U.S. Treasury Secretary Bessent on Wednesday said that the recent stock market decline will not influence Washington's China policy, while Bitcoin (CRYPTO: BTC) languishes around $111,000 as traders hope for a potential October rebound.
Bessent Rejects Market Pressure, Calls For Allied Response
Speaking during IMF World Bank Week, Bessent said investors were overly focused on the latest market pullback and trade friction with Beijing.
"The market lately has been more concerned about trade than the government shutdown," he noted, adding that recent rare-earth export restrictions from China were part of a broader geopolitical play.
Bessent said China's retaliatory stance stemmed from an August threat by a "lower-level trade person" and confirmed that the U.S. and its allies plan a coordinated response.
"This is China versus the world," he said. "We have things more powerful than the rare-earth export controls they want to put on."
He added that Washington is working closely with Europe, Australia, Canada, India, and "the Asian democracies" to ensure that "bureaucrats in China cannot manage the supply chain or manufacturing process for the rest of the world."
‘We Won't Negotiate Because The Market Is Down'
Asked about the recent market decline, Bessent dismissed suggestions that the administration's trade stance would soften.
"If we have to take strong measures against the Chinese, it won't be because the stock market is going down," he said.
Bessent emphasized that President Donald Trump's strategy of reshoring critical industries — including semiconductors, shipbuilding, and pharmaceuticals — remains a central goal.
"We don't want to decouple with China, but this rare-earth export control is a sign of decoupling," he said, calling the issue "decades in the making."
He also confirmed that the planned Trump-Xi meeting remains on schedule, citing continued "high-level communication" and "an excellent relationship between the two leaders."
Bitcoin Eyes Breakout As Uptober Momentum Builds
BTC Key Technical Levels (Source: TradingView)
Bitcoin has slipped back toward $111,000 but continues to respect its broader ascending trendline, preserving its bullish market structure.
The $108,000–$110,000 zone remains a key demand area, repeatedly attracting dip buyers.
Momentum indicators have stabilized, with a move above $116,800 likely to signal renewed strength.
Should buyers regain control, resistance at $124,500 and $128,000 could come into play later this month.
A confirmed breakout above those levels could unlock a larger rally, potentially targeting the $150,000 region in the coming months.
Meanwhile, Solana (CRYPTO: SOL) and other DeFi-linked tokens may benefit from risk-off rotation, with analysts watching for potential 10–15% gains if liquidity flows toward blockchain-based alternatives.
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