The price of Bitcoin rose to $115,000 on Monday, rising more than 1% in 24 hours, as optimism over easing trade tensions between the United States and China and renewed investor appetite for risk assets boosted global markets.
According to Geoffrey Kendrick, head of digital asset research at Standard Chartered Bank, the price of Bitcoin may “never fall below $100,000 again” if this week’s macroeconomic tailwinds continue.
In a note to clients, Kendrick said improving trade relations between Washington and Beijing have turned last week’s market fear into “hope.”
US Treasury Secretary Scott Bessent’s weekend statement that restrictions on China’s rare earth exports could be postponed for a year, combined with reports that Beijing plans to buy large quantities of US soybeans, sparked a relief rally in stocks, commodities and cryptocurrencies.
China, US trade deals and FOMC rate cuts
The deal, which is expected to be finalized after the upcoming Trump-Xi summit in South Korea, has renewed risk appetite and pushed the bitcoin-gold ratio back above levels before October 10, the date threats of 100% tariffs sent markets tumbling.
Kendrick pointed to new bitcoin spot ETF inflows as another key sign of strength. More than $2 billion left US gold ETFs at the end of last week, and if even half of that amount flows back into bitcoin funds, he said, it would mark a major vote of confidence.
The analyst also highlighted macro tailwinds, including expectations for a 25 basis point 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 an earnings calendar packed with both technology and cryptocurrency heavyweights. Microsoft, Meta and Google will report on Wednesday, followed by Apple, Amazon, Coinbase and Strategy (formerly MicroStrategy) later in the week.
“If this week goes well, bitcoin may never fall below $100,000 again,” Kendrick said.
Bitcoin Price Outlook
While the bulls have made modest gains with Bitcoin, stronger resistance remains at $117,600 and $122,000, leaving the bears largely in control.
If Bitcoin manages to break above $122,000, professionals note that the next target could be the upper limit of a widening wedge pattern at $128,000.
Support levels remain critical to maintaining bullish momentum. Key short-term support at $106,900 held throughout last week, helping to stabilize the market.
Falling below this level could open the way towards the $105,000 to $102,000 support zone, which has already been tested twice, with a third test increasing the likelihood of a breakout.
Beyond that, $96,000 represents a crucial long-term support level for the broader bull market, acting as a do-or-die floor if prices continue to fall.
At press time, bitcoin was trading at $115,041, up 1.22% in the last 24 hours.
