Bitcoin price surges to $107,500 as market anticipates US-China breakthrough

Bitcoin (BTC) has started the new week strongly, with its price jumping to $107,500, now less than 5% below its all-time high. The rise comes as the United States and China resume trade negotiations in London.

Earlier today, the leading cryptocurrency was trading around $105,500 but has since gained $2,000 without any significant news. Investors seem optimistic ahead of crucial trade talks between the US and China. A potential agreement could propel Bitcoin to new highs.

On May 12, a temporary trade deal was reached between the two nations, pausing high import tariffs, and Bitcoin surged 7% the following week to a record $112,000.

Last week, the market faced a downturn after a heated exchange between Elon Musk and Donald Trump. However, buyers regained strength around the psychological $100,000 level, and bulls are now back in control.

At the time of writing, Bitcoin is trading at $107,300, up 2.04% in the last 24 hours.