Bitcoin, Ethereum, XRP Rebound… Driven by Hopes for US-Iran Peace Talks

▲ Bitcoin (BTC), Ethereum (ETH), XRP / ChatGPT generated image ©

Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple) are continuing their synchronized rebound amidst expectations of peace talks between the US and Iran. As the surge in international oil prices calms down and investor sentiment slightly improves, buying pressure is flowing back into the overall cryptocurrency market.

According to investment media FXStreet on May 21 (local time), Bitcoin is trading above the $78,000 mark, continuing its rebound from the $76,000 support level. Ethereum is trading around $2,136, and XRP around $1.38, with major altcoins also showing a moderate recovery. The media assessed that while the overall market sentiment remains cautious, investor sentiment has improved compared to the previous day.

The key factor that shifted market sentiment was the anticipation of peace talks between the United States and Iran. US President Donald Trump stated that negotiations were “nearing the final stage,” and Iran also left open the possibility of a diplomatic resolution. However, the Iranian Revolutionary Guard Corps simultaneously maintained tension by warning that “regional war would expand further” if additional attacks occurred. International oil prices, after recently surpassing $104 per barrel, have now settled around $97.

An improving trend in investor sentiment was also observed. The Crypto Fear & Greed Index rose from 27 to 29 the previous day but still remains in the 'Fear' zone. The media explained that, generally, an increase in this index signifies a potential recovery in investor sentiment and is interpreted as a signal that the short-term rebound is likely to continue.

Technically, Bitcoin is forming a short-term rebound structure by staying above its 50-day and 100-day Exponential Moving Averages (EMA) at $76,820 and $76,904, respectively. However, it remains below the 200-day EMA of $81,671, indicating that a further breakout is needed for a full bullish reversal. The Relative Strength Index (RSI) is at 49, which is in the neutral zone, and the Moving Average Convergence Divergence (MACD) is still in negative territory. Ethereum is also trading below its 50, 100, and 200-day EMAs, continuing its bearish trend, and XRP remains below the $1.40 resistance level and key EMA zones, suggesting that while a short-term rebound is possible, signals for a trend reversal are still limited.

The media analyzed that if Bitcoin successfully breaks the $81,670 resistance, the possibility of retesting all-time high levels could open up again. Conversely, in case of a decline, the EMA support level around $77,000 and the ascending trendline at $69,992 were presented as key defense lines. For XRP, $1.40 and $1.48, and for Ethereum, the $2,244 and $2,314 ranges were mentioned as major resistance levels.

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