After the US Dollar Index dropped below 98 earlier this week, Gold hit a new all-time high as Bitcoin crossed above the $89,000 major resistance. This positive price action for BTC was triggered by a report from the Wall Street Journal that US President Donald Trump was planning to cut tariffs on Chinese imports by at least 65%.
Meanwhile, BITMEX founder Arthur Hayes insists that this is the ‘last chance’ for investors to purchase Bitcoin below $100k, as he anticipates the Fed’s announcement regarding US Treasury buybacks. If this happens, Bitcoin could continue rising, potentially surging above its all-time high of $109,045.
As some retail investors await more bullish indicators, the whales are already accumulating BTC, according to data from Glassnode. The onchain analytics firm said on Wednesday that wallets with at least 1,000 Bitcoin have bought over 20,000 coins in the past seven days. Furthermore, the number of whales has risen to 2,107 from 2,036 in the past two months.
So, can reduced tension, initially caused by the US-China trade war, encourage investors to buy more Bitcoin, thus prompting a rally? If so, which vital resistance areas should we expect the bears to try to protect? Let’s identify them by taking a look at the charts.
Bitcoin Price Analysis
Bitcoin’s price has stayed above the 200-day Simple Moving Average of $88,319 in the past three days, signaling the end of the downtrend, which started in January. Furthermore, the 20-day Exponential Moving Average and the 50-day Simple Moving Average completed a bullish crossover on Tuesday to give the buyers a huge advantage.
We now wait to see what happens at the $95,204 resistance. A successful break and close above this vital level could lead to a rally toward $100,000, where profit booking is anticipated.
Ethereum Price Analysis
Unlike Bitcoin, Ethereum has yet to break out of the downtrend. However, the buyers haven’t allowed the sellers to drag the coin deeper. Instead, they have kept ETH above the 20-day Exponential Moving Average of $1,658.45, indicating that they are looking to push it higher.
To break the bearish structure, the bulls must push Ethereum above the $2,117 resistance. As such, we could witness a strong rally to $2,686 and then to $2,805. On the other hand, intense selling will likely cause Ether to plunge below $1,658.45 and head toward $1,367.93.
XRP Price Analysis
XRP remains above the 20-day Exponential Moving Average of $2.084, signaling a weakening bearish momentum. However, it has been tough for the bulls to keep the coin above the 50-day Simple Moving Average of $2.207. But if they manage to do so, XRP could march toward $2.501 and subsequently to $2.900. Conversely, a close below $2.084 could mean that the current price action is a bull trap. As such, we may see XRP tumble to $1.800 after the bears defeat the bulls at $2.071.
BNB Price Analysis
The Binance Coin briefly broke the bearish structure after crossing the downtrend line on Tuesday. However, massive selling pressure at higher levels has pulled the token to $593.87, with the bears seemingly determined to drag it to the vital support at $565.60.
On the bullish side, BNB could see its price rise to the $643.98 resistance and then to $655 if the buyers thrust it above the 20-day Exponential Moving Average of $603.31.
Solana Price Analysis
SOL met resistance near the $155.34 level on Wednesday, with the bears managing to pull it to $145 as of this writing. Nonetheless, the bulls still hold the advantage, given that Solana is trading way above the 20-day exponential Moving Average of $129.11. So, if an uptrend resumes now and $155.34 gives way, SOL could rise to $181 and then to $195.
On the contrary, if the pullback isn’t arrested at $129.11, we could witness a sharp fall to $112 and later to $100.43, where buying activity is likely to happen.
