Bitcoin Price Prediction: US and China Agree on Temporary Tariff Reduction, Can BTC Push to $120K?

Bitcoin is trading at $103,386 with a 24-hour trading volume of $55.2 billion, reflecting a slight 0.67% decline over the past day. It remains the world’s largest cryptocurrency, boasting a live market cap of $2.05 trillion and a circulating supply of 19.86 million BTC. With a hard cap of 21 million coins, Bitcoin’s price movement continues to capture global attention as it approaches critical support levels.US-China Tariff Relief: Temporary Respite for Global Markets; Bitcoin SteadyIn a major development, the US and China have agreed to significantly reduce tariffs on each other’s goods, providing a temporary reprieve to global markets. Beijing will cut levies on US imports from 125% to 10% for 90 days, while Washington plans to slash its tariffs from 145% to 30%. BREAKING: United States cuts tariffs on Chinese goods from 145% to 30% for 90 days.China lowers tariffs on US from 125% to 10% for 90 days. pic.twitter.com/FaRJfZA1hu— Watcher.Guru (@WatcherGuru) May 12, 2025The reductions, effective from Wednesday, signal a pause in the trade war that has weighed on global growth and market sentiment.Key Highlights:Levy Reductions: US tariffs on Chinese goods to drop from 145% to 30%, while China cuts its tariffs from 125% to 10%.Non-Tariff Measures Suspended: China will suspend non-tariff countermeasures, including restrictions on rare earth exports.Market Reaction: Asian markets rallied on the news, while the US dollar climbed to a one-month high against the euro and yen.Bitcoin Technical Outlook – Key Levels to WatchBitcoin is trading near the $103,385 level, a critical support that aligns with the 23.6% Fibonacci retracement. A sustained break below this level could expose BTC to further downside, targeting the 38.2% retracement near $101,939.Technical Signals:Fibonacci Support: 23.6% retracement at $103,385.MACD Bearish Crossover: Negative momentum building, with selling pressure increasing.Trendline Break: BTC recently broke a critical upward trendline, raising the risk of deeper corrections.Trade Setup:Entry Point: Sell near $103,000 if the price fails to recover above the 23.6% Fibo level.Take Profit (TP): $101,939 (38.2% Fibo), with an extended target at $100,772 (50% Fibo).Stop Loss (SL): Above $103,385 to limit risk.Risk/Reward: Aim for a 2:1 ratio, aligning with the bearish breakout.With market sentiment swinging on the latest US-China trade truce, traders should remain cautious as Bitcoin navigates these critical levels.BTC Bull Token Crosses $5.64M as 73% Staking Yield Draws InvestorsBTC Bull Token ($BTCBULL) is quickly gaining traction, recently surpassing $5.64 million in funds raised as it approaches its $6.69 million presale target. Priced at $0.00251 per token, BTCBULL has positioned itself as more than just another meme coin, offering real utility through flexible, high-yield staking that has captured investor interest.Flexible Staking Model Attracts Yield-Hungry InvestorsBTCBULL’s staking model is designed to appeal to those seeking high yields without sacrificing liquidity. Investors can currently earn an estimated 73% APY without the constraints of lockup periods or exit penalties, making it an attractive choice in a volatile market. This flexibility allows investors to remain agile, responding to market shifts without being locked into long-term commitments.Current Presale Stats:Funds Raised: $5,642,890.91 of $6,690,863Current Price: $0.00251 per BTCBULLTotal Staking Pool: 1,432,976,427 BTCBULLEstimated Yield: 73% annuallyBTCBULL stands out from typical meme tokens by offering real utility through its flexible staking platform. This approach has resonated with yield-focused investors, particularly as the 2025 crypto cycle heats up. With less than $1.05 million remaining before the next price hike, the presale window is closing fast, creating a sense of urgency among potential investors.The post Bitcoin Price Prediction: US and China Agree on Temporary Tariff Reduction, Can BTC Push to $120K? appeared first on Cryptonews.