The easing of trade tensions between the U.S. and Mexico has injected optimism into the cryptocurrency market, with Bitcoin nearing the $100,000 threshold. This development follows Mexico's commitment to deploying troops to the U.S. border, alleviating fears of a trade war and boosting investor sentiment. The agreement has led to a rebound in crypto prices, with Bitcoin and other major cryptocurrencies recovering some of their recent losses. Analysts are optimistic, suggesting that the recent market liquidation could mark the end of a price correction, potentially offering a 'buy-the-dip' opportunity. Additionally, Bitcoin's historical performance in February and the emergence of a bullish flag pattern on the daily chart suggest a possible strong breakout later this month.
The 2x Bitcoin Strategy ETF (BITX) experienced a significant decline, dropping 5.20% to $55.83 at 11:20 AM on Monday, February 3.