Source: Cointelegraph.com NewsKey points:<\/p>\n
Bitcoin seeks consolidation after rapid gains as stocks and the US dollar surge on US-China trade deal news.
\nNearby order book liquidity forms potential targets for traders, which now include $102,000.
\nA classic moving average retest suggests that a new all-time high should result.<\/p>\n
Bitcoin (BTC) stuck to $104,000 at the May 12 Wall Street open as markets shifted on US-China trade deal news.
\nBTC\/USD 1-hour chart. Source: Cointelegraph\/TradingView
\nBitcoin surfs US-China trade deal reactions
\nData from Cointelegraph Markets Pro and TradingView showed BTC\/USD consolidating after hitting its highest levels since late January.
\nThe US and China agreed to slash reciprocal trade tariffs on the day, causing the S&P 500 and Nasdaq Composite Index to gain around 3%.
\nUS dollar strength also benefited as a result, with the US dollar index (DXY) hitting one-month highs.
\nUS dollar index (DXY) 1-day chart. Source: Cointelegraph\/TradingView\u201cThe last time US tariffs on China were this high, the S&P 500 was ~200 points lower, 4 Fed rate cuts were expected in 2025, and Wall Street was calling for a recession,\u201d trading resource The Kobeissi Letter wrote in part of ongoing analysis on X.\u00a0
\n\u201cSentiment is everything.\u201d
\nUS tariffs on China. Source: The Kobeissi Letter\/XBitcoin thus adopted the middle ground between major assets on the day as gold dropped precipitously to $3,208 per ounce, nearing month-to-date lows.
\n\u201cBTC Swept most nearby liquidity above after chopping around the $103K-$105K area for a few days,\u201d popular trader Daan Crypto Trades told X followers alongside a chart of exchange order book liquidity from monitoring resource CoinGlass.\u00a0
\n\u201cBelow keep an eye on the ~$102K region as that’s a pretty dense area in terms of liquidation clusters. Could be a good level for some action. Depending on the reaction there you can reassess.\u201d
\nBTC liquidation heatmap. Source: CoinGlassCoinGlass data showed increasing bids around the $103,000 mark after the Wall Street open.<\/p>\n
New BTC price record \u201cin the making\u201d Source: Cointelegraph.com NewsKey points: Bitcoin seeks consolidation after rapid gains as stocks and the US dollar surge on US-China trade deal news. Nearby order book liquidity forms potential targets for… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129085"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129085"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129085\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129085"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nContinuing, fellow trader CrypNuevo was among those doubling down on a longer-term bull thesis for BTC price action.
\nRelated: Is Bitcoin about to go parabolic? BTC price targets include $160K next
\nBTC\/USD, he noted, had conducted a successful retest of the 50-week exponential moving average (EMA).
\nCurrently at $80,300, the 50-week EMA has functioned as a springboard for new all-time highs in recent years.
\n\u201cWe got the 1W50EMA retest and, consequently, the next leg up,\u201d CrypNuevo explained in an X thread on May 11.\u00a0
\n\u201cEvery previous time that we saw this structure, we made a new high so the trend signals a new ATH in the making.\u201d
\nBTC\/USDT 1-week chart with 50 EMA. Source: CrypNuevo\/XEarlier, Cointelegraph reported on a classic bull market breakout signal on weekly timeframes in the form of a cross on the moving average convergence\/divergence (MACD) indicator.
\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"