Bitcoin Price Bounces Back On Trump China Trade Deal As Elon Musk’s SpaceX Makes Third Huge BTC Transfer

The Bitcoin price bounced off a low near $108k after Donald Trump sealed a one-year trade truce with China’s Xi Jinping.

Under the deal, China agreed to defer its planned export controls on rare earths, while the US will drop a threatened 100 percent tariff on Chinese goods.

The deal eased fears of further escalation in the US-China trade war that rocked global markets earlier this month.

BTC had plunged before the deal was announced but has since pared losses to trade down 3% over the past 24 hours at $109,831 as of 7:52 a.m. EST

Despite the recovery, crypto market sentiment remains cautious. The Crypto Fear & Greed Index plunged 17 points to a ”Fear” reading of 34 from a “Neutral” reading of 51 just yesterday.

SpaceX Makes Third Huge BTC move

Meanwhile, Elon Musk’s SpaceX moved 281 BTC worth approximately $31.33 million on Thursday, according to blockchain analytics firm Arkham Intelligence.

With the latest move, SpaceX has recently moved its BTC holdings three times, totaling approximately $450 million.

Bitcoin Price Faces Range-Bound Consolidation But Eyes a Potential Upside Rebound

After a strong rally earlier in October that pushed Bitcoin above $114,000, the BTC price has since entered a prolonged period of sideways consolidation.

The Bitcoin price has been moving between the $106,000–$108,000 support zone and the $114,000–$116,000 resistance area, forming a clear horizontal range on the 4-hour chart.

Despite recent pullbacks, Bitcoin continues to show signs of resilience near the lower boundary of this range, suggesting that buyers are defending the $108,000 support with strength.

The Relative Strength Index (RSI) currently stands at 36.5, as it moves near the oversold threshold. This suggests that bearish momentum may be fading, and a potential bullish reversal could occur if RSI turns upward toward the 50-midline.

According to the 4-hour BTC/USD chart, the price of BTC remains range-bound but is biased toward a bullish recovery from the lower support zone.

If Bitcoin holds above the $106,000–$108,000 support band, a short-term rebound could push prices back toward $114,000–$116,000, where sellers are expected to re-enter.

A successful breakout above $116,000 would confirm renewed bullish momentum and open the door to a rally toward $120,000 and beyond.

Conversely, a decisive close below $106,000 could invalidate the current range structure and expose the BTC price to further downside, with the next key support at $103,000.