Potential tariff deal to support crypto

Fundamental data

With the rise in the equity sector in general also the crypto space continues to push higher. The general weakness of the Greenback might also be a reason of the positive momentum in general. Potential rate cuts from the US might further help the positive momentum with cheaper liquidity.

Meanwhile two rather famous government officials have taken the offer done by the DOGE team and left the IRS agency. They were part of the team drafting tax rules for the crypto industry. It is being said that more than 20.000 staff signed up for the resignation program as per reports of the New York Times last month.

Technical analysis:

– BTC: Bitcoin is trading at USD 95,942. The price bounced higher off the important 50- moving average. Then last week the market was also able to continue moving to the upside. The positive sentiment is likely happening due to the general mood in the Nasdaq. The technology index has been able to move positively, which acts as a magnet also for Bitcoin.

BTCUSD, weekly chart

As the weekly chart above suggests, the positive momentum might now cause prices to move towards the USD 110,000 zone as long as the USD 90,000 area won’t be broken.

– ETH: Ethereum is currently trading at USD 1,824. The month of April has been able to push higher again with the technical pinbar candlestick pattern suggesting that the upside momentum might continue. Ether is still lagging behind Bitcoin in terms of upside momentum. The market also still trading below the 50- moving average zone.

ETHUSD, monthly chart

Any positive momentum might now be taken as guidance that the market might move higher. Above the price level of USD 1,950 the upside might intensify, whereas a break of the 50- moving average might cause more buying power to be added.

– XRP: XRP is currently trading at USD 2.1845. Also, this token has been able to defend the recent technical support zone and might hence move to the upside.

XRPUSD, weekly chart

As the weekly chart above suggests, the positive momentum might increase for now. Only a break of the psychological level of USD 2.00 might change that trend. Also, the current retracement slightly lower would be positive, since we are trading in the early days of May, which could mean that the upside will be resumed in the later days this month.

– SOL: Solana is currently trading at USD 146.83. The market might also start to move higher, as the positive candlestick from the month of April suggests. If the technical support at USD 120.00 won’t break the upside might be due to continue.

SOLUSD, monthly chart

In general, markets might also continue with positive momentum as a trade deal between the US and China might loom at the horizon. This would also help the crypto space moving higher. Whether a deal can be reached before June currently seems in question. According to China’s state media, the US have tried to reach out to them on multiple channels to discus the tariff issue.