Bitcoin (BTC) saw a notable increase on October 27, with its price climbing 2.64% amid growing optimism over a potential resolution to trade tensions between the United States and China. The daily gain pushed the cryptocurrency’s performance for the month into positive territory, reinforcing market hopes for a strong October finish.

The price, which had been trading at $113,146 on October 1, briefly surpassed $115,000 during intraday trading before settling slightly lower at $114,556, according to CoinMarketCap data.

Trade Negotiations Fuel Market Optimism

The positive market sentiment appears directly linked to recent developments in U.S.-China relations. According to reports, a U.S. Treasury official accompanying the president’s trip to Asia indicated that progress was being made. The official stated that the two nations have established a “framework” for negotiations and that the imposition of 100% tariffs is not expected.

Furthermore, the official suggested that China’s previously discussed measures to control rare earth exports might be suspended for a period, signaling a significant de-escalation in the trade dispute.

Market Focus Shifts to Upcoming Summit

Investors are now closely watching for the upcoming summit between the U.S. and Chinese presidents, scheduled to take place in Busan on October 30. The meeting was reconfirmed by the American president during a press conference at the recent ASEAN summit, adding further weight to expectations of a diplomatic breakthrough.