Bitcoin climbed to around $116,000 on Monday, reaching a two-week high as progress in US-China trade talks fueled risk appetite and lifted global markets. Investors are hopeful for a breakthrough at Thursday’s Trump-Xi meeting following productive weekend negotiations in which US and Chinese trade officials reportedly reached consensus on several contentious issues. US Treasury Secretary Scott Bessent said that Trump’s threat of a 100% tariff was “off the table,” while adding that Beijing agreed to pause for a year its planned expansion of rare earth export controls. Meanwhile, the US Federal Reserve is widely expected to deliver a rate cut this week after softer inflation data on Friday. Adding to bullish sentiment, on-chain analytics firm Glassnode indicated that a potential trend reversal may be underway, as selling pressure and negative sentiment appear to have peaked.
