According to data from crypto.news, Bitcoin (BTC) rebounded above the $115,000 resistance level on Monday morning Asia time after falling about 15% over the weekend.

The market crash sent Bitcoin down 2.9%.
Gold fell from around $121,560 on October 10 to below $103,000 on Sunday after US President Donald Trump announced 100% tariffs on Chinese imports, likely to begin as early as early November.

This move, which aims to tighten export controls on rare earth minerals essential for chip production, raised fears of a renewed trade war and destabilized cryptocurrency markets, resulting in the liquidation of nearly $20 billion.

 

Bitcoin price recovers after Friday's crash

These tit-for-tat tariffs between major economies typically raise fears of a global trade war, driving investors away from riskier assets like cryptocurrencies. Similar concerns emerged earlier this year when Trump first hinted at imposing hefty tariffs on Chinese imports and later imposed "fentanyl tariffs," briefly shocking stock and cryptocurrency markets.

At that time, Bitcoin also experienced a sharp correction as traders fled to safety amid uncertainty over supply chain disruptions and rising inflation risks.

The selling pressure was further amplified after the Binance interface briefly showed several altcoins trading at zero, sparking confusion and panic across the market, with some reports suggesting it was a coordinated attack.

Analysts noted that the recent decline in leading assets was exacerbated by profit-taking by early investors, who rushed to lock in gains after Bitcoin hit an all-time high last week.

 

However, as of the time of publication, market sentiment toward Bitcoin appears to be improving. The Cryptocurrency Fear and Greed Index has risen from the "Extreme Fear" zone to the usual "Fear," indicating that while investors remain cautious, their sentiment is gradually improving.

It is worth noting that alongside Bitcoin's rebound, major altcoins such as Ethereum
Ether
7.71%
Ethereum, BNP-BP
BNP
3.52%
BNP, XRP
XRP
8.04%
XRP, and Solana
Sol
7.81%
Solana were also trading in the green, recording gains ranging between 7% and 13%. This recovery has contributed to bringing the total global cryptocurrency market capitalization to over $4 trillion.

This shift began shortly after former President Trump defused tensions with a recent post on Truth Social, saying, "There's no need to worry about China," adding that the US wants to "help China, not hurt them." These statements appeared to allay fears of an escalating trade war, providing a welcome rebound in risk assets, including cryptocurrencies.

Polymarket data now shows that the probability of a 100% tariff on China by November 1 has dropped to 17% at press time.

As of press time, Bitcoin was trading at $114,570, up 11% from its recent low but still 9% below its all-time high of $126,080.

 

Bitcoin Retests Golden Cross

Currently, sentiment around Bitcoin has turned bullish again, with many analysts predicting further gains for the leading cryptocurrency.

Among the optimists is cryptocurrency analyst Mr. Crypto, who noted that Bitcoin is currently retesting a golden cross, a classic bullish pattern that has historically preceded significant rallies. According to the chart, the last time Bitcoin formed this signal, it rose 2,200% in 2017 and 1,190% in 2020.

"The setup looks incredibly strong," he wrote, adding that if Bitcoin can hold above the key level, its price could "absolutely explode" in the coming weeks.