The market shows cautious optimism about the possibility of reaching a deal, while traders are currently pausing their activity.
Bitcoin (BTC) opened the trading week holding steady above $94,000, as market participants awaited updates from Beijing about the status of a trade agreement with the U.S.
The index tracking the performance of major digital assets recorded a 1.5% decline, dropping its value below 2,700.
In a Telegram message, Nick Ruck, director at LVRG Research, stated that “XRP and Bitcoin have recovered from the tariff-related shocks experienced in April, but neither has demonstrated a substantial upward move.” He added that, “due to the present U.S. macroeconomic conditions, investors may be exhibiting excessive caution toward risk assets like crypto, even though Bitcoin’s trajectory has started to diverge from its correlation with U.S. equities.”
Major Asian markets, including those in Hong Kong, mainland China, Japan, and Korea, remained closed on Monday, resulting in reduced liquidity and lower trading volumes.
Macroeconomic headlines largely focused on the possibility of improved U.S.–China trade relations. Over the weekend, China’s Commerce Ministry announced it was reviewing a U.S. proposal to restart negotiations, while President Trump suggested that Beijing “wanted to do a deal.”
Ruck further noted that optimism persists about a long-term rise in crypto prices, as institutions increasingly adopt Real World Assets (RWA) and integrate them with platforms built within the crypto ecosystem.
Polymarket participants currently show skepticism, assigning just a 21% probability to the finalization of a trade agreement by June and estimating a 47% chance that the White House will reduce tariffs before May ends.
Is Bitcoin Stuck in a Trading Range?
Bitcoin’s continued stagnation is being further intensified by its struggle against substantial resistance while testing crucial technical and on-chain thresholds, as outlined in a recent report released by Glassnode.
The report notes that Bitcoin is struggling to break through the $93,000–$95,000 range, which aligns with the short-term holder cost basis and the 111-day moving average—making this zone a key battleground for establishing market momentum.
The report states that these levels serve as a crucial turning point and emphasizes the importance of maintaining them. A failure to hold above them would result in the price falling back into the consolidation range, causing a significant number of investors to experience notable unrealized losses.
The report further noted that sell-side pressure diminishes above the $100,000 mark, as fewer coins exist within that price range. If Bitcoin surpasses resistance between $95,000 and $98,000, it could enter a relatively clear path toward fresh price discovery and potentially reach a new all-time high.
