Bitcoin Near Make or Break Level as China Suspends 24% Tariff on U.S. Goods

Bitcoin is currently trading near the 50-week simple moving average (SMA), a key support level that has fueled bullish momentum multiple times since 2023, as trade tensions between the U.S. and China show signs of de-escalation. China announced it will suspend its 24% additional tariff on U.S. goods for one year, while retaining a 10% levy, specifically halting retaliatory tariffs on agricultural products like soybeans and corn. This easing follows a meeting between Presidents Trump and Xi Jinping and Washington's decision to halve fentanyl-related levies. While reduced trade uncertainty generally supports risk assets, Bitcoin faces counter-pressure from Sequans Communications selling its BTC holdings to retire convertible debt, potentially challenging the asset's treasury accumulation narrative.

(Source：CoinDesk)