As Gold Falters, Will Bitcoin Seize the Moment? Traders Watch $95K as a Pivotal Resistance Level

Crypto Rally Slows as Bessent Highlights Prolonged U.S.-China Trade Negotiations

The crypto market’s recent rally lost momentum on Wednesday after U.S. Treasury Secretary Scott Bessent reaffirmed that a comprehensive trade deal between Washington and Beijing could take several years to finalize.

Bitcoin (BTC) has risen by 2.6% over the past 24 hours and 12.2% over the last seven days, reaching $93,600, marking its highest price since early March. However, Bitcoin was outpaced by much of the broader crypto market, with the CoinDesk 20 index — which tracks the top 20 coins, excluding stablecoins, memecoins, and exchange tokens — rising 4.2% in the last 24 hours. Sui (SUI) surged 24% during that time, while Cardano (ADA) and Chainlink (LINK) each gained 7%.

While crypto stocks began the day with strong gains, their performance weakened as the day progressed. Bitdeer (BTDR) and Core Scientific (CORZ), major miners in the space, saw their double-digit gains dissipate, closing with a modest 4% increase. Coinbase (COIN) and MicroStrategy (MSTR) also ended up higher, gaining 2.1% and 1.4%, respectively.

President Donald Trump has recently softened his stance on China, expressing that tariffs on Chinese goods would be significantly reduced. However, Bessent stated on Wednesday that the U.S. had not made a unilateral offer to lower tariffs and emphasized that a formal trade agreement between the two countries could take two to three years to conclude.

“A meaningful thaw in U.S.-China relations may not happen until substantial progress is made at the upcoming Xi-Trump summit,” said Paul Howard, Director at crypto trading firm Wincent. According to Howard, markets had priced in the initial confrontational rhetoric and tariff threats, which had subdued risk appetite in recent months.

“Historically, after these early tensions ease, constructive developments tend to follow, which may boost risk assets like cryptocurrencies,” Howard added.

Bitcoin ETF Flows Surge

In a sign of strengthening investor interest, U.S.-listed spot Bitcoin exchange-traded funds (ETFs) have seen nearly $1.3 billion in net inflows so far this week, according to data from SoSoValue. Tuesday recorded the highest single-day inflows since mid-January.

“This rally isn’t driven by retail speculation — it’s institutional investors positioning themselves ahead of what many anticipate to be a shift in both monetary and political landscapes,” explained Matt Mena, a crypto strategist at digital asset manager 21Shares. “More investors are viewing Bitcoin not just as a speculative asset but as a safe haven amid rising uncertainty in traditional markets.”

Despite the positive momentum, Mena pointed out that Bitcoin may encounter resistance around the $95,000 level in the short term and could experience a pullback.

Bitcoin Poised to Outperform Gold

Meanwhile, gold has dipped 2.5% on Wednesday, trading at $3,290 per ounce. This follows a strong rally, with the precious metal rising 35% from $3,500 in just four months. The price drop may signal that the market is moving past its peak uncertainty phase.

Charles Edwards, founder of Bitcoin-focused hedge fund Capriole Investments, suggested that the slowdown in gold’s momentum could be a positive signal for Bitcoin. Posting a chart on X on Wednesday, Edwards highlighted that Bitcoin has historically mirrored gold’s performance with a delay of a few months.

“Bitcoin is showing tremendous strength,” Edwards wrote in his post. “We’ve decoupled from traditional risk assets, and the market is now recognizing Bitcoin as digital gold. If risk assets continue to deteriorate, Bitcoin will be the ultimate hedge against quantitative easing.”

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