Key takeaways:
Bitcoin broke above $105,700 after the US and China agreed to slash tariffs.
A confirmed bull flag breakout on the weekly chart projects a $150,000.
Bitwise’s sentiment index warns of potential short-term overheating.
Bitcoin (BTC) bulls cheered a major development in the ongoing US-China tariff talks, with the cryptocurrency climbing over the $105,700 mark on May 12 for the first time in four months, further confirming a bullish continuation setup with a $150,000 price target.
BTC/USD weekly price chart. Source: TradingViewUS-China trade truce fuels Bitcoin boom
The catalyst behind Bitcoin’s breakout appears to be de-escalating trade tensions between the US and China.
Over the weekend, US Treasury Secretary Scott Bessent and Chinese Vice President He Lifeng struck a deal in Geneva to reduce tariffs that had crippled bilateral trade for months.
Source: David Ingles,