US-China Talks Boost Bitcoin to $97K

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Bitcoin prices have returned to resistance levels as reports emerge of trade talks between China and the United States.

Bitcoin prices reached an intraday and five-day high of $97,650 during early trading in Asia on Wednesday, May 7. The move has returned the asset to the same level it reached on May 2, where it hit resistance and retreated back below $94,000.

Today’s jump added almost $4,000 to BTC prices in around 12 hours, but the move could not be sustained as the asset fell back to $96,500 at the time of writing.

Nevertheless, Bitcoin remains up 2.3% on the day, and sentiment appears to be improving despite the Federal Reserve’s interest rate decision on May 7.

US-China Trade Talks
The move appears to have been driven by the United States and China reportedly planning high-level trade talks in Switzerland over the weekend.

Late Tuesday, May 6, China and the US announced plans for trade talks between Treasury Secretary Scott Bessent, Trade Representative Jamieson Greer, and Chinese Vice Premier He Lifeng in Geneva, reported the Associated Press on May 7.


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