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- Bitcoin jumps as traders eye Trump–Xi meeting for bullish momentum.
- Trump–Xi summit sparks optimism, pushing Bitcoin closer to $125,000 target.
- Buyers dominate market as easing trade tensions fuel Bitcoin rally.
The price of Bitcoin has been on a steady rise, surpassing $115,000, with the prospect of the upcoming Trump-Xi meeting on October 30 increasing their optimism. Investors are placing their bets that new negotiations between the United States and China may de-escalate global tensions and improve liquidity, creating an optimal environment for risk assets such as Bitcoin to flourish.
The market sentiment is on an upswing, as Bitcoin has gained momentum of 2.34% in the past 24 hours. The price has broken through one of the key downward channels earlier in the week, indicating that buyers are well in control.
There has been strong support around the area of $112,000, and the area of invalidation is at $ 106,000, with the majority of the deep bids at that point. At the same time, resistance is building around the neckline of the last breakdown, which occurred at $ 117,000. Long-term momentum beyond this mark may enable a sprint to $125,000.
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Buyers Dominate as Technicals Strengthen
The market structure is favorable for additional upside, and technical indicators suggest bullish momentum. The Directional Movement Index indicates a +DI of 37.7, which is significantly higher than the negative value of 9.8, indicating buy-side domination. The current trend is also healthy, as indicated by the Average Directional Index (ADX) of 26.3, which shows that the current trend is not yet exhausted.
This is also bullish, as supported by price action. The fact that the lows since the sweep of $106,000 are higher indicates that demand is prevailing, and the accumulation can be observed through the buying pressure around the $114,000 level.
The continuation was mainly characterized by a steady expansion and cooling in the upward trends and on the retracts, respectively. If Bitcoin fails to surpass a price of over $117,000, the next resistance level, which is expected to be between $121,000 and $125,000, will be reached in a short time.
Trump–Xi Summit Could Ignite Fresh Momentum
Analysts believe that the upcoming Trump-Xi summit will serve as a strong catalyst for the following significant action in Bitcoin. There is a growing expectation that the meeting can deliver tariff relief or a structure that can ease trade restraints. These developments typically enhance market confidence and liquidity in the global market, which is generally favorable to Bitcoin.
The positive performance can turn the $117,000 into new support, which will initiate a successive influx of long positions by traders seeking to make extra profits. On the contrary, in the event of a stalemate in negotiations, Bitcoin can cluster between $112,000 and $117,000 as buyers defend key points.
As the optimistic zone rises and the resistance is within reach, the stage is set for the volatility around the summit to occur. If Trump and Xi adopt a collaborative tone, the path to $125,000 will be paved with the success of Bitcoin, like never before.
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