USD/CAD Rises as Canada Faces Economic Headwinds, Trade Tensions with US

Economic

Summary:

USD/CAD approaches 1.3900 as the Canadian Dollar weakens ahead of the BoC’s Financial System Review and Trump’s US-UK trade deal announcement, with technicals suggesting further upside potential.

BUY USDCAD

Close Time

CLOSED

1.38698

Entry Price

1.41500

1.37400

1.38031 -0.00116 -0.08%

8.2

Pips

Loss

1.37400

1.38616

Exit Price

1.38698

Entry Price

1.41500

The Canadian Dollar finds itself under pressure once again, with the USD/CAD pair climbing steadily toward the psychologically significant 1.3900 threshold in Thursday trading. As of the latest quotes, the pair is hovering around 1.3880, up 0.34% on the day, extending a week-long trend of Loonie weakness amid a complex mix of macroeconomic fragilities and geopolitical tension.

Today’s price action reflects cautious sentiment ahead of two critical catalysts set to unfold at 14:00 GMT: the Bank of Canada’s semi-annual Financial System Review (FSR) and a speech by former US President Donald Trump, who is expected to unveil the framework of a new US-UK trade deal. Each carries weight in its own right, but their simultaneous timing places extraordinary focus on North American financial stability and the evolving architecture of global trade.

Though not a policy-setting instrument per se, the Financial System Review is increasingly seen as a bellwether for market risk. It dissects vulnerabilities embedded within the Canadian economy—ranging from high household debt levels and elevated housing prices to credit quality deterioration across key segments.

With Canada’s economy already showing signs of deceleration—April’s GDP growth missed estimates while inflation appears to be moderating—any warnings from the BoC about tightening financial conditions could raise red flags for the Canadian Dollar. Analysts expect the central bank to strike a cautiously concerned tone, especially with financial institutions facing liquidity pressures and consumer debt ratios hovering near historical highs.

Governor Tiff Macklem is set to address the press following the report’s release, and markets will parse his language for any clues about the future path of monetary policy. Though rate changes aren’t anticipated in the near term, any suggestion that the BoC may need to reinforce financial buffers could lead to risk-off sentiment and additional Loonie weakness.

Meanwhile, on the geopolitical front, Trump’s expected announcement of a new US–UK trade deal is drawing global attention—not merely for its bilateral significance but for what it symbolizes. This marks the first major trade initiative since the so-called "Liberation Day," and the deal could signal a broader move toward bilateralism, departing from the multilateral norms that have long underpinned the global trading order.

Investors are watching for structural details: Will the deal include favorable terms for US energy and agricultural exports? Could it open transatlantic supply chains for industrial inputs that benefit Canadian exporters? If the UK deal becomes a blueprint, it could indirectly benefit North American producers—particularly if it simplifies logistics and boosts demand for intermediate goods.

However, this positive potential is being tempered by escalating trade rhetoric closer to home. Tensions flared earlier this week when Canadian Prime Minister Mark Carney met with Trump in Washington. Though described as “cordial but firm,” the meeting exposed deep divisions. Trump’s offhand remark that Canada “could become the 51st state” drew a sharp rebuke from Carney: “Canada is not for sale, it won’t be for sale, ever.”

More significantly, discussions also touched on the USMCA trade pact. Trump hinted at possible retaliatory tariffs if Canada fails to fully comply with sector-specific provisions, suggesting that the US is prepared to act unilaterally. “Non-compliance will not go unanswered,” Trump declared. This hardline stance has reignited concerns about tariffs on Canadian metals, timber, and agricultural products, all of which could weigh heavily on the CAD if tensions escalate further.

Technical Analysis

From a technical perspective, USD/CAD is exhibiting strong bullish momentum. The pair recently broke out of a falling wedge pattern—a formation traditionally seen as a bullish reversal signal—and has comfortably surpassed its 50-day Exponential Moving Average (EMA50), removing a layer of downward pressure that had previously capped gains.

The current move appears to be a retest of the broken structure, and should this breakout hold, analysts see room for further upside, with potential targets extending toward the 1.4150 mark. This would represent the highest level since late 2022 and would cement the greenback’s dominance in the pair.

Intraday price action also supports this thesis. The pair’s recent consolidation around the 1.3870–1.3880 area appears to be a healthy pause rather than exhaustion. Momentum indicators like RSI and MACD are still showing room for continuation, and barring a dovish surprise from the BoC or a conciliatory tone from Trump, the path of least resistance remains to the upside.

TRADE RECOMMENDATION

BUY USDCAD

ENTRY PRICE: 1.3870

STOP LOSS: 1.3740

TAKE PROFIT: 1.4150

Risk Warnings and Disclaimers

You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.

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Warren Takunda

Traders' Opinions

Economic

Summary:

GBP/JPY surges toward 193.00 as the Bank of England delivers a cautious 25bps rate cut, surprising markets with a hawkish tilt despite easing

BUY GBPJPY

Close Time

CLOSED

192.498

Entry Price

197.400

191.000

207.256 +0.156 +0.08%

274.3

Pips

Profit

191.000

195.241

Exit Price

192.498

Entry Price

197.400

The British Pound rallied sharply against the Japanese Yen on Thursday, pushing the GBP/JPY pair close to the psychological 193.00 mark, as investors digested the latest policy decisions from the Bank of England and recalibrated expectations for Japanese monetary policy. The move came in the wake of a widely anticipated 25 basis point interest rate cut by the BoE, bringing its benchmark rate down to 4.25%, yet the market response defied conventional wisdom the Pound gained.

While rate cuts typically weigh on a currency, Sterling found support from the nuanced messaging within the central bank’s policy decision. Most notably, two members of the Monetary Policy Committee Chief Economist Huw Pill and Catherine Mann voted to keep rates steady at 4.5%, signaling internal divisions and suggesting that the BoE remains far from an aggressive easing cycle. This hawkish dissent, coupled with the Bank’s upward revision of UK GDP growth for 2025 from 0.75% to 1% served as a signal that policymakers are growing more confident in the economy’s underlying resilience.

In a nod to economic caution, however, two other MPC members Swati Dhingra and Alan Taylor voted for a steeper 50bps cut, underscoring a divergence in views on inflation risks and growth potential. The Bank opted to retain its forward guidance centered around a “gradual and careful” approach to any further monetary policy loosening, reinforcing the sense that this is not a pivot into aggressive stimulus, but rather a managed, stepwise adjustment calibrated to evolving macroeconomic signals.

For Sterling bulls, this decision created a perfect narrative storm. The presence of internal policy hawks amidst a rate cut signaled that the door to higher-for-longer interest rates remains ajar a scenario that traditionally underpins currency strength. Investors have also latched onto broader macro-political themes, including a potential trade deal announcement between the UK and the United States.

According to a report from The New York Times, US President Donald Trump is poised to unveil a new bilateral trade deal with a “highly respected country” a remark many have interpreted to mean the United Kingdom, based on Trump’s own post on Truth Social. If confirmed, such a development could provide a longer-term tailwind for Sterling, reinforcing trade ties in a post-Brexit landscape and injecting a degree of investor optimism into the UK’s economic trajectory.

Across the Pacific, the Japanese Yen extended its losing streak, weighed down by growing skepticism that the Bank of Japan will initiate further rate hikes in the near term. The central bank’s March meeting minutes, released Thursday, painted a cautious picture. While inflation has shown signs of stickiness, BoJ officials flagged significant downside risks to the domestic economy particularly those stemming from U.S.-led international policy decisions.

One member cited the “rapidly heightened” downside risks stemming from the U.S.’s evolving tariff stance, adding that these policies could have a “significant negative impact” on Japan’s real economy. With global trade tensions potentially flaring under President Trump’s leadership, the BoJ appears inclined to maintain a defensive posture rather than venture into tightening mode.

This dovish tone has further sapped appetite for the Yen, especially as rate differentials between Japan and its developed market peers remain stark. Traders increasingly view the JPY as a funding currency in the current macro environment, exacerbating its underperformance against higher-yielding counterparts like the Pound.

Technical Analysis

Technically, GBP/JPY has confirmed a bullish breakout from a well-defined falling wedge pattern on the 4 hour chart — a classic reversal structure that suggests the pair’s recent pullback has concluded and a new bullish phase may be underway.

The breakout, confirmed by a strong and impulsive candle, comes with improving volume metrics and a series of higher lows, pointing to sustained buyer interest. The 190.000 handle provided solid support during recent dips, and the breakout above wedge resistance at 192.000 turns that zone into a fresh demand area.

As of writing, GBP/JPY is consolidating near 192.100, with momentum favoring a continuation toward the next major resistance at 195.000. If bulls maintain control, an extension toward the psychologically significant 197.400 zone appears increasingly plausible, particularly as macro fundamentals align with the technical setup.

TRADE RECOMMENDATION

BUY GBPJPY

ENTRY PRICE: 192.50

STOP LOSS: 191.00

TAKE PROFIT: 197.40

Risk Warnings and Disclaimers

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Warren Takunda

Economic

Summary:

USD/CHF advances above 0.8250 as the U.S. Dollar strengthens on the back of the Fed's steady policy stance and renewed trade developments with the UK, while dovish signals from the Swiss National Bank weigh on the Franc.

BUY USDCHF

Close Time

CLOSED

0.82601

Entry Price

0.83317

0.82000

0.80560 +0.00105 +0.13%

71.6

Pips

Profit

0.82000

0.83317

Exit Price

0.82601

Entry Price

0.83317

The USD/CHF pair extended its upward trajectory during the European session on Thursday, rising convincingly above the 0.8250 level. The move comes as the U.S. Dollar capitalized on a wave of macroeconomic clarity and hawkish undertones from the Federal Reserve, while the Swiss Franc came under pressure following dovish rhetoric from Swiss policymakers. Investors also reacted positively to the announcement of a forthcoming trade deal between the United States and the United Kingdom, a development seen as supportive for the Greenback’s momentum in the near term.

The rally in the USD was underscored by comments from Fed Chair Jerome Powell, who reiterated the central bank’s cautious stance at the conclusion of its latest policy meeting. For the third consecutive time, the Federal Open Market Committee left interest rates unchanged, maintaining the benchmark federal funds rate in the range of 4.25% to 4.50%. The decision came amid elevated uncertainty regarding the broader economic outlook and the potential impacts of recent U.S. fiscal and regulatory measures.

“My gut tells me that uncertainty is extremely elevated,” Powell stated in his post-meeting remarks, reinforcing the Fed’s desire to wait for clearer economic signals before moving on rates. He also warned that risks to both inflation and the labor market now appear skewed to the upside, suggesting that policymakers are not ruling out additional tightening should price pressures persist. These comments were received by markets as subtly hawkish, breathing fresh life into the U.S. Dollar, with the Dollar Index (DXY) rallying to near 100.20.

Supporting the Greenback further was a fresh dose of geopolitical optimism. President Donald Trump confirmed that the White House had finalized a new bilateral trade agreement with a major ally, later identified by The New York Times as the United Kingdom. The deal is being interpreted as a strategic pivot to bolster transatlantic trade in the post-Brexit era and reduce global trade friction. While full details of the agreement remain under wraps, the announcement itself served to bolster investor confidence and reinforce the notion that the U.S. is pursuing proactive measures to stabilize its external economic relationships.

However, not all developments were straightforwardly bullish. Investors are bracing for potential volatility heading into the weekend, as U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are set to hold crucial talks with their Chinese counterparts in Switzerland. The meeting, scheduled for Saturday, will focus on efforts to de-escalate ongoing trade tensions between the world’s two largest economies. Any outcome, whether conciliatory or confrontational, could reshape sentiment heading into next week and determine whether the U.S. Dollar continues to advance or faces a corrective pullback.

Meanwhile, across the Swiss border, the Franc has struggled to keep pace. The Swiss National Bank has adopted an increasingly dovish tone, which has weighed on the local currency. Speaking on Tuesday, SNB Chairman Martin Schlegel signaled a willingness to revisit negative interest rates should inflation fall below acceptable levels. “No one likes negative rates, but if we have to, we are prepared to do it again,” Schlegel remarked candidly. The comment underscores the SNB’s longstanding commitment to price stability, even at the cost of returning to ultra-loose monetary policy.

The Franc’s underperformance reflects the growing divergence between the SNB and the Federal Reserve. While the Fed remains on guard against inflation, the SNB appears more concerned with staving off deflationary risks. This divergence in policy outlooks has placed downward pressure on CHF and provided tailwinds for USD/CHF, which has now entered a bullish technical phase.

Technical Analysis

From a technical standpoint, the setup in USD/CHF suggests that bulls are firmly in control. Following a liquidity grab near the recent weekly low at 0.81924, the pair staged a sharp rebound, confirming an internal structure shift and triggering a trend reversal. Price action traders noted the emergence of a classic AMD (Accumulation-Manipulation-Distribution) pattern, typically a strong indication that institutional demand has re-entered the market. The pair has since rallied from a key demand zone and is now poised to challenge the next resistance level around 0.83317, which marks the previous weekly high.

TRADE RECOMMENDATION

BUY USDCHF

ENTRY PRICE: 0.8260

STOP LOSS: 0.8200

TAKE PROFIT: 0.83317

Risk Warnings and Disclaimers

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Alan

Forex

Summary:

Yesterday, the Federal Reserve kept interest rates unchanged, and Chair Powell's hawkish signals cooled market expectations for near-term rate cuts, which may bolster the U.S. dollar's strength.

BUY USDX

Close Time

CLOSED

100.000

Entry Price

103.200

98.500

98.910 -0.040 -0.04%

22.0

Pips

Loss

98.500

99.780

Exit Price

100.000

Entry Price

103.200

Fundamentals

As anticipated, the Fed maintained the federal funds rate target range at 4.25%-4.5% for the third consecutive time. The decision underscored a "wait-and-see" stance, highlighting dual risks of "rising unemployment" and "sticky inflation," with added emphasis on "heightened uncertainty in the economic outlook."

During the press conference, Powell noted that while Q1 GDP was impacted by a surge in imports due to corporate inventory stockpiling, the underlying Private Domestic Final Purchases (PDFP)—stripping out volatility—remained robust at 3%. The labor market was also "balanced or near full employment." However, the Trump administration's recent 25% auto tariffs have emerged as a critical variable. If sustained, these tariffs could trigger a chain reaction of "persistent imported inflation" and "suppressed corporate investment," potentially delaying the Fed's 2% inflation target until 2026.

Powell explicitly ruled out "preemptive rate cuts," stressing that current policy is "moderately restrictive" and requires further clarity on tariff impacts and economic data. This reflects the Fed's vigilance against stagflation risks: if tariffs push core PCE inflation above 3%, the Fed may extend its high-rate cycle; conversely, worsening data (e.g., unemployment surpassing 4.5%) could accelerate rate cuts. Notably, Powell reaffirmed the Fed's independence, dismissing Trump's rate-cut demands as "no effect at all" and declining to meet with the President—a move to reinforce market confidence in apolitical monetary policy.

In summary, the Fed's rate hold and Powell's hawkish tone have further dampened rate-cut expectations, creating tailwinds for the U.S. dollar.

Technical Analysis

Based on the daily chart, the USDX rebounded strongly after overselling near 98.00, stabilizing above the 99.00 daily support. A breakout above the four-hour resistance at 99.50, coupled with a bullish close, confirms short-term upward momentum.

Key resistance levels are 100.00 (psychological barrier) and 101.40. A sustained breach could unlock further gains.Support lies at 99.00-99.50 (daily consolidation zone and four-hour MA20). A pullback to this area may offer a secondary long entry.

Trading Recommendations

Trading direction: Buy

Entry price: 99.80

Target price: 103.20

Stop loss: 98.50

Valid Until: May 22, 2025, 23:00:00

Support: 99.50/98.94

Resistance: 101.40/102.80

Risk Warnings and Disclaimers

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Manuel

Central Bank

Economic

Summary:

A minor bullish divergence is also beginning to emerge on the RSI when compared to recent local lows, suggesting that bearish pressure may be waning and a new bullish impulse could be on the horizon.

BUY USDCAD

Close Time

CLOSED

1.38405

Entry Price

1.41750

1.36400

1.38031 -0.00116 -0.08%

89.3

Pips

Profit

1.36400

1.39298

Exit Price

1.38405

Entry Price

1.41750

The Federal Reserve opted on Wednesday to leave interest rates unchanged for a third consecutive meeting, resisting renewed pressure from President Donald Trump to ease monetary policy further. At the same time, the central bank highlighted growing economic uncertainty, which continues to cloud the outlook.

In his afternoon press conference, Fed Chair Jerome Powell adopted a cautious tone, emphasizing that the central bank would take a measured approach in the coming months. “We have no need to rush,” Powell stated, noting that policymakers would assess the potential impact of Trump’s tariffs on employment and inflation, as well as whether developments in trade negotiations with key U.S. partners reshape the broader economic picture.

“I don’t think we can predict how this will unfold,” Powell told reporters. Despite withholding any immediate policy changes, he voiced concern over the risks posed by trade tensions. “My sense is that uncertainty around the economic path is extremely elevated,” he added, underscoring the Fed’s wait-and-see approach.

The FOMC voted unanimously to hold the benchmark federal funds rate steady within a target range of 4.25% to 4.5%. This level was established at the end of 2024 following a full percentage point cut during the previous autumn. In its post-meeting statement, the Fed acknowledged that uncertainty surrounding the economic outlook “has increased further,” though officials also emphasized that the economy has continued to grow at a “solid pace,” despite some distortions in the data caused by volatile net exports in early 2025.

U.S. President Donald Trump made headlines just hours before the Fed’s decision. Speaking at a joint press conference with Canadian Prime Minister Mark Carney, Trump took a firm stance on trade, declaring that there was no need to revisit the USMCA agreement, a signature achievement of his first term.

However, Trump’s remarks extended beyond North American trade. He addressed ongoing tensions with Yemen’s Houthi rebels, who have intensified attacks on commercial shipping routes, raising broader geopolitical concerns that could indirectly affect market sentiment.

Meanwhile, the Bank of Canada’s Summary of Deliberations from its April 16 meeting revealed that policymakers debated whether to maintain the policy rate or cut it by 25 basis points. Ultimately, they chose to keep the rate at 2.75%, opting for prudence as they monitor the economic fallout from tariffs and other external developments. This cautious stance underscores the balancing act central banks now face: addressing downside risks while avoiding premature moves that could destabilize markets. Buyers Could Step In After Fed Holds the Line_1

Buyers Could Step In After Fed Holds the Line_1

Technical Analysis

USDCAD has found firm support around the 1.3782 level, which has repeatedly failed to break to the downside. The pair has been in a corrective downtrend since peaking at 1.4792 on February 3. However, this retracement has yet to produce a lower low compared to the one seen on September 24 of last year, suggesting that the broader bullish trend remains technically intact.

The former resistance now turned into support is offering early signs of a potential bullish reversal. With the Federal Reserve holding rates steady, there may be room for USDCAD to stage a fresh upward move toward the 1.4178 area, where the next significant resistance level lies.

The RSI has dipped to 29, entering oversold territory just as price approached the aforementioned support zone. Additionally, the 100- and 200-period moving averages, currently at 1.4232 and 1.4000 respectively, could serve as magnets for price action should upward momentum build. A minor bullish divergence is also beginning to emerge on the RSI when compared to recent local lows, suggesting that bearish pressure may be waning and a new bullish impulse could be on the horizon.

However, if the price breaks decisively below support and establishes a new lower low, it would invalidate the current bullish setup and potentially signal a medium- to long-term trend reversal.

Trading Recommendations

Trading direction: Buy

Entry price: 1.3838

Target price: 1.4175

Stop loss: 1.3640

Validity: May 16, 2025 15:00:00

Risk Warnings and Disclaimers

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Eva Chen

Economic

Commodity

Summary:

A positive catalyst for crude oil demand hinges on developments regarding tariffs. Bulls in the oil market still face a significant challenge in reversing the prevailing trend.

BUY WTI

EXP

EXPIRED

57.200

Entry Price

64.750

54.700

59.127 -0.682 -1.14%

Pips

EXPIRED

54.700

60.576

Exit Price

57.200

Entry Price

64.750

Fundamentals

WTI crude oil prices have been on a sustained rally over the past few trading sessions, currently trading at US$58.90, having rebounded from lows near US$56.00 per barrel in late April. The price action appears to be forming a potential double-bottom pattern and is currently testing a key resistance level near US$60.00.

The rise in WTI prices has been fueled by developments in the tariff trade negotiations. While these negotiations are likely to improve sentiment in the oil market, significant progress on tariff reductions is needed to bolster the demand outlook.

Meanwhile, the escalation of conflict between nuclear-armed states India and Pakistan, with Pakistan claiming to have shot down five Indian fighter jets, has also provided support for oil prices.

Furthermore, the unexpected production increase plan by OPEC+ at the beginning of this month triggered a short-term shock in the oil market. The unexpected aspect of this meeting was not only the exceeding of production increase expectations, but also the shift in OPEC+'s stance on supporting oil prices since 2022 and concerns about subsequent diplomatic negotiations.

We believe that this unexpected production increase is mainly related to the desire of Saudi Arabia and other leading countries to maintain the organization's discipline and the upcoming U.S.-Saudi diplomatic activities. Currently, the global crude oil supply and demand structure is gradually reversing and showing a "loose balance" state. If OPEC further increases production, it will gradually show a "supply exceeding demand" phenomenon, and the oil market may still face pressure in the future.

Overall, under the disturbance of supply and risk events, international oil prices may still be weak and volatile. If the expectation of weakening macroeconomic readings under tariff disturbances is realized, it will put further downward pressure on oil prices.

Both Fundamental and Momentum Factors Necessitate Significant Effort_1

Technical Analysis

The recent rally in WTI crude emerged following a significant decline from the April highs near US$64.00, with bulls now attempting to recoup some losses. However, the 200-day SMA remains above the 50-day SMA, suggesting that the long-term bearish bias may still be in play. The considerable gap between these indicators implies that substantial effort is required from the bulls to fully reverse the trend.

The stochastic oscillator is currently hovering near overbought territory, potentially signaling resistance to the current recovery or the need for a brief consolidation before further gains. Despite this, the stochastic has not yet presented a clear bearish divergence or a definitive downward turn, indicating that buying momentum persists for now.

Meanwhile, the Relative Strength Index has entered bullish territory above 60, with room to advance before reaching extreme overbought conditions. This suggests further upside potential if buyers maintain control.

Trading Recommendations

Trading Direction: Buy

Entry Price: 57.20

Target Price: 64.75

Stop Loss: 54.70

Valid Until: May 22, 2025 23:55:00

Support: 58.59, 57.46, 56.17

Resistance: 59.52, 60.13, 61.84

Risk Warnings and Disclaimers

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Eva Chen

Cryptocurrency

Summary:

Bitcoin's price is consolidating near the US$97,000 level. The Relative Strength Index indicates that Bitcoin's momentum is in the overbought territory. On-chain signals indicate a bullish outlook.

BUY BTC-USDT

EXP

EXPIRED

95500.0

Entry Price

101800.0

91000.0

91794.1 +2239.3 +2.50%

Pips

EXPIRED

91000.0

111348.1

Exit Price

95500.0

Entry Price

101800.0

Fundamentals

Over the past 24 hours, the cryptocurrency market capitalization has increased by 1.7%, reaching US$2.98 trillion, approaching the upper bound of a consolidation range that has persisted for nearly two weeks.

Bitcoin is currently trading near US$97,000, with a notable surge in overall network activity recently. The latest data indicates that key price levels for Bitcoin are signaling a significant spike in network activity, suggesting substantial potential for the next price movement.

Bitcoin's key price levels highlight the activity within its ecosystem. Specifically, the short-term holder cost basis for Bitcoin is hovering near US$93,460. Maintaining above this level would position Bitcoin to initially break the US$100,000 threshold. Conversely, a breach below this level could trigger a price correction towards US$72,420. This metric is crucial as it reflects the average acquisition price of Bitcoin's short-term holders.

Based on key metrics, the Bitcoin network is exhibiting robust growth. Furthermore, network activity has reached a peak over the past six months. Therefore, the number of active Bitcoin addresses has reached 925,914 in the last 24 hours.

Overall, if Bitcoin's price sustains above its short-term holder cost basis, it could catalyze further upside, with a potential target in the US$100,000 range. Conversely, failure to do so could trigger a price correction towards US$72,420.

On-chain Signals Indicate a Bullish Outlook_1

Technical Analysis

The current Bitcoin price action, with its key resistance and support levels, suggests a potentially bullish outlook. The asset is currently consolidating within a narrow range. Specifically, the US$96,160 level is providing significant support, while bulls are encountering substantial resistance at US$98,290.

A break of US$98,290 could pave the way for a significant price move. This could see Bitcoin retesting the US$100,000 level, followed by a potential pullback. The Relative Strength Index (RSI) indicates that bullish momentum is in the overbought territory, which may signal a period of consolidation before further upside.