BTC has struggled to cross the $108,372 vital resistance in the past few days as the short-term view turned bearish following Donald Trump’s failure to sign an executive order for the establishment of a crypto reserve.
On January 24th, lead analyst at Glassnode, James Check, said that the current rally resembles that of 2016 – 2027. He then predicted Bitcoin would peak at $150,000 this year. While he didn’t rule out a break above that price, he claimed there was a ‘very low probability’ that BTC would stay at higher levels.
BlackRock boss Larry Fink, on the other hand, is super bullish on Bitcoin. While speaking at the World Economic Forum in Davos, he urged US-based asset management firms to consider allocating at least 5% of their funds to BTC as it was likely to do well under Trump’s administration. He added that such a move could propel the coin to $700,000.
Will continued selling pressure pull Bitcoin below $100k? If so, what support levels should investors and traders watch closely? Let’s find out by studying the price charts.
Bitcoin Price Analysis
Bitcoin dropped below the 20-day Exponential Moving Average of $100,854 on January 27th. As of this writing, the coin is valued at $100,108. Further selling pressure could trigger a plunge below $100,000, resulting in a move to the 50-day Simple Moving Average of $98,853.
If $98,853 cracks, BTC could begin the journey to the $90,278, where we expect the buyers to come in and apply pressure to prevent a dip to $85,540. On the bullish side, a solid move above $100,854 would turn sentiment around Bitcoin positive. As such, increased buying could propel the asset to $108,372 and then to $113,100.
Ethereum Price Analysis
ETH is on the verge of ending January with a 7% loss after dropping from $3,482 earlier this month to $3,187 at press time, according to data from CoinGecko. However, crypto researchers expect the coin to rally significantly in February and March, arguing that the two months have been good for Ethereum in the past six years.
If history repeats itself, ETH could rise above the 50-day Simple Moving Average of $3,516 and then head toward $3,746, where selling activity is anticipated. However, this view will be invalidated if the bears drag Ethereum below $3,000.85. As such, the risk of a downtrend to $2,848.44 will increase.
XRP Price Analysis
Based on XRP’s current price action, the buzz around spot ETFs is fading. The token has dipped below $3, settling at $2.85 at the time of writing. That also means the support at the 20-day Exponential Moving Average of $2.88 has crumbled, enhancing the probability of a move to the 50-day Simple Moving Average of $2.49 and later to $2.22.
To regain dominance, the buyers must push XRP above the $2.93 breakout level. If that happens, we may see the beginning of the next leg of the rally, with the buyers targeting $4 and subsequently $4.60.
Solana Price Analysis
SOL has been under intense selling pressure since setting a new all-time high ($2.94) last week following the launch of the Official Trump meme coin. The token has plummeted below the 20-day Exponential Moving Average of $229, reaching $227.31 at press time.
If selling continues, Solana will likely touch the 50-day Simple Moving Average of $210.58 and even drop to $200.16, where bulls could be camping. From a positive point of view, SOL’s chances of hitting $370 will be boosted if the buyers push and keep the coin above $294.
Stellar Price Analysis
After defending the 50-day Simple Moving Average of $0.421 but failing to trigger a strong recovery rally in the past few days, the bulls have finally allowed the bears to pull Stellar to $0.382. This move signals the comeback of the bears, who may try to push XLM to the $0.317 support. Conversely, a sharp rise to $0.640 is likely if the buyers overcome resistance at $0.469.
