Bitcoin (BTC) has gone up by 4.9% in the past 24 hours and has surpassed the $90,000 mark for the first time since early March after some supportive comments from White House officials concerning the country’s tariff war with China.
Scott Bessent, the U.S. Treasury Secretary, commented today that he expects to see an improvement in the commercial relationships between China and America in the “very near future” as the current status quo is “unsustainable.”
The markets may have been relieved by these comments, while investors appear to be flocking to cryptocurrencies at a point when a weaker dollar down the road seems like a very real possibility.
Higher tariffs will likely result in higher inflation within the U.S. and that could weaken the dollar unless the Federal Reserve is prepared to raise rates again.
However, as an escalation in prices would be the result of the current administration’s hostile measures on the trade front, the central bank may leave the whole thing in the hands of fiscal policy rather than trying to tackle the issue through monetary policy.
Other cryptocurrencies apart from Bitcoin have also gone up strongly. Ethereum (ETH) and Solana (SOL) have booked even higher gains of 8% and 7.4% during this same period, while top meme coins like Dogecoin (DOGE) and Pepe (PEPE) have surged by 9.2% and 8.6%, respectively.
Part of the rally may have been caused by a robust short-squeeze as data from CoinGlass shows that nearly $250 million worth of short positions have been wiped out of the market in the past 24 hours, with BTC short liquidations accounting for nearly half of that total.
BTC Surges Above 21D EMA – Is The Bear Market Over?
From a technical standpoint, today’s uptick is particularly encouraging as it comes off the heels of a bullish breakout above the 21-day EMA.
This is the second time since the bear market started that BTC has posted a big green candle above this important indicator, meaning that trading volumes at these levels have been strong.
The $84,000 level seems to be the most critical support area to watch, and it is also the point of control for BTC, as this is the level where most of the token’s trading volumes have occurred.
When the price rises above the POC, it means that bulls are in full control of the price action and momentum is strong.
The Relative Strength Index (RSI) has surged to 65 and stands 25% above the signal line (strong positive momentum) while the MACD’s histogram has posted two consecutive higher readings.
A move toward the $96,500 resistance seems imminent at this point, meaning a 5.5% short-term upside potential for Bitcoin.
Meanwhile, a new crypto presale called BTC Bull Token (BTCBULL) offers the chance to generate passive income for Bitcoin holders as the price rises. This meme coin has benefited from the rally and it is now getting closer to raising more than $5 million.
BTC Bull Token Offers Attractive Milestone-Based Compensation System
BTC Bull Token (BTCBULL) has created an innovative rewards scheme tied to how the price of Bitcoin will perform in the future.
Starting at a baseline price of $100,000, BTCBULL holders will be compensated for every $25,000 increase.
Every other $25,000 that the top crypto adds to its price will trigger an automatic token burn that will reduce BTCBULL’s circulating supply. This should translate into a higher price for the meme coin in the near term.
Meanwhile, for every $50,000 increase, BTCBULL holders will get a direct airdrop of Bitcoin tokens.
All of these actions are enforced by smart contracts that have been audited by two blockchain security firms – Coinsult and Solid Proof.
Analysts agree that BTCBULL’s handsome rewards will catalyze a significant uptick in its price once the token is listed on top exchanges after the presale event ends.
To buy $BTCBULL, simply head to the BTC Bull Token website and connect your wallet. You can either swap USDT or ETH or use a bank card to make your investment.
