US Treasury Secretary Bessent Eyes Thanksgiving for China Trade Deal — Could Bitcoin Feel the Heat?

Bitcoin slipped under $94,000 on Sunday, down over 2% within the final 24 hours, as merchants digested a contemporary wave of macroeconomic headlines. Most notably, Treasury Secretary Scott Bessent signaled {that a} US–China commerce deal may land by Thanksgiving.

The remarks injected new uncertainty into already fragile markets, establishing a doubtlessly risky stretch for crypto as political deadlines collide with thinning vacation liquidity.

Bitcoin Falls as Macro Tensions Re-Enter the Image

Bitcoin was buying and selling for $93,987 as of this writing, down by 2.08% within the final 24 hours. Amidst the pullback, $100 million value of crypto longs had been liquidated previously 60 minutes.

Notably, the final time Bitcoin traded under $94,000 was on Might 5, 2025, with analysts attributing the decline to extreme leverage. The autumn is probably going attributed to a doable settlement in US-China commerce tensions, with Bessent setting a countdown.

“Bitcoin additionally dumped laborious after the final US authorities shutdown ended,” analyst Crypto Rover famous, highlighting the affect of how ending uncertainties can have an effect on the market.

Bitcoin (BTC) Value Efficiency. Supply: BeInCrypto

The pullback and related liquidations adopted Bessent’s feedback, which had been delivered throughout an look on Fox Information. The US Treasury Secretary mentioned the Trump administration goals to finalize its commerce settlement with China by November 27.

He pushed again on a TradFi media report that recommended delays, calling it inaccurate and insisting the deal stays on monitor.

Extra importantly for crypto markets, Bessent expressed confidence that China will honor the settlement following the upcoming assembly between Trump and Xi.

Ought to Beijing fall wanting commitments, he warned that Washington nonetheless has “many levers” obtainable, language historically interpreted as tariff or enforcement strain.

Why Thanksgiving Issues for Crypto Markets

The timing of a possible commerce settlement, proper earlier than a serious US vacation, issues for merchants who count on skinny liquidity and heightened volatility, components attribute of the vacation season.

Traditionally, Bitcoin has reacted sharply to sudden geopolitical headlines during times of low buying and selling quantity, thereby heightening volatility. Such cases embrace weekends, when Trump’s sudden bulletins moved markets, with magnified worth swings catching merchants off guard.

The sentiment is that the timing of those developments could possibly be calculated to guard conventional markets from volatility. Oftentimes, this leaves crypto trades holding the ball, feeling the complete affect of the information.

Any signal of progress in US–China negotiations may stabilize danger sentiment and help BTC’s restoration. Conversely, hints of delay, disagreement, or further tariff threats may gasoline one other spherical of promoting, particularly as leveraged positioning stays elevated.

“A US–China commerce deal is reportedly on monitor to be finalized earlier than Thanksgiving, centered round rare-earth and export licensing. If this holds up, markets will react,” remarked analyst Kyle Doops.

With Bitcoin already buying and selling decrease and market breadth weakening, the macro narrative is as soon as once more pulling crypto into the worldwide coverage area.

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