#USChinaDeal 1. The Phenomenon "Sell the News"

The fact that BTC has corrected after reaching an all-time high, just after the agreement, is classic market behavior.

Expectation vs. Reality: Investors often buy during rumors of stability. Once the agreement is signed, uncertainty disappears and many take profits to secure capital.

Range Volatility: The range you mentioned ($86k - $89k) indicates healthy consolidation. After a rally towards highs, the price staying above $85,000 suggests there is a new strong psychological "floor" of support.

2. Capital Migration: Risk or Rebalancing?

The migration of funds towards traditional assets (stocks) is not necessarily a "death" for BTC, but a symptom of risk appetite (Risk-On).

If fees decrease and there is global stability, the stock market rises.

Many institutional funds operate under portfolio rebalancing models: if the $BTC has risen too much, they sell a portion to buy stocks that now seem "cheap" or safer due to the trade agreement.

3. The Regulatory Dichotomy: China vs. USA

This is the most critical point for the medium-term future:

China (The Wall): As long as China maintains restrictions, BTC growth will be limited to Western liquidity and other emerging markets. However, trade agreements often indirectly soften these stances through financial centers like Hong Kong.

USA (The Engine): Clear regulation under a pro-crypto administration (as you mentioned about Trump) is the strongest catalyst. Legal clarity eliminates the fear of large pension funds and companies entering the market.

The USA-China agreement reduces "geopolitical risk," which paradoxically takes away part of Bitcoin's narrative as a "crisis refuge" in the short term, but gives it legitimacy and stability in the long term. We are transitioning from a speculative asset to a mature financial asset.