Bitcoin (BTC) has been trading with a bullish bias, fueled by renewed optimism surrounding the US-China trade negotiations and signs of rapprochement between two of the world's most influential figures, Donald Trump and Elon Musk. This shift in geopolitical and social dynamics has contributed to a positive momentum across global markets. Notably, Chinese stocks listed in Hong Kong have entered a bullish phase, while the S&P 500 index is nearing its February highs. This environment suggests that Bitcoin may be on the verge of reaching a new all-time high (ATH).

According to BeInCrypto data, Bitcoin experienced a nearly 4% increase in the past 24 hours and is nearing the $110,000 level. At the time of reporting, BTC was trading at $109,275, steadily advancing toward its previous ATH of $111,814, which was recorded on May 22, 2025. The recent surge followed high-level trade discussions between the US and China, which commenced on Monday, June 9, at London’s historic Lancaster House.

A Bloomberg report indicated that the discussions lasted over six hours and were scheduled to continue on Tuesday, June 10. Leading the US delegation were Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer. These representatives aimed to negotiate with China’s Vice Premier He Lifeng regarding technology export controls and rare earth shipments. It is anticipated that the US might ease restrictions on chip design software and advanced materials exports, in exchange for enhanced access to China’s rare earth resources.

Despite these developments, the Trump administration remains steadfast in safeguarding high-end semiconductor technologies, such as Nvidia’s H2O AI chips. Reuters reported that officials expressed a broader openness to compromise. Bitcoin’s robust recovery underscores its growing responsiveness to global macroeconomic trends. Controversial trader James Wynn had anticipated market optimism in a June 6 post on X (Twitter).

Another factor boosting Bitcoin sentiment is the unexpected reconciliation between Elon Musk and Donald Trump, following their online feud that caused significant turmoil in crypto markets, resulting in nearly $1 billion in liquidations. The reconciliation appears to signal a thawing of tensions between the world’s richest man and the most powerful man.

The easing of tensions between Musk and Trump aligns with a notable shift in investor sentiment. Bitcoin’s resurgence pushed the Crypto Fear & Greed Index into \"Greed\" territory. This change in sentiment was interpreted by traders as a stabilizing force amidst broader market volatility. Nevertheless, there are speculations that the conflict may have been orchestrated.

Blockchain data supports this claim, revealing significant BTC accumulations by whale wallets during the height of the feud. Bitcoin’s recovery highlights the tight connection between the crypto market and high-level diplomatic interactions involving influential figures such as Trump and Musk.

As talks between the US and China continue, and Musk’s apparent alignment with Trump progresses, traders are monitoring for indications of de-escalation and potential policy clarity. At the time of writing, Bitcoin is trading at $109,406, with altcoins also showing movement. According to CoinGecko data, Ethereum has risen by over 7% in the last 24 hours, while Solana (SOL) and Dogecoin (DOGE) have surged by over 5%.

If Tuesday’s session in London produces tangible progress, Bitcoin could experience further gains, potentially establishing a new all-time high, particularly if altcoin season narratives gain momentum.

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