- Bitcoin falls below $95K as Trump cites crypto to counter China’s tech influence
- BTC trading volume surges 33% despite price dip, signaling short-term volatility
- Key support near $88K may trigger $100K–$110K breakout if it holds
The Bitcoin price dipped below $95,000 on Monday, feeling pressure from low trading volumes during Asian holidays and ongoing uncertainty surrounding U.S.-China trade talks. This BTC price today is more in line with that of a cautious market sentiment seen over the past week as traders wait for clearer economic direction.
Bitcoin traded at $94,604.74 at press time, marking a 1.46% daily decline. The price fell below $94,000 during the early hours of May 5 before recovering.
The Bitcoin price had briefly fallen below $94,000 earlier on May 5th before recovering slightly from a daily high near $95,990. Bitcoin’s market cap stood at $1.87 trillion, while surprisingly, 24-hour trading volume jumped 33.28% to $21.33 billion, suggesting the price drop spurred significant short-term trading activity. Circulating supply is currently 19.86 million BTC.
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Trade Uncertainty & Trump Remarks Weigh In
Monday’s cautious Bitcoin price action mirrors uncertainty stemming from thin holiday trading in Asia and the lack of clear progress in U.S.-China trade discussions. Speaking to reporters on Sunday, President Donald Trump mentioned he had no immediate plans to talk with Chinese President Xi Jinping, although he acknowledged some communication with Beijing continues. He offered no timeline for formal talks.
During the same briefing, Trump also touched on cryptocurrency, repeating his support for digital assets as a way to ensure U.S. leadership and “keep it away from China.”
Bitcoin Price Action: Technical Outlook
Turning to the charts, technical analysts are watching key levels. Analyst Crypto Bull noted resistance around $93,000, with a more significant support zone identified near $88,000.
Crypto Bull anticipates a potential retest of the $88,000–$89,000 support area before Bitcoin makes its next significant upward move.
Related: If This Is the Breakout, Bitcoin’s Next Stop Isn’t $100K – It’s $150K
If this support zone holds during a pullback, the analysis suggests BTC could target $100,000 and potentially $110,000 in the coming weeks, following a typical consolidation-then-breakout pattern.
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