Bitcoin price has climbed above the $68,000 psychological level and traded near $67,321 after gaining more than 5% in 24 hours. The move followed comments from U.S. Trade Representative Jamieson Greer on tariff continuity with China. Markets reacted positively as fears of renewed trade escalation eased. While price action turned higher, on-chain data shows the broader structure remains fragile. Trump Administration Signals Tariff Stability With China Jamieson Greer said the administration intends to maintain tariffs on Chinese goods within a 35% to 50% range. He stated, “We expect that level to remain in place. We don’t intend to escalate beyond that.” The remarks came ahead of a planned meeting between President Donald Trump and Chinese President Xi Jinping. The Supreme Court recently struck down prior tariffs issued under IEEPA authority. In response, President Trump imposed a temporary 15% tariff on imported goods. Certain products subject to Section 232 tariffs remain exempt from that 15% rate. Greer added that some countries could face tariffs above 15% during a temporary period of up to 150 days. He said the goal is “to have continuity in this program.” The signal of steady trade policy reduced uncertainty across risk assets, including Bitcoin. However, China has warned it will retaliate if the United States imposes new tariffs beyond the agreed framework. Chinese officials signaled that additional trade measures would be met with countermeasures, adding a layer of uncertainty to the current truce. Bitcoin Remains Range Bound Despite Bounce Bitcoin has been consolidating between $60,000 and $70,000 in recent weeks. The current price places BTC about 47% below its all-time high. This drawdown aligns with mid- to late bear market phases observed in prior cycles. According to Glassnode data, nearly 9.2 million BTC are now held at a loss. That represents close to half of the circulating supply. Elevated supply in loss has historically appeared during later stages of bear markets. Moreover, firms with BTC treasury plans like Strategy, as we reported, have also faced losses. Source: Glassnode Market breadth remains weak, and fewer assets trade above long term trend levels. Spot cumulative volume delta has turned negative across major venues. ETF flows also remain in outflow, suggesting institutional demand is limited. Liquidity and Leverage Show Reset Conditions Open interest in Bitcoin futures fell sharply during the recent decline. Total open interest dropped from $15.9 billion to around $8.73 billion. This reduction reflects a broad leverage reset across derivatives markets. Perpetual funding rates have normalized near neutral levels. This indicates speculative positioning has cooled. However, sustained positive funding has not returned, suggesting limited bullish conviction. Source: Glassnode The 90-day realized profit and loss ratio has fallen below 1.0. That confirms an excess loss regime and weaker liquidity conditions. According to Glassnode, the time spent below $70,000 increases pressure on weaker balance sheets. Implied volatility has stabilized and has not expanded sharply. Dealer gamma positioning suggests price remains sensitive to incremental order flow. The market is stabilizing but has not yet confirmed a structural recovery.
