Bitcoin Holds Above $100,000 After Recent Volatility
Bitcoin (BTC) is trading above $100,000 on Wednesday. It recovered slightly after two days of losses. On Tuesday, BTC fell below $99,000 due to cautious market sentiment. Many investors remain on the sidelines because of economic uncertainty and no strong price drivers. Other cryptocurrencies like Ethereum (ETH) and Ripple (XRP) have fallen further this week. ETH stays above $3,300, while XRP trades near $2.23.
Tariff Suspension Boosts Crypto Market
China has paused tariffs on several U.S. farm products, including soybeans, wheat, corn, and chicken. This change starts from November 11. It followed the U.S. decision to lower fentanyl-related tariffs on Chinese goods.
China cut its reciprocal tariffs from 34% to 10%, after U.S. President Donald Trump signed executive orders to reduce these tariffs. This is part of a broader deal between Presidents Trump and Xi Jinping agreed last week in South Korea. The agreement will last one year and may be renewed.
The crypto market reacted positively. Bitcoin stayed stable above $100,000 on Wednesday. A daily close above $102,000 could strengthen short-term bullish momentum.
Technical Outlook for Bitcoin, Ethereum, and XRP
- Bitcoin: BTC is near $102,000 resistance. The Relative Strength Index (RSI) suggests stability after a near-oversold position. However, the Moving Average Convergence Divergence (MACD) shows a sell signal since Monday. A drop below $100,000 may lead BTC toward $98,295, tested in June.
- Ethereum: ETH trades slightly above $3,300. The RSI is oversold at 29, hinting at possible upward moves toward $3,601 resistance. The MACD remains bearish, signaling further risks below $3,000 if trend continues. Institutional ETH ETFs saw $219 million in outflows on Tuesday, marking five days of withdrawals.
- Ripple: XRP has pulled back to about $2.07 but shows signs of easing bearish momentum with an RSI at 35. The MACD still holds a sell signal. If prices fall further, XRP might test $1.90 support from June.
