US-China Talks Boosted Bitcoin, Altcoins Also Increased

The price of Bitcoin not only surpassed $114,500, reaching the highest level in the last two weeks, but also created a strong optimism in the crypto market. This rise occurred following progress in trade talks between the U.S. and China. In particular, U.S. Treasury Secretary Scott Bessent’s statement that President Donald Trump's plan to impose a 100% tariff on Chinese goods is "no longer on the table" reinforced investor confidence.

During Asian trading hours, Bitcoin exceeded $113,000, while the overall market recorded a 1.8% increase. Senior officials from the U.S. and China announced that a "pre-agreement" was reached on important topics such as export controls, maritime tariffs, and agricultural trade during discussions in Malaysia. These positive developments created an optimistic atmosphere in the markets ahead of the APEC Summit between Trump and Chinese President Xi Jinping on October 30.

Data platform CoinGlass reported that $319 million worth of short positions were liquidated in the last 24 hours. This situation contributed to Bitcoin surpassing the $112,000 resistance level and rising to $114,500. The largest liquidation occurred in the Hyperliquid exchange, recording a $19 million Bitcoin position.

The positive news regarding trade talks not only affected Bitcoin but also led to gains in other cryptocurrencies. Ethereum (ETH) rose by 2.6% to reach $4,060, while Solana (SOL) and BNB increased by 4.5%, reaching $204. XRP climbed 2.3% to $2.64, fueled by ETF expectations.

Analysts note that the sustainability of this rise relies on the Federal Reserve (Fed) meeting scheduled for October 29. If the Fed's statements take a more "dovish" stance, it is likely that Bitcoin will test the $115,000–116,000 range. Otherwise, the possibility of a pullback in Bitcoin's price to $111,000 may also come into play.