Bitcoin nears $100K rose on Wednesday due to the global market’s improved risk appetite after China and the US announced new trade talks. Strategy’s (previously MicroStrategy) big Bitcoin buy added more positive momentum, which helped drive more general crypto prices as well.
Bitcoin stayed within a $90,000 to $97,000 trading range despite the midweek surge; this is a level it has failed to break in the past week. Traders are now looking to $100,000 as the next significant target after a dramatic April surge lost momentum. Data from 01:22 ET (05:22 GMT) shows Bitcoin up 2.2%, trading at $96,446.5 at the time of writing.
Crypto Market Responds to US-China Trade Optimism
The increase in Bitcoin coincided with a larger movement in risk assets. Following Washington’s and Beijing’s confirmation that top-level officials would engage in trade negotiations in Switzerland this week, optimism permeated all markets. Although there is still uncertainty over the possibility of actual development in the termination of the trade war, the mere declaration of communication offered investors hope.
Still, there are subdued expectations for de-escalation. On Tuesday, President Trump declared he had no near-term plans for signing trade agreements. Both nations have also shown little intention to change their positions, particularly following the mutual tariffs imposed in April, which reached 100%.
Although such geopolitical events have no direct bearing on Bitcoin’s principles, macro sentiment is quite important for the crypto market. Fears of a protracted US-China conflict earlier this year caused a dramatic sell-off in Bitcoin, underscoring how global risk patterns and speculation affect crypto values.
Strategy Buys $180M in Bitcoin Amid Price
Michael Saylor’s company, Strategy (NASDAQ: MSTR), announced on Tuesday that 1,895 Bitcoin, valued at around $180 million, had been acquired. The purchase, the smallest since mid-March, points to a more conservative approach, even though the movement demonstrates ongoing corporate interest in Bitcoin.
Following its disclosure of intentions to raise $21 billion via a stock offering targeted towards additional Bitcoin accumulation, the strategy’s most recent acquisition comes after the biggest publicly traded corporate holder of Bitcoin. The business is probably acting sensibly after a $5.91 billion unrealised loss revealed in Q1.
Altcoins Rise But Struggle for Momentum
Though most stayed inside previous trading ranges, broader crypto prices rose along with Bitcoin. XRP gained 1.6% to $2.1388, and Ethereum (ETH) climbed 2.2% to $1,827.20. Cardano (ADA) ascended 2.6%, Solana (SOL) slipped 1%, and Polygon (MATIC) slid 0.6%. Among meme coins, Dogecoin (DOGE) climbed 1.7%, while $Trump dropped by 0.4%, suggesting conflicting feelings in the speculative areas of the market.
Is MSTR a Bull or Bear Market Play?
Those closely observing MSTR could question whether the stock stays a reliable crypto proxy or a volatile bet in unpredictable markets. Here is where instruments like ProPicks AI find application. ProPicks AI provides model portfolios tailored for tech, S&P, Dow, and mid-cap strategies based on a strong 2024 track record with two companies that skyrocketed over 150% and several more that jumped over 30%.
