Bitcoin’s recent price movement above $85,000 suggests bullish potential but remains influenced by macroeconomic news. Gold outperformed Bitcoin in net inflows, raising questions on the cryptocurrency’s future performance. Price analyses of BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LEO, LINK, and AVAX indicate key support and resistance levels essential for predicting potential future rallies or downturns.
Bitcoin (BTC) has surpassed $85,000, indicating a potential higher low at $83,000. However, its price movement remains vulnerable to external factors, such as US tariffs and trade dynamics with China. In the macroeconomic landscape, gold has significantly outperformed, drawing $80 billion in net inflows, compared to Bitcoin’s only $165 million during the same period, according to CoinShares and Bank of America data.
Despite the gold rally, some investors remain optimistic about Bitcoin, citing a theory that Bitcoin will eventually outperform gold with a delay. A crypto trader anticipates that Bitcoin could reach $137,000 by mid-2025. As the market awaits confirmation of bullish momentum, the analysis of key cryptocurrencies will offer insights into potential short-term movements.
In recent trades, Bitcoin struggled to break the 200-day moving average of $87,660. However, remaining above the 20-day exponential moving average (EMA) of $83,289 is a positive sign, indicating that sellers may be losing power. A successful breach of the 200-day SMA could propel BTC towards $95,000 and, potentially, the crucial psychological mark of $100,000.
Conversely, a decline below the 20-day EMA could lead to further downturns, with targets set at $78,500 and $73,777. In Ether (ETH) analysis, sellers defended the 20-day EMA ($1,697) as major support rests at $1,471. If this support breaks, ETH may decline to $1,368 and potentially to $1,150, while a breakthrough above $1,754 could signify a recovery, targeting $2,111.
XRP recently dipped below the 20-day EMA ($2.10), nearing critical support at $2. This suggests a potential for range-bound trading within $2 and the 50-day SMA at $2.23. A rise above the 50-day SMA would indicate bullish momentum, whereas a fall below $2 could drag XRP down to $1.61.
For BNB, the cryptocurrency is navigating within a triangle pattern. The presence of support at $566 and $550 could result in a bullish rebound towards $644 if the downtrend line is breached. However, pushing below $550 could prompt a retest of key support levels.
In Solana (SOL), sellers are attempting to push below the $120 support, with attempts to hold the $110 range. A rebound here could lead to targeting resistance at $153. Meanwhile, Dogecoin (DOGE) is hovering near support at $0.14, where buyers may emerge. A turn from this level could break the 50-day SMA at $0.17, while a drop below $0.14 may indicate a continuation of the downtrend towards $0.10.
For Cardano (ADA), selling pressure is seen near the 20-day EMA ($0.64), with critical support at $0.58. A successful defence here is essential to maintaining price stability; otherwise, further declines towards $0.40 are possible. On the upside, establishing above $0.70 may result in a rally towards $0.83.
UNUS SED LEO (LEO) remains above the 20-day EMA ($9.39), with a target of overcoming minor resistance at the 50-day SMA ($9.58) and the critical resistance of $9.90, which could initiate an upward trajectory towards $12.04. Conversely, falling below $9.24 could lead to declines to $8.79.
Chainlink (LINK) has faced hurdles above the 20-day EMA ($12.81) while holding support at $11.68. A breach of this level could lead to significant downtrends. Buyers must push past moving averages to potentially reach resistance targets of $16. In Avalanche (AVAX), failure to breach the downtrend has led to an attempt to delve below the 20-day EMA ($18.98). A drop below this could push the price to $15.27, risking further declines to $14 and $12 unless buyers regain momentum, targeting a recovery to $23.50 and possibly forming a double-bottom pattern at $31.73.
