US–China Trade Deal Hopes Ignite Bitcoin Rally Past $113K

Bitcoin (BTC) has surged past the $113,000 resistance zone following renewed optimism in the global financial space. This is the asset’s first climb to the price level since October 21, as it seeks to recover its previous range before the great crypto liquidation.

The surge was triggered by a statement from the U.S. Secretary of the Treasury, Scott Bessent, that China is ‘ready’ for a trade deal. According to sources familiar with the development, it comes after two days of negotiations.

Bitcoin Recovers as US and China Near Trade Breakthrough

Barring any last-minute surprises, the U.S. could rescind the 100% trade tariff imposed by President Donald Trump. The policy, which is expected to take effect by November 1, 2025, might no longer be implemented.

The cryptocurrency market had taken a huge hit after the U.S. government announced it would impose a 100% trade tariff on China. Soon after the announcement on October 10, the value of Bitcoin crashed from above $120,000 to around $111,000. The flagship crypto coin even dipped below $108,000 amid the intense volatility.

With resumed talks between teams from both the U.S. and China, it appears progress has been made on the terms. As per reports, the possibility of striking a deal following the negotiations is very high.

Traders Watch Volume as Bitcoin’s Bullish Momentum Builds

This optimism has catalyzed Bitcoin’s price outlook. The asset climbed from a low of $111,217.93 to a peak at $113,939.38 amid renewed confidence that the geopolitical tensions on trade tariffs would be resolved.

As of this writing, Bitcoin is changing hands at $113,764.27, which represents a 1.81% increase in the last 24 hours. The coin has potential for more upward movement amid the prevailing bullish sentiments in the market.

However, some traders remain cautious, and this is reflected in the volume. The trading volume is yet to climb out of the red zone as it has stayed down by 7.8% at $31.7 billion. An upsurge in volume could trigger a higher price value for BTC.

Institutional Interest Strengthens Bitcoin’s Long-Term Outlook

Meanwhile, institutional adoption of Bitcoin is gaining traction. Notably, one of the biggest banks in the world, JPMorgan Chase, has stated it will allow clients to use BTC as loan collateral. The offer will be open only to high-net-worth clients and institutional investors.