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Bitcoin price started a fresh decline from the $95,000 resistance zone. BTC is back below $90,000 and might continue to move down.

• Bitcoin started a fresh decline from the $95,000 resistance zone.
• The price is trading below $92,000 and the 100 hourly Simple moving average.
• There was a break below a connecting bullish trend line with support at $88,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another decline if it fails to stay above the $82,250 zone.

Bitcoin Price Dips Over 10%

Bitcoin price rallied above the $88,000 and $90,000 resistance levels. BTC tested the $95,000 resistance where it faced a strong resistance. The price failed to retain gains and started a fresh decline below $92,000.

There was a move below the $92,000 and $90,000 support levels. The price dived over 10% and traded below the 50% Fib retracement level of the upward move from the $84,500 swing low to the $95,000 high. There was also a break below a connecting bullish trend line with support at $88,000 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading below $90,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $85,000 level. The first key resistance is near the $86,600 level.

The next key resistance could be $88,500. A close above the $88,500 resistance might send the price further higher. In the stated case, the price could rise and test the $90,000 resistance level. Any more gains might send the price toward the $92,000 level or even $93,500.

More Losses In BTC?

If Bitcoin fails to rise above the $88,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $82,250 level and the 76.4% Fib retracement level of the upward move from the $84,500 swing low to the $95,000 high. The first major support is near the $80,000 level.

The next support is now near the $78,500 zone. Any more losses might send the price toward the $76,000 support in the near term. The main support sits at $75,000.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $82,250, followed by $80,000.

Major Resistance Levels – $88,000 and $90,000.

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On Friday, US President Donald Trump is set to host a high-stakes White House Crypto Summit, a meeting that could significantly shape the future of digital assets in the United States.

With a commitment to “making the US the crypto capital of the world,” Trump’s crypto summit will be a crucial watch for crypto enthusiasts this week. Traders and investors alike will watch closely, as the summit’s outcome could influence market trends and investor sentiment.

Experts Highlight Potential Topics of Discussion

According to experts, one of the potential announcements is a proposal to eliminate capital gains taxes on cryptocurrency sales. Investor Mike Alfred has suggested that Trump’s administration is preparing to make this official at the summit.

“Sources say the Trump administration [is] preparing to announce zero capital gains on crypto sales at Friday’s crypto summit,” Alfred shared on X (Twitter).

Ran Neuner, crypto analyst and founder of Crypto Banter, shares the sentiment. He noted that the summit could focus on broader industry incentives. Specifically, he speculated that discussions might include tax breaks for US-based crypto projects. The analyst also anticipates incentives to bring blockchain developers back to the country.

This could mean preferential treatment for “Made in America” tokens, furthering Trump’s economic strategy.

If implemented, this policy could encourage more trading and long-term investment in digital assets, potentially making the US an attractive destination for crypto businesses. Lower tax barriers could also bring substantial institutional capital into the sector and increase retail investor participation.

“Taxation is theft. It should be kept to a minimum. It’s wrong to steal my money for grift on the left; it’s also wrong to tax me for crypto bro schemes. Efficient defense, courts, national parks (should fund themselves), prisons, etc – fine. Cut it out with these schemes guys,” investor Joe Lonsdale quipped.

Another potential topic is how to fund the US crypto reserve. BeInCrypto reported the establishment of this reserve, highlighting the inclusion of Ripple’s XRP token, Solana (SOL), and Cardano (ADA).  

Already, there is contention about the place of XRP and ADA in the crypto reserve. Some have called out Trump for committing to buy XRP and ADA with federal dollars. While some see it as a step toward legitimizing crypto, critics argue that these assets have little utility.

Meanwhile, Udi Wertheimer, another popular user on X, suggested that Trump’s approach is a negotiation tactic. According to the user, it is aimed at securing congressional approval for a Bitcoin-centric reserve.

“The best take I’ve seen by far regarding the strategic reserve is that this is just a classic trump negotiation tactic. For a true reserve to happen, Trump will have to convince Congress…In Trump’s chess language, this just means he’s telling Congress if you don’t give me a Bitcoin reserve, I’m going to ram Ripple down your throats,” Wertheimer opined.

Others, like Naval Ravikant, also voiced concerns.

“The US taxpayer should not be exit liquidity for cryptocurrencies that are decentralized in name only,” Ravikant wrote.

Notwithstanding, the success of these initiatives could transform the American crypto playing field, attracting investors, builders, and projects back to the US. However, skeptics argue that the government’s involvement in crypto markets could lead to unnecessary risks and inefficiencies.

Key Attendees and Market Implications

It remains unknown whether official invitations have been sent out. Fox Business correspondent Eleanor Terrett noted that industry executives are still awaiting confirmation, suggesting a roster of influential figures could attend.

However, likely attendees include Trump, crypto Czar David Sacks, and Bo Hines, who leads Trump’s digital assets advisory council. Beyond these, major figures from the crypto industry could also feature in the attendee’s list, positioning specific tokens for impact.

The correlation between these tokens and their associated industry leaders is significant, as their presence at the summit suggests possible policy benefits or new government partnerships.

With the summit’s focus on US-based crypto companies, future policy decisions could favor projects that align with domestic interests. If Trump follows through with tax incentives and federal crypto investments, the market could see a wave of bullish sentiment for these tokens.

Conversely, if the crypto community perceives the reserve initiative as unfeasible or politically motivated, it may result in negative market reactions. Ultimately, Friday’s Crypto Summit will set the stage for the next phase of US crypto policy.

The post Trump’s White House Crypto Summit: Experts Discuss Key Agendas and Potential Market Impact appeared first on BeInCrypto.

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XRP price started a fresh decline from the $3.00 resistance. The price is up down over 20% and might extend losses below the $2.20 support.

• XRP price started a fresh decline from the $3.00 zone.
• The price is now trading below $2.50 and the 100-hourly Simple Moving Average.
• There was a break below a connecting bullish trend line with support at $2.40 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair might continue to move down if it breaks the $2.20 support zone.

XRP Price Reverses

XRP price rallied above the $2.50 and $2.80 levels before the bears appeared, like Bitcoin and Ethereum. The price failed to clear the $3.00 resistance and started a fresh decline.

There was a sharp move below the $2.80 and $2.60 levels. The price traded below the 50% Fib retracement level of the upward move from the $1.95 swing low to the $3.00 high. There was also a break below a connecting bullish trend line with support at $2.40 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.40 and the 100-hourly Simple Moving Average. It is now finding bids just above the 76.4% Fib retracement level of the upward move from the $1.95 swing low to the $3.00 high.

On the upside, the price might face resistance near the $2.35 level. The first major resistance is near the $2.40 level. The next resistance is $2.4750. A clear move above the $2.4750 resistance might send the price toward the $2.620 resistance.

Any more gains might send the price toward the $2.700 resistance or even $2.750 in the near term. The next major hurdle for the bulls might be $2.80.

More Losses?

If XRP fails to clear the $2.40 resistance zone, it could start another decline. Initial support on the downside is near the $2.20 level. The next major support is near the $2.120 level.

If there is a downside break and a close below the $2.120 level, the price might continue to decline toward the $2.050 support. The next major support sits near the $2.00 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.20 and $2.120.

Major Resistance Levels – $2.40 and $2.4750.

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