Bitcoin, the leading cryptocurrency, is currently seeing a moderate resurgence as its price hovers around $96,934. This follows a brief decline, marking a consolidation near crucial support levels. This scenario has led to a cautiously optimistic market sentiment, with the question of whether Bitcoin can surpass the $100,000 mark remaining unanswered. The recent price movement suggests that a retest of the $98,000 resistance level could be imminent, with the 50-day EMA currently trading at $98,665.
Should this level be successfully broken, a bullish push targeting the psychologically significant resistance at $100,000 could be initiated. Conversely, if the $98,000 mark isn’t recovered, Bitcoin might revert to $93,300, the point at which the 200-day EMA is offering robust support. The general trend remains bullish, given Bitcoin’s ability to stay above $90,000, but momentum appears to be slowing.
The RSI indicator suggests that Bitcoin may move sideways before a clear breakout occurs, as it is neither in overbought nor oversold territory. If Bitcoin retains support above $95,000 and trading volume increases, a push towards $100,000 is highly likely. However, if the price falls below $93,000, the bullish setup could be nullified, exposing Bitcoin to further downside risks towards $85,000. Despite the overall market trend staying positive, Bitcoin needs to convincingly reclaim $98,000 before endeavoring to reach $100,000.
Meanwhile, XRP, following a rise from the critical support level of $2.18, is showing a moderate recovery, trading around $2.45. However, on-chain data analysis raises questions about the sustainability of this recovery. XRP needs to break out above the significant resistance level of $2.69, with the 50-day EMA currently serving as short-term support, to indicate stronger momentum. If it fails, XRP could descend towards $1.65, the next significant support level indicated by the 200-day EMA.
A significant concern for XRP is the decreasing network activity, with executed transactions dropping substantially to a mere 693,898 on Feb. 9, 2025. This decline suggests waning investor interest, casting doubt on the recent price rebound. For a positive rally, strong on-chain activity is typically required, but the dwindling transaction volume indicates that XRP may lack the support necessary for long-term survival.
Shiba Inu is navigating through treacherous waters as it faces the possibility of a death cross, a typically bearish signal when the 50 EMA falls below the 200 EMA. While technical indicators aren’t strong enough yet, SHIB is trying to recover from its recent low of $0.00001616. SHIB could continue to face bearish pressures if it fails to rise above $0.00001850. A rise above the 200 EMA, currently at $0.00002042, is critical to avert the likelihood of a death cross.
This situation is crucial for SHIB, with previous instances of this pattern leading to prolonged declines for many assets. A strong recovery and break above the 50 EMA could swing the momentum back in the bulls’ favor. A rise above $0.00001850 could signify a potential trend reversal, while a fall below $0.00001500 could confirm further downside. Investors should also monitor trading volume, as low volume could indicate insufficient buying support for a genuine recovery.
