Bitcoin (BTC) extends its recovery on January 13, with the bulls challenging the crucial overhead resistance at $100,000. Risk assets received a boost following the latest Consumer Price Index report, which was lower than economists’ expectations.
ARK Invest stated in “The Bitcoin Monthly” report that Bitcoin’s monthly volatility in December was relatively low compared to its yearly volatility, indicating that Bitcoin has not yet reached the mania phase. This suggests a further upside in 2025.
Another bullish projection came from CryptoQuant, which mentioned in its latest weekly report that “favorable regulatory, monetary, and cyclical conditions” could continue to drive capital into Bitcoin, pushing its price to at least $145,000 in 2025.
Fundstrat Capital’s chief investment officer Tom Lee expressed in a CNBC interview on January 13 that investors will not lose money buying near $90,000. He also mentioned that Bitcoin is poised to be “one of the best-performing assets of the year.” However, Lee did not rule out the possibility of Bitcoin dropping to $70,000 or even to the $50,000 range.
Could Bitcoin surge above $100,000, pulling select altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
**Bitcoin Price Analysis**
Bitcoin bounced sharply from the $90,000 support on January 13, indicating that traders are buying the dips.
The BTC/USDT pair has reached the downtrend line, which is expected to pose a substantial challenge. If the price turns down from the downtrend line, the bears will again attempt to sink the pair to $90,000. Conversely, if the price breaks above the downtrend line, it will signal an advantage to buyers. The pair could rise to $102,724 and subsequently to $108,353. A break above this resistance could propel the pair to $126,706.
**Ether Price Analysis**
The failure of bears to sustain Ether (ETH) below the neckline of the head-and-shoulders pattern suggests that the breakdown on January 13 may have been a bear trap.
The ETH/USDT pair initiated a relief rally, reaching the 20-day exponential moving average ($3,374). If buyers drive the price above the 20-day EMA, the next stop is likely to be the 50-day simple moving average ($3,566) and later $3,745. Time is running out for the bears. If they aim to make a comeback, they will have to pull the price back below the neckline. If successful, the pair could plunge to $2,850. Buyers are anticipated to defend the $2,850 level vigorously.
**XRP Price Analysis**
XRP (XRP) successfully held the retest of the breakout level from the triangle on January 13, indicating that bulls remain in control.
The upward movement continued and surpassed the overhead resistance of $2.91. Maintaining a price above $2.91 will signal the start of the next leg of the uptrend for the XRP/USDT pair towards the target objective of $4.84. Failure to sustain above $2.91 would indicate bear activity at higher levels, potentially leading short-term buyers to book profits, pulling the pair to the 20-day EMA ($2.44).
**BNB Price Analysis**
BNB (BNB) rebounded from the uptrend line on January 13, indicating strong defense from the bulls.
The 20-day EMA ($698) is flattening out, and the relative strength index (RSI) is near the midpoint, indicating a balance between supply and demand. Sustaining a price above the moving averages increases the likelihood of a rally to $745. Failure to maintain above the moving averages suggests selling on rallies, potentially leading to a fall to the uptrend line. Breaking and closing below the uptrend line could pave the way for a drop to $635.
**Solana Price Analysis**
Solana (SOL) fell below the uptrend line on January 13 but showed solid buying at lower levels.
The SOL/USDT pair has risen to the 20-day EMA ($196), a crucial level to watch. If the price turns down from the 20-day EMA with strength, it indicates bear control, possibly leading to a retest of support at $170. Conversely, a rise above the 20-day EMA suggests bears booking profits, potentially driving the pair to the 50-day SMA ($209). Breaking and closing above this resistance could propel the pair to $223.
**Dogecoin Price Analysis**
Buyers successfully held the $0.30 level in Dogecoin (DOGE), indicating demand at lower levels.
The bulls pushed the price above the 20-day EMA ($0.35) on January 14, suggesting the DOGE/USDT pair may trade within the $0.30 to $0.40 range for a few more days. A rise above $0.40 could lead to a surge toward $0.48. Conversely, a turn down from the current level and a break below the 20-day EMA would suggest bear activity, potentially leading to a drop to $0.23 upon closing below $0.30.
**Cardano Price Analysis**
Cardano (ADA) dipped below the uptrend line on January 13 but saw a recovery above the 50-day SMA ($1.01).
Both moving averages have flattened out, and the RSI is just above the midpoint, indicating the pair may reach the resistance line. Buyers gaining the upper hand on a break and close above the triangle could elevate the pair to $1.33. Conversely, a sharp turn down from the resistance line suggests the pair may consolidate within the triangle for a while.
**Avalanche Price Analysis**
Avalanche (AVAX) dropped below strong support at $35 on January 13 but found support near $32.31.
The recovery rose above the 20-day EMA ($38.70), signaling weakening bear control. The AVAX/USDT pair could rally to $45, a notable resistance level. Sellers would need to pull the price below the 20-day EMA quickly to retain the advantage. Otherwise, a retest of the critical support zone between $35 and $32.31 may occur, potentially leading to a drop to $30 and then $27.
**Stellar Price Analysis**
Stellar (XLM) formed an inverted H&S pattern, set to complete on a break and close above the neckline.
In such a scenario, the XLM/USDT pair might rally toward overhead resistance at $0.64. Bears are expected to defend aggressively, but a successful rally could drive the pair towards $0.86. Failure to break above the neckline would signal bear defense, potentially leading to a drop to $0.37, suggesting consolidation in the near term.
**Sui Price Analysis**
Sui (SUI) bounced off the 50-day SMA ($4.35) on January 15, with bulls aiming to maintain the price above the 20-day EMA ($4.70).
Success in doing so would indicate positive sentiment and buying at lower levels, improving the likelihood of a rally to the overhead resistance at $5.37. Breaking below the 50-day SMA in the near term would signal a deeper correction to $3.94 and later to $3.50.
This article does not provide investment advice or recommendations. All investment and trading decisions involve risk, and readers should conduct their own research before making any decisions.