TechFlow news, May 5 — Bitcoin (BTC) opened the week trading sideways above $94,000, as traders await updates from Beijing regarding the latest progress on the U.S.-China trade agreement, according to CoinDesk.
The CoinDesk 20 (CD20) index dropped 1.5%, trading below 2,700 points. Market liquidity and trading volume remained low as markets in Hong Kong, mainland China, Japan, and South Korea were closed for holidays.
A recent report by Glassnode indicates that Bitcoin has encountered significant resistance between $93,000 and $95,000, a range aligning with the cost basis of short-term holders and the 111-day moving average. The report suggests that if Bitcoin can突破 resistance between $95,000 and $98,000, it could initiate a new phase of price discovery, potentially reaching new all-time highs.
Prediction market data shows a 21% probability of a U.S.-China trade deal being reached before June, and a 47% chance of the White House reducing tariffs by the end of May.
