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

Bitcoin slipped below $94,000 on Sunday, down over 2% in the last 24 hours, as traders digested a fresh wave of macroeconomic headlines. Most notably, Treasury Secretary Scott Bessent signaled that a US–China trade deal could land by Thanksgiving.

The remarks injected new uncertainty into already fragile markets, setting up a potentially volatile stretch for crypto as political deadlines collide with thinning holiday liquidity.

Bitcoin Falls as Macro Tensions Re-Enter the Picture

Bitcoin was trading for $93,987 as of this writing, down by 2.08% in the last 24 hours. Amidst the pullback, $100 million worth of crypto longs were liquidated in the past 60 minutes.

Notably, the last time Bitcoin traded below $94,000 was on May 5, 2025, with analysts attributing the decline to excessive leverage. The fall is likely attributed to a possible settlement in US-China trade tensions, with Bessent setting a countdown.

“Bitcoin also dumped hard after the last US government shutdown ended,” analyst Crypto Rover noted, highlighting the impact of how ending uncertainties can affect the market.  

The pullback and associated liquidations followed Bessent’s comments, which were delivered during an appearance on Fox News. The US Treasury Secretary said the Trump administration aims to finalize its trade agreement with China by November 27.

He pushed back on a TradFi media report that suggested delays, calling it inaccurate and insisting the deal remains on track.

More importantly for crypto markets, Bessent expressed confidence that China will honor the agreement following the upcoming meeting between Trump and Xi.

Should Beijing fall short of commitments, he warned that Washington still has “many levers” available, language traditionally interpreted as tariff or enforcement pressure.

Why Thanksgiving Matters for Crypto Markets

The timing of a potential trade agreement, right before a major US holiday, matters for traders who expect thin liquidity and heightened volatility, elements characteristic of the holiday season.

Historically, Bitcoin has reacted sharply to unexpected geopolitical headlines during periods of low trading volume, thereby heightening volatility. Such instances include weekends, when Trump’s unexpected announcements moved markets, with magnified price swings catching traders off guard.

The sentiment is that the timing of these developments could be calculated to protect traditional markets from volatility. Oftentimes, this leaves crypto trades holding the ball, feeling the full impact of the news.

Any sign of progress in US–China negotiations could stabilize risk sentiment and support BTC’s recovery. Conversely, hints of delay, disagreement, or additional tariff threats could fuel another round of selling, especially as leveraged positioning remains elevated.

“A US–China trade deal is reportedly on track to be finalized before Thanksgiving, centered around rare-earth and export licensing. If this holds up, markets will react,” remarked analyst Kyle Doops.

With Bitcoin already trading lower and market breadth weakening, the macro narrative is once again pulling crypto into the global policy arena.