The US ‘Liberation Day’ was marked by high price volatility as President Donald Trump announced tariffs on numerous countries. Bitcoin briefly crossed $88,000 before plummeting to $82,000.
While analysts acknowledge that Trump’s international trade policies could cause BTC to perform poorly in the short term, they still hold a bullish view in the long term. Crypto expert at Fidelity, Zack Wainwright, claimed on Wednesday that Bitcoin will surpass $110,000 this quarter despite the uncertainty caused by the trade war.
Moreover, BitMEX founder Arthur Hayes is optimistic that if the US central bank implements quantitative easing, BTC could rise to $200,000 by December 2025.
So, which support areas should investors and traders monitor closely if selling pressure continues to pile up on Bitcoin? Let’s explore the charts to find out.
Bitcoin Price Analysis
Although the bulls pushed BTC above the downtrend line on April 2nd, they couldn’t maintain momentum as higher levels attracted bears, who have pulled the coin to $83,186 at press time.
The Relative Strength Index doesn’t give the bulls any hope, considering it has dropped to 43.12, suggesting that the advantage is on the bears’ side. Furthermore, BTC’s price is below the 20-day Exponential Moving Average of $84,984, meaning the probability of a downtrend is higher than that of an uptrend.
Therefore, if selling persists, Bitcoin could plunge below $80,000 and head toward $73,801, its previous all-time high. Contrarily, a sustained recovery rally above $84,984 could improve the chances of a strong move to $90,500 after buyers cause the 50-day Simple Moving Average of $88,104 to collapse.
Also read:Ethereum Price Analysis
Ethereum crossed $1,900 on Wednesday but has since reversed to $1,788, near the critical support of $1,755, which, if it breaks, could result in a massive downtrend toward $1,549. The positive is that a double-bottom pattern has been formed, signaling a possible price reversal to the upside. If that’s the case, a rally above the 20-day Exponential Moving Average of $1,962 could occur, with the buyers targeting the $2,109.38 breakdown level. Increased buying pressure could allow Ether to rise to $2,469.
XRP Price Analysis
The bulls are struggling to keep XRP above $2, indicating low demand for the coin at higher prices. The current price action has resulted in the completion of a head-and-shoulders bearish setup, thus enhancing the prospects of a deeper correction.
If the bears continue to pull XRP downward, the $1.76 support could crumble, triggering a drop to $1.26. Meanwhile, the bulls might stand a great chance to push the Ripple-issued coin to the 50-day Simple Moving Average of $2.38 if they thrust it above the 20-day Exponential Moving Average of $2.18.
BNB Price Analysis
The bulls have let the bears pull the Binance Coin below the $600 psychological support level. What’s more, $586 has collapsed, enabling the sellers to strengthen their position. If the downtrend continues and $574 gives way, BNB could see a deeper pullback, reaching $500 in the process.
On the bullish side, a solid rally to the $645 resistance seems possible if the buyers cause the 50-day Simple Moving Average of $617.73 to crumble.
Solana Price Analysis
The support at $120 has given way, allowing the bears to drag Solana to $110 as of this writing. The immediate target for the sellers is $110. If this level breaks, we anticipate SOL to fall to the $100 vital resistance. On the other hand, if the buyers thrust Solana above the 20-day Exponential Moving Average of $131.76, it would be safe to assume that the bears are giving up. As such, the possibility of a surge to the 50-day Simple Moving Average of $144.93 and then to $179.80 could rise significantly.
Dogecoin Price Analysis
DOGE is trading near the $0.15 critical support. A break below that level could lead to a drop to $0.10. Conversely, if the meme coin reverses to the upside now and crosses the 20-day Exponential Moving Average of $0.178, it could climb to the $0.22 resistance.
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