Bitcoin prices soared to $115,000 on Monday, up more than 1% in 24 hours, as optimism about easing U.S.-China trade tensions and renewed investor appetite for risk assets lifted global markets.
If this week’s macro tailwinds continue, Bitcoin prices may “never fall below $100,000 again,” according to Jeffrey Kendrick, head of digital assets research at Standard Chartered Bank.
In a note to clients, Kendrick said last week’s market jitters have turned to “hope” due to improved U.S.-China trade relations.
U.S. Treasury Secretary Scott Bessent’s statement over the weekend that China’s rare earth export restrictions may be extended by a year, combined with reports that the Chinese government plans to buy large quantities of U.S. soybeans, sparked a rise in relief across stocks, commodities and cryptocurrencies.
China-US trade agreement and FOMC rate cut
The deal is expected to be finalized after the upcoming summit between Presidents Trump and Xi in South Korea, which has renewed risk appetite and pushed the Bitcoin-to-gold ratio above pre-October 10 levels (the day the threat of 100% tariffs sent the market into a tailspin).
Kendrick cited new inflows into the Spot Bitcoin ETF as another key signal of strength. He said more than $2 billion exited U.S. gold ETFs late last week, and if even half of that re-entered Bitcoin funds, it would be a major vote of confidence.
The analyst also highlighted macro tailwinds, including expectations for a 25 basis point interest rate cut at Wednesday’s Federal Open Market Committee (FOMC) meeting, a move widely seen as bullish for Bitcoin.
Meanwhile, investors are keeping an eye on the packed earnings calendars of tech and crypto giants. Microsoft, Meta, and Google are scheduled to report on Wednesday, followed by Apple, Amazon, Coinbase, and Strategy (formerly MicroStrategy) later in the week.
“If things go well this week, Bitcoin may never fall below $100,000 again,” Kendrick said.
Bitcoin price outlook
Although the bulls have made some progress on Bitcoin, stronger resistance still remains at $117,600 and $122,000, with the bears largely in control.
Experts note that if Bitcoin can break above $122,000, the next target could be $128,000, the upper bound of the expanding wedge pattern.
Support levels remain important to maintain bullish momentum. The key short-term support at $106,900 held steady throughout last week and helped stabilize the market.
A break below this level could pave the way to the $105,000-$102,000 support zone, but this zone has already been tested twice and a third test increases the likelihood of a breakdown.
Above that, $96,000 becomes an important long-term support level for the overall bull market and acts as a do-or-die floor should prices fall further.
At the time of writing, Bitcoin was trading at $115,041, up 1.22% over the past 24 hours.
