Bitcoin (BTC) Bulls Have Their Sights Set on Breaking Above Resistance at $98,000, But Bears Aren't Relinquishing Control

Data provided by TradingView shows that Bitcoin (BTC) bulls have their sights set on breaking above resistance at $98,000, but bears aren't relinquishing control without a fight.

Bitcoin (BTC) bulls are setting their sights on breaking above resistance at $98,000, but bears aren't relengthering management simply but.

BTC/USD 1-day chart. Source: TradingView

After rallying from support at $94,000 last Thursday to contact $98,000, bears once again gained the higher hand, dropping King Crypto to a low of $93,345 on Tuesday but failing to break the again of support. After news of China-U.S. trade talks emerged, bulls were emboldened, pushing BTC to a extreme of $97,775 early on Wednesday, but as soon as failing to overcome resistance.

Bitcoin is now up nearly 30% from the April low of $74,400, sparking a revival of the 'digital gold narrative'.

"In April, Bitcoin joined the gold run, growing correlation for the first time in months," noted trading useful resource The Kobeissi Letter. "Between April 7th and April 21st, gold surged +15% along with +12% in Bitcoin. The flight to decentralized and inflation-protected belongings is strong. Keep observing this trend."

Bitcoin vs. gold comparision. Source: The Kobeissi Letter

This outlook aligns with the common "first gold, then Bitcoin" narrative many analysts have highlighted. Support for an extended rally can be discovered in the Macro Chain Index (MCI), a composite of onchain and macroeconomic metrics, which flashed a purchase sign for the first time since 2022.

Our Macro Chain Index fired a lengthy sign, the first purchase sign since 2022, when it productively went lengthy at the absolute bottom. Considering that the fundamentals align and the market framework is progressively following, this is a considerable get in touch with, imho pic.twitter.com/jgULmSB25X

History reveals that when the RSI crosses about the MCI, as it did in April, a considerable rally tends to observe. When mixed with increasing futures open interest and beneficial funding charges, the MCI suggests Bitcoin could break $100,000 about the coming few weeks.

At the time of writing, BTC trades at $96,430, an enhance of 1.65% on the 7-day chart.

BNB Joins the ETF Filing Party

Most altcoins in the best 20 recorded losses about the past week, with BNB, the native token of Binance's BNB Chain, being one of the few exceptions.

BNB/USD 1-day chart. Source: TradingView

Along with feedback from Binance co-founder Changpeng "CZ" Zhao regarding his proposal to the government of Kyrgyzstan that they embody Bitcoin and BNB as the first belongings in the country's national crypto reserve, the token also acquired a increase from its first trade-traded fund (ETF) filing in the U.S.

According to a regulatory filing with the SEC, asset supervisor VanEck has requested US regulators for permissin to checklist an ETF holding BNB. The filing outlines that the providing is designed to collect place BNB tokens and "may, from time to time, stake a portion of the assets through one or more trusted staking providers."

The language associated with staking is especially noteworthy, as all references to staking experienced to be eliminated from all spot Ether ETF merchandise, although it could potentially be allowed in the future thanks to the softening regulatory stance proffered by the Trump administration.

Asset supervisor Standard Chartered launched a analysis observe to shoppers suggesting that BNB's price could extra than double this 12 months due to mounting tailwinds - growing from $600 at present to $1,275 by the close of 2025. The agency also predicted its price would extra than double again from that point, hitting $2,775 in 2028.

"BNB has traded almost precisely in line with an unweighted basket of Bitcoin and Ethereum since May 2021 in terms of both returns and volatility," Standard Chartered analyst Geoff Kendrick wrote. "We expect this relationship to proceed, driving BNB's price from about USD 600 at present to USD 2,775 by end-2028."

At the time of writing, BNB trades at nearly $604 per coin, for a absolutely diluted value (FDV) of about $85.14 billion, according to information from CoinMarketCap.

Ready to trade our daily Forex analysis on crypto? Here's our checklist of the best MT4 crypto brokers worth reviewing.output: As Bitcoin (BTC) hovers around the $98,000 level, traders are closely watching to see if the cryptocurrency will break through this key resistance and continue its rally towards $100,000. Alternatively, if Bitcoin drops below support at