Why are Bitcoin and crypto prices going up today?
Bitcoin and top altcoins like Venice Token, Kaia, Ravencoin, Fartcoin, and SPX6900 rose on Monday as U.S.-China trade talks got underway.
Bitcoin (BTC) climbed to $108,000, its highest level since May 29, marking a 7.55% gain from its monthly low. Venice Token (VVV) rose to $3.52, sharply up from this month’s low of $2.56.
Similarly, Kaia (KAIA), Ravencoin (RVN), Fartcoin (FARTCOIN), and SPX6900 (SPX) jumped by over 10% on Monday. This surge brought the market capitalization of all coins to over $3.35 trillion.
The likely catalyst was the easing of trade tensions between the United States and China, with negotiations beginning in London on Monday afternoon. Talks are expected to extend into Tuesday.
Markets are hopeful that the two sides will reach an agreement to ease export controls and possibly reduce tariffs. Such an outcome would likely temper investor fears that have lingered for months amid escalating trade restrictions.
Bitcoin and altcoins rose as accumulation continued. Strategy bought 1,045 coins worth $110 million last week, bringing its total holdings to 582,000 coins worth over $62 billion. Other companies like Trump Media, MetaPlanet, and GameStop have continued buying Bitcoin.
This wave of accumulation has pushed the amount of Bitcoin held on exchanges down to 1.18 million, compared to 1.57 million on January 1. Declining exchange balances are typically viewed as bullish, indicating that investors are moving assets into self-custody for long-term holding.
Bitcoin also jumped after some bullish statements from top players in finance. Cathie Wood believes that Bitcoin price could jump 15x from here in the next five years. FundStrat’s Tom Lee also believes that the coin will end the year at between $200,000 and $300,000 this year.
Bitcoin price cup and handle pattern activates
Further, Bitcoin and other altcoins rose as Bitcoin’s cup-and-handle pattern activated. As the chart above shows, it has moved above the upper side of the descending channel, pointing to an eventual surge to $142,000, as we predicted here. Altcoins do well when Bitcoin is in a strong rally.
