Bitcoin price fell 4% in 24 hours to $108,398 after President Donald Trump announced tariff reductions. The decline followed a US-China trade agreement reached during talks in South Korea. The broader cryptocurrency market dropped by over 4% as investors reacted to the policy changes.
President Donald Trump met with Chinese President Xi Jinping in South Korea for a two-hour meeting. The leaders reached a one-year trade deal focused on rare earths and critical minerals. The agreement resulted in substantial tariff reductions between the two nations.
The United States reduced overall tariffs on Chinese merchandise from 57% to 47%. Trump also decreased the fentanyl-related tariff to 10% as part of the agreement. China committed to purchasing US soybeans and reducing fentanyl production in exchange.
Trump described the meeting as “amazing” and expressed optimism about future cooperation. The agreement includes provisions for both leaders to revisit terms after one year. President Xi plans to visit the United States, while Trump will travel to China in April 2026.
The trade deal extends beyond China to include fresh agreements with Japan and South Korea. These arrangements signal closer economic cooperation across the Asia-Pacific region. Investors responded to the news with mixed reactions across global markets.
The Bitcoin price has revisited crucial support between $107,000 and $108,000, according to crypto analysts. The cryptocurrency recovered after touching this zone and provided short-term relief to traders. However, analysts warn that the Bitcoin price must reclaim $113,500 to establish upward momentum.
$BTC tapped the $107,000-$108,000 support zone again.
Good to see a bounce back, but Bitcoin needs to reclaim the $113,500 zone soon.
A weekly close below that level will increase the likelihood of a bigger correction. pic.twitter.com/q7C46H8ivb
— Ted (@TedPillows) October 30, 2025
The Bitcoin price currently trades near $107,600 on the four-hour chart, having extended its losses. The cryptocurrency failed to hold above the $110,000 support level, triggering a fresh wave of selling. The Relative Strength Index (RSI) is currently at 29.36, indicating oversold conditions.
The Moving Average Convergence Divergence (MACD) line dropped below the signal line, confirming bearish sentiment. The red histogram bars indicate that downward momentum is expected to continue in the near term. Technical indicators suggest ongoing pressure on the Bitcoin price, despite oversold readings.
A breakout above $110,000 could attract short-term buyers and pave the way for higher levels. Bitcoin price may target $113,500 and $115,000 if bulls regain control of the market. Conversely, continued weakness below $107,000 threatens deeper losses, potentially reaching $104,000 and $101,500.
Analysts emphasize that the Bitcoin price must break above $113,500 on a weekly basis. Failure to overcome this resistance could lead to a larger market correction. The cryptocurrency is facing critical tests at its current support levels as traders assess the market direction.
Maxwell is a crypto-economic analyst and blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
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