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Key points:<\/strong><\/p>\n Bitcoin seeks consolidation after rapid gains as stocks and the US dollar surge on US-China trade deal news.<\/p>\n<\/li>\n Nearby order book liquidity forms potential targets for traders, which now include $102,000.<\/p>\n<\/li>\n A classic moving average retest suggests that a new all-time high should result.<\/p>\n<\/li>\n<\/ul>\n Bitcoin (BTC<\/a>) stuck to $104,000 at the May 12 Wall Street open as markets shifted on US-China trade deal news.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD consolidating after hitting its highest levels since late January.<\/p>\n 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%.<\/p>\n US dollar strength also benefited as a result, with the US dollar index (DXY) hitting one-month highs.<\/p>\n \u201cThe last time US tariffs on China were this high, the S&P 500 was ~200 points lower, 4 Fed rate cuts were expected in 2025, and Wall Street was calling for a recession,\u201d trading resource The Kobeissi Letter wrote<\/a> in part of ongoing analysis on X.\u00a0<\/p>\n \u201cSentiment is everything.\u201d<\/p><\/blockquote>\n Bitcoin thus adopted the middle ground between major assets on the day as gold dropped precipitously to $3,208 per ounce, nearing month-to-date lows.<\/p>\n \u201cBTC Swept most nearby liquidity above after chopping around the $103K-$105K area for a few days,\u201d popular trader Daan Crypto Trades told<\/a> X followers alongside a chart of exchange order book liquidity from monitoring resource CoinGlass.\u00a0<\/p>\n \u201cBelow keep an eye on the ~$102K region as that’s a pretty dense area in terms of liquidation clusters. Could be a good level for some action. Depending on the reaction there you can reassess.\u201d<\/p><\/blockquote>\n CoinGlass data<\/a> showed increasing bids around the $103,000 mark after the Wall Street open.<\/p>\n Continuing, fellow trader CrypNuevo was among those doubling down on a longer-term bull thesis for BTC price action.<\/p>\n Related: <\/strong><\/em>Is Bitcoin about to go parabolic? BTC price targets include $160K next<\/strong><\/em><\/a><\/p>\n BTC\/USD, he noted, had conducted a successful retest of the 50-week exponential moving average (EMA).<\/p>\n Currently at $80,300, the 50-week EMA has functioned as a springboard for new all-time highs in recent years.<\/p>\n \u201cWe got the 1W50EMA retest and, consequently, the next leg up,\u201d CrypNuevo explained in an X thread<\/a> on May 11.\u00a0<\/p>\n\n
Bitcoin surfs US-China trade deal reactions<\/h2>\n
<\/figcaption><\/figure>\nNew BTC price record \u201cin the making\u201d<\/h2>\n