Reasons Behind Today’s Bitcoin Rally
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Bitcoin price is up today as market participants expect progress on US-China trade talks to increase risk-on sentiment that should boost stocks and crypto.
Bitcoin gained 2% to $96,530 on May 7, fueled by US-China trade deal hopes.
BTC price rises with $83.6 million in short liquidations, with open interest up 26% to $64.4 billion, signaling strong bullish momentum.
A classic bullish reversal pattern is still in play, targeting BTC price at $100,000 and beyond.
Bitcoin is up today, rising over 3% in the last 24 hours to over $97,000 on May 7. Its daily trading volume has jumped 37% to $31.7 billion.
Bitcoin rises on hopes of a US-China trade deal
Bitcoin briefly hit $97,700 during the early Asian trading hours on May 7, driven by optimism over potential US-China trade talks.
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