Bitcoin has surged nearly 40% in just five weeks, bouncing from its April lows and reclaiming critical technical levels. But this weekend, a fresh political catalyst added fuel to the move — even if only temporarily.
Late Saturday evening, President Donald Trump posted on Truth Social about a pivotal meeting with China that took place in Switzerland. His post read: "Very good meeting today with China… A total reset negotiated in a friendly, but constructive, manner… GREAT PROGRESS MADE!!!"
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That single post stirred global sentiment — and Bitcoin didn't ignore it. Within the hour of Trump's announcement, Bitcoin jumped 1.40%, rallying from $103,500 to a high of $105,000. However, the momentum was short-lived. The rally stalled almost exactly at a key weekly resistance level of $104,460, where price was quickly rejected.
Weekly Chart Resistance is Holding
Bitcoin's reaction to the Trump announcement shows the importance of technical levels. Despite the burst of optimism, price couldn't break above resistance on the weekly chart, which has been a ceiling in recent sessions.
- Weekly Resistance: $104,460
- Current Range: $102,240 – $105,000
- Trump Announcement Spike High: $105,000
While broader sentiment remains bullish, traders are watching closely to see if Bitcoin can finally punch through this resistance or if this was simply another failed breakout attempt.
Hourly Chart Showing Signs of Exhaustion
On the hourly timeframe, Bitcoin is still holding higher lows, but there are early signals of weakening momentum. Price has failed to extend past the recent highs, and it's currently hovering right back around the $104,460 resistance — where the initial Trump rally was rejected.
If bulls can't defend current levels, a breakdown below short-term support could be next.
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Key Levels to Watch:
- Support to Hold (Hourly): $103,000
- A break below could trigger downside momentum towards $99,163 – $100,00.
- A break below could trigger downside momentum towards $99,163 – $100,00.
- Psychological Support: $100,000
- A critical level likely to attract buyers if tested.
- A critical level likely to attract buyers if tested.
- Resistance: $104,460
- Must be flipped into support for continuation higher.
- Must be flipped into support for continuation higher.
What Comes Next?
While Trump's announcement gave the market a brief jolt, traders remain cautious. The reaction suggests geopolitical headlines still have sway — especially those involving U.S.-China relations — but ultimately, price action rules the game.
For now, Bitcoin remains in a short-term uptrend, but the battle at $104,460 is key. A strong push above that level could open the door to retesting ATHs, while failure could lead to a retest of the much-watched $100,000 mark.
As always, stay nimble. Headlines may spark movement, but only the charts confirm the trade.
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