between the two nations is a possibility. The statement has raised the prospect of a solution to the stalemate that has slowed down uptake of high-risk assets like cryptocurrencies.
Elsewhere, Hong Kong on Wednesday unveiled a new roadmap geared towards developing the city as a global cryptocurrency hub. The city is already reputable as a financial hub, and the new roadmap, christened “ASPIRe” (access, safeguards, products, infrastructure, and relationships), will focus on improving blockchain tech efficiency, regulatory optimisation and market access.
The Relative Strength Index (RSI) on Bitcoin price is at 48, signaling neutral-to-bearish conditions. Also, the coin’s 24-hour trading volume was down by 25% at press time, adding credence to the weak upside momentum. Declining trading volume during an uptrend generally indicates investors’ reluctance to buy an asset at higher prices. A continuation of the same trend could weigh down on BTC price.
Bitcoin Price Prediction
Bitcoin price pivots at $96,960 and action above that level favours the upside to prevail. That momentum will likely meet the initial resistance at $97,780. However, an extended control by buyers will breach that barrier and could test the second resistance at $98,580.
Conversely, the trajectory will shift to the downside if the price breaks below $96,960. In that case, the first support will likely be at $96,320. The upside narrative will be invalid if the price breaks below that level. Meanwhile, the resulting momentum could extend the decline and test the second support at $95,600.
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