- Bitcoin and altcoins are regaining momentum, leveraging consolidation phases and building strong bases for potential upward moves.
- Chinese exports to Vietnam surged 22%, signaling supply chain adjustments as companies navigate tariff uncertainties.
Bitcoin price has recovered 2% in the last 24 hours and is currently trading at $108,700 levels as negotiations in the US-China trade war proceed ahead in London, between the two largest economies. Global financial markets are keeping a close watch on the development, considering the major damage caused by the escalation of the tariff war.
The U.S. delegation is headed by Treasury Secretary Scott Bessent, while China will be represented by Vice Premier He Lifeng, a highly regarded negotiator and senior figure in the Chinese government.
Chinese exports to the United States fell sharply by 34% in May, marking the steepest decline since February 2020 and the second consecutive month of contraction. The drop underscores weakening U.S. demand for Chinese goods despite a May 12 trade agreement that temporarily reduced tariffs on Chinese imports to 30%.
The significant decline in U.S.-bound shipments outweighed an 11% increase in Chinese exports to other global markets. Meanwhile, Chinese exports to Vietnam surged by 22%, as companies seek alternative routes to circumvent U.S. tariffs, reported The Kobeissi Letter. The data highlights shifting patterns in global trade, driven by ongoing tariff uncertainty and evolving supply chain strategies
BTC and altcoins seem to be regaining the lost momentum once again after the last two weeks of consolidation and building a strong base for the next leg of the journey ahead, as highlighted in our previous story.
Bitcoin Price Prepares for Resh All-Time Highs
According to crypto analyst Rekt Capital, Bitcoin (BTC) has successfully confirmed the $104,400 Re-Accumulation Range High as a new support level. Over the past four weeks, BTC has consistently rebounded from this critical level, solidifying its position as a foundation for potential upward movement.
This development marks a pivotal moment for Bitcoin as it aims to re-enter price discovery mode. The strong support at $104,400 could serve as a launchpad for further gains, as market participants eye the next phase of Bitcoin’s growth trajectory.
As reported by CNF, Bitcoin price ends two-week slump with a daily close above the 10-day simple moving average. In the meantime, big market players have continued to accumulate BTC at every point.
Earlier today, Michael Saylor’s Strategy expanded its Bitcoin portfolio, purchasing an additional 1,045 BTC for approximately $110.2 million at an average price of $105,426 per coin. This acquisition has contributed to the company achieving a year-to-date Bitcoin yield of 17.1% as of June 8, 2025.
With this latest purchase, MicroStrategy now holds a total of 582,000 BTC, acquired at a cumulative cost of around $40.79 billion, averaging $70,086 per Bitcoin.
