Bitcoin Price Nears $101,000 as US-China Trade Tensions Ease
Bitcoin (BTC) price held close to $101,000 on Wednesday. The price found support near key levels amid easing trade tensions between the US and China. China will lift some tariffs on US agricultural goods starting November 10. Also, US President Donald Trump reduced tariffs on fentanyl-related imports from 20% to 10%. These moves helped calm global markets.
Despite better market sentiment, US-listed spot Bitcoin ETFs saw outflows exceeding $577 million on Tuesday. This shows that institutional demand for Bitcoin may be weakening.
Trade Developments Could Boost Bitcoin Recovery
Bitcoin steadied around $101,000 during Wednesday’s European session. The price had dropped more than 8% earlier in the week. The Chinese Finance Ministry announced it will suspend 24% of tariffs on US goods for one year, while keeping a 10% levy on other items. China’s chief trade negotiator Li Chenggang asked the US to support deeper trade cooperation after meeting a US agriculture delegation.
These changes follow Trump’s announcement last Tuesday to cut fentanyl-related tariffs. The tariff cuts result from agreements made at the October summit in South Korea. Improved US-China trade relations have lifted global market sentiment. This may help Bitcoin and other risk assets recover soon.
Bitcoin ETFs See Largest Outflow Since August
Institutional interest in Bitcoin has weakened this week. Data from SoSoValue shows spot Bitcoin ETFs had net outflows of $577.74 million on Tuesday. This marked the biggest single-day outflow since early August. Bitcoin ETFs have had daily outflows since October 29. If outflows continue, Bitcoin’s price correction may deepen.
Steady Bitcoin Sell-Off with Low Volatility
A K33 Research report said Bitcoin’s recent price drop was steady and orderly. The 7-day volatility is 1.9%, near last week’s 1.8%. This low volatility shows the selling has not caused panic. The Fear and Greed Index dropped to 21, the lowest since April 8. This shows investor sentiment is very cautious.
Bitcoin Price Outlook
Bitcoin faced resistance near a key trendline on Monday and fell 8.18%. It retested the 50% retracement level at $100,353 on Tuesday. On Wednesday, BTC traded just above $101,000 and found support near $100,353. If this support holds, Bitcoin might rebound toward resistance at $106,435.
The Relative Strength Index (RSI) is at 32, near oversold levels. This indicates that selling may slow down and a short-term rebound could happen. However, if BTC closes below $100,353, the next support level is near $97,460.
