Tech stocks lead US stocks higher, with investors closely monitoring the latest developments in the trade war. Reports suggest that the Trump-Xi meeting may take place this week. After retesting 103K on 5/31, BTC experienced several days of narrow range consolidation and broke through 106K this morning.
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ToggleWill the Trump-Xi Meeting Take Place This Week?
Investors are closely monitoring the latest developments in the trade war. The US has extended the tariff exemption period for some Chinese goods until August 31. According to Reuters, the Trump administration hopes countries will provide their "best offer" for trade negotiations by Wednesday. After both countries accused each other of violating last month's trade agreement, the US is urging Trump to speak with Xi Jinping.
Trump has repeatedly stated that direct dialogue with Xi Jinping is the only way to resolve US-China differences, but the Chinese leader has been reluctant to speak with the US President, preferring to negotiate key issues through advisors. The last known conversation between Trump and Xi Jinping occurred in January, before Trump's inauguration.
Trump's chief economic advisor Kevin Hassett said on Sunday that the White House is looking forward to speaking with Chinese leadership this week.
MicroStrategy Buys BTC Again, Total Holdings Reach 580,955 BTC
Strategy has again spent $75.1 million to acquire 705 BTC, bringing total holdings to 580,955 BTC. This time, Strategy raised $36.2 million and $38.4 million through preferred stocks STRK and STRF, respectively, and used all proceeds to purchase BTC.
BTC Returns to 106K, Will the Bull Market Continue?
After retesting 103K on 5/31 and experiencing several days of narrow range consolidation, BTC broke through 106K this morning. On-chain analyst Murphy noted that BTC seems to be entering a momentum decay phase, with potential for further rebounds but also risks of deep corrections.
However, BTC analyst PlanB, through a Bitcoin Market Cycles logarithmic chart visualizing BTC market cycles from 2010 to 2025, suggests that BTC is still in a bull market phase. He believes on-chain transaction data has not shown signals indicating otherwise and implies the bull market may continue for some time.
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