Bitcoin Tapped $97K as US and China Plan High-level Trade Talks

Bitcoin prices reached an intraday and five days high of $ 97,650 during early Asian trading on Wednesday, May 7. The move returned the property to the same level as it reached on May 2, where it struck the resistance and retreated back to the bottom $ 94,000.

The jump today added nearly $ 4,000 to BTC prices around 12 hours, but the transfer could not be maintained as the owner fell to $ 96,500 at the time of writing.

However, Bitcoin remains 2.3% during the day, and the emotion appears to improve despite the Federal Reserve's decision of interest on May 7.

US-China's speeches

This step appears to be driven by the United States and China has been reported planning high-level 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, Geneva, reported The Associated Press on May 7.

“Thanks to Potus, the world goes to the US, and China is the missing piece – we will meet on weekends to discuss our shared interests,” Bescent told X.

He added that current tariffs and trade barriers are “unstable,” but we do not want to “rot,” we want fair trade.

Thanks for @PotusThe world is coming to the US, and China is the missing piece – we will meet on weekends to discuss our shared interests.

Current tariffs and trade barriers are uncertain, but we do not want to rot.

What we want is fair trade. pic.twitter.com/myc4xvqme8

– Treasury Secretary Scott Bescent (@SecscottBessent) May 6, 2025

The Chinese commerce ministry confirmed the trade talks between Vice Premier and Bessent to Switzerland.

“The Chinese side carefully reviewed information from the US side and decided to agree to interact with the US side after it was fully considered to be the global expectations, Chinese interests, and calls from US businesses and consumers,” said a ministry spokesman.

Wendy Cutler, a former trade officer in the United States, said it was a “important opportunity to have a preliminary conversation with not removing certain tariffs, stabbing a path forward, as well as increasing concerns,” caution that the process will take time.

The meeting came to the middle of the US market recall on the impact of trade tariffs on prices and providing consumer goods.

Consumers get hurt when imports tariffs are imposed as the price of goods increases, increasing the economic consequences and fear of retreating.

Anywhere in crypto markets

Bitcoin and Crypto markets are also boosted by a weakening US dollar because lowering money has accelerated over the last week or more. However, the Crypto market cap remains flat in the sun at $ 3.08 trillion despite Bitcoin's acquisitions.

Ethereum went up to an intraday of $ 1,845 high, but it still faced heavy objections at this level that it had not been able to overcome the past twice.

Altcoins see minors acquired, with slightly better performance from Cardano, chainlink, Bitcoin Cash, and Litecoin, which jumps 10%.