The bulls have succeeded in thrusting Bitcoin above $100,000 again. The uptrend follows a US-UK trade deal announced on Thursday by President Donald Trump.
Over the past few weeks, Bitcoin and other cryptocurrencies have witnessed huge price drops due to Trump’s tariffs on various countries. However, digital assets have been on an uptrend since the start of the week after the American President said that his administration has been negotiating with several US trading partners, including China.
BTC’s latest price action has renewed investors’ interest in crypto products. According to data from ETF Store, Bitcoin exchange-traded funds have processed $804 million in net inflows in the last four days. ETF analyst at Bloomberg, Eric Balchunas, says Bitcoin funds will triple assets under management for Gold ETFs in the next five years.
Can a change in investor sentiment on Bitcoin push the coin to a new all-time high in the near future? If so, which levels might attract sellers? Let’s find out by studying the charts.
Bitcoin Price Analysis
After the bulls prevented a dip below a crucial support at the 20-day Exponential Moving Average of $93,108 on May 6th, Bitcoin reversed, rallying to $104,000 on Friday morning. The buyers are now looking to push the coin to $106,900, where we expect the bears to mount pressure. However, if BTC crosses that vital level, it could rise to its all-time high of $109,037 and then enter unfamiliar territory, with the bulls targeting $113,000.
On the other hand, a pullback toward the $90,592 support could happen if the bulls fail to guard $100,000 and $93,108.
Ethereum Price Analysis
Ethereum has finally crossed $2,000, reaching $2,367 at press time. The latest price action suggests that low levels have been attracting buyers. If the uptrend continues, it’s likely that ETH will touch $2,500 and even head toward $2,856, a vital resistance level.
However, the bears could regain dominance if they pull Ether below $2k. As such, the support at $1,965 could crumble, opening doors for a massive fall to the $1,582 support.
XRP Price Analysis
XRP dropped below the 50-day Simple Moving Average of $2.173 earlier this week, but the sellers couldn’t pull its price below $2. It has now risen to $2.36 as the bulls look to push it toward the $2.601 resistance. Furthermore, if $2.601 turns into a strong support, we may see a surge to $3, a level XRP last saw in January.
On the downside, if the token reverses now and $2 gives way, we might witness a sharp fall to $1.718 and later to $1.594.
BNB Price Analysis
News that former Binance CEO Changpeng Zhao has been talking to various crypto-friendly countries to persuade them to add BNB to their treasuries enabled the coin to cross the 20-day Exponential Moving Average of $602.18 on May 7th, hitting $631 as of this writing. The next resistance the bulls must overcome to allow the uptrend to continue is at $645.03. If crossed, BNB could see its value rise to $689.
Contrarily, a sustained drop below $602.18 would give the sellers a huge boost. In that case, there is a great chance that the $577.91 support will break, allowing a deep correction to $520.67.
Solana Price Analysis
The $146.76 resistance was flipped into support on May 8th, signaling the bulls’ determination to push Solana to higher levels. Increased demand at the current price ($166) could put the $180.53 resistance at risk of collapsing, with the buyers looking to fuel a rally to $200.40. On the contrary, if $146.76 breaks, a dip to the 50-day Simple Moving Average of $132.17 is possible.
Dogecoin Price Analysis
DOGE’s price is above the psychological level of $0.20 again. If it keeps rising and jumps above $0.218, the bulls could be motivated to push it to $0.251 and eventually to $0.285. From a bearish point of view, a drop below the 50-day Simple Moving Average of $0.168 could cause Dogecoin to plunge to the $0.149 support.
