Bitcoin Surges Past $110K After Summit
Bitcoin (BTC) climbed above $110,000 on Thursday after three consecutive days of decline, signaling a potential return of bullish momentum. Meanwhile, Ethereum (ETH) and Ripple (XRP) are showing signs of recovery, attempting to stabilize near support levels and challenge mid-range resistance zones. This rebound follows a pivotal meeting between the President of the United States and Chinese President Xi Jinping in South Korea.
During the meeting, both leaders agreed to reduce trade tariffs on Chinese goods, lift restrictions on rare-earth metal exports, and resume soybean purchases from the United States. The President of the United States confirmed that a one-year agreement was signed, with plans for extension and reciprocal diplomatic visits in the coming months. The news sparked a broad recovery across global markets, including crypto. Bitcoin stabilized above $110,000, Ethereum approached the $4,000 resistance, and XRP rebounded from $2.48, now testing the 200-day EMA at $2.60.
On Wednesday, the Federal Reserve cut interest rates by 25 basis points, bringing the target range to 3.75%–4.00%. While markets initially responded positively, comments from Fed Chair Jerome Powell introduced uncertainty. Powell stated that there was no consensus on further rate cuts in December, emphasizing that “a further reduction in the policy rate is not a foregone conclusion.” This cautious tone triggered a sharp correction across the crypto market, despite earlier optimism.
Bitcoin is currently trading above the psychological $110,000 level. The 200-day Exponential Moving Average (EMA) at $108,350 continues to act as a strong support. The Money Flow Index (MFI) is rising above 58, indicating capital inflow into Bitcoin. A daily close above $110,000 could reinforce bullish sentiment, with potential upside targets at the 100-day EMA ($112,620) and the 50-day EMA ($113,096).
Ethereum’s recovery remains fragile despite easing trade tensions. The asset failed to break above the 100-day EMA at $3,968, suggesting investor hesitation. Although the MFI shows increasing inflows, the lack of conviction above this level could limit upside potential. A breakout above $4,000 would signal strength heading into the weekend, while a drop below $3,680 could trigger further downside.
XRP, on the other hand, is attempting to breach the 200-day EMA resistance at $2.60 after bouncing from $2.48 earlier in the day. The MFI is approaching the midline, reflecting a steady shift toward risk-on sentiment. A daily close above $2.60 would open the path toward the 50-day EMA at $2.67 and the 100-day EMA at $2.72. A breakout above the descending trendline—active since XRP’s all-time high of $3.66 in mid-July—would further validate bullish momentum toward the critical $3.00 level.