Key points:
Bitcoin seeks consolidation after rapid gains as stocks and the US dollar surge on US-China trade deal news.
Nearby order book liquidity forms potential targets for traders, which now include $102,000.
A classic moving average retest suggests that a new all-time high should result.
Bitcoin (BTC) stuck to $104,000 at the May 12 Wall Street open as markets shifted on US-China trade deal news.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Bitcoin surfs US-China trade deal reactions
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating after hitting its highest levels since late January.
The US and China agreed to slash reciprocal trade tariffs on the day, causing the S&P 500 and Nasdaq Composite Index to gain around 3%.
US dollar strength also benefited as a result, with the US dollar index (DXY) hitting one-month highs.
US dollar index (DXY) 1-day chart. Source: Cointelegraph/TradingView
“The