According to ChainCatcher, CoinDesk reported that Bitcoin (BTC) has been trading sideways above $94,000 this week, with traders waiting for the latest developments in the US-China trade agreement from Beijing.
The CoinDesk 20 (CD20) index dropped 1.5%, trading below 2,700 points. Due to market holidays in Hong Kong, mainland China, Japan, and South Korea, market liquidity and trading volume remain low.
According to the latest report from glassnode, Bitcoin is encountering significant resistance in the $93,000-$95,000 range, which aligns with the short-term holder cost basis and the 111-day moving average. The report notes that if Bitcoin can break through the $95,000-$98,000 resistance level, it may initiate a new price exploration phase and potentially set a new historical high.
Market forecast data indicates that the probability of reaching a US-China trade agreement before June is 21%, and the likelihood of the White House reducing tariffs before the end of May is 47%.
