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- Bitcoin trading volumes jumped 143% to $58.2 billion, and futures open interest surpassed $75 billion, reflecting renewed bullish sentiment.
- Markets are bracing for the Federal Reserve’s rate decision and remarks from Chair Jerome Powell, alongside earnings from major tech firms.
Bitcoin (BTC) price has bounced back 3.5% in the last 24 hours and is currently trading at $115,600 levels, leading the overall crypto market rally. This upside comes as the US-China trade tensions have eased following positive talks over the weekend. As a result, BTC and the global markets have been rallying today, amid this macro development.
Bitcoin Sets Stage for A Rally As US-China Trade Tensions Ease
The world’s largest crypto Bitcoin (BTC) has been making waves again and has moved past the crucial resistance of $115,000, setting the stage for a sustained rally ahead. The daily trading volumes for BTC have surged by 143% to $58.2 billion, highlighting strong bullish sentiment among traders. Furthermore, the Coinglass data shows that the BTC futures open interest has surged past $75 billion.
Crypto analyst Rekt Capital noted that Bitcoin is showing a strong rebound from its macro range low, signaling renewed strength in the market. According to the analyst, BTC remains in a broader phase of macro consolidation within its monthly range, suggesting that the asset is still building a foundation for the next major move, as mentioned in our earlier story.
Rekt Capital added that Bitcoin could potentially flip its September monthly highs into new support if current momentum continues through the end of the month.
On Sunday, October 26, U.S. Treasury Secretary Scott Bessent announced that Washington and Beijing have reached a “very substantial framework” agreement. He said that discussions have been in place to avert the planned 100% tariffs on Chinese goods. The deal would also allow China to defer its export controls on rare earth materials.
The progress comes after a series of high-level trade discussions in Kuala Lumpur, Malaysia, ahead of this week’s scheduled meeting between U.S. President Donald Trump and Chinese President Xi Jinping.
This has led to a major risk-on sentiment coming back into the market as Bitcoin and Gold move in opposite directions, as reported by CNF. Moreover, the easing of tariff tensions has led to a strong rally in altcoins, with Ethereum (ETH) leading with 7% upside.
US Fed Rate Cuts and Tech Earnings to Dominate Market Action
This week, Bitcoin and the broader crypto market could face greater volatility with key macro events lined up ahead. With the U.S. government shutdown approaching its 30th day, the Federal Reserve is scheduled to announce its interest rate decision on Wednesday.
Investors would be closely watching the statement from Fed Chair Jerome Powell, his first public remarks amid the ongoing data blackout. Adding to the market intensity are five of the world’s largest technology firms, including Microsoft, Google, Meta, Apple, and Amazon. All these big tech giants will report quarterly earnings this week, representing a combined market capitalization of roughly $15.2 trillion.
