Bitcoin (BTC) Bulls Maintain Pressure, Possible Test of $100,000 Resistance
The Bitcoin (BTC) bulls are maintaining the pressure on the market, with some analysts predicting that they will test the stiff overhead resistance at $100,000 soon. Despite the strong recovery, the relief rally on January 2 was greeted by profit booking from United States spot Bitcoin exchange-traded fund investors. According to Farside Investors data, these ETFs witnessed $242.3 million in outflows.
Market Analysis
The market is expected to face stiff resistance at the $100,000 level, but if the bulls can overcome this hurdle, they could rally to even higher levels. On the other hand, if the bears succeed in pulling the price below $90,000, it could trigger a deeper correction.
Cryptocurrency Price Analysis
Here’s an analysis of some popular cryptocurrencies:
1. Bitcoin (BTC)
- The BTC/USD pair is expected to face stiff resistance at the $100,000 level.
- If the bulls can overcome this hurdle, they could rally to even higher levels.
- On the other hand, if the bears succeed in pulling the price below $90,000, it could trigger a deeper correction.
2. Dogecoin (DOGE)
- The DOGE/USD pair is expected to face stiff resistance at the 50-day SMA ($0.38).
- If bulls push the price above this level, they could rally to $0.42.
- Sellers are expected to mount a strong defense at $0.42.
3. Cardano (ADA)
- The ADA/USD pair turned up sharply on January 1 and pushed the price above the neckline of the head-and-shoulders pattern on January 3.
- Sellers are expected to defend the zone between $1.20 and $1.33.
4. Chainlink (LINK)
- The LINK/USD pair bounced off the neckline of the H&S pattern, indicating that the bulls are fiercely defending the level.
- If the bulls prevail, the LINK/USD pair could rise to $26.
Conclusion
The market is expected to be volatile in the coming days. Investors and traders should conduct their own research and make informed decisions based on their analysis of the market.
1. Investment Advice
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
2. Market Volatility
The market is expected to be volatile in the coming days, with some analysts predicting that the price could drop below $90,000 if the bears succeed in pulling the price below this level.
Disclaimer
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
