By Frank Martin (MoneyAmped.com)
On January 27th, Bitcoin plunged below the $98,000 support but has since jumped above $100,000. The price drop was fueled by the rapid growth of the Chinese artificial intelligence (AI) project DeepSeek, which many feared would make China the leader in the AI industry.
While crypto isn’t directly related to AI, the fear among investors led to liquidations worth $863 million on Monday.
Although BTC is back above $100k, BitMEX founder Arthur Hayes has advised his followers on X to thread carefully, claiming that there could be a sharp price correction before a rally to his predicted price of $250,000.
As Bitcoin struggles to surpass its all-time high ($109,102), the largest institutional holder of the coin, MicroStrategy, continues to acquire more. The company reported on Tuesday that it had bought 10,107 BTC on January 26th.
So, have the bulls defeated the bears now that Bitcoin is trading above $100,000? If so, which resistance levels are they planning to push the coin? Let’s look at the charts to find out.
Bitcoin Price Analysis
BTC’s current price ($104,972) means that the bears have failed to defend the 20-day Exponential Moving Average of $101,873. However, the bulls seem to be struggling to push the coin above the $$106,000 resistance, suggesting the bears are present near that level. But if buying pressure intensifies, causing $106,000 to give way, a journey to $109,102 and later to $112,900 could start.
On the other hand, Bitcoin may plummet to $95,200 and then to $90,149 if the bears tug it below the 50-day Simple Moving Average of $99,173.
Ethereum Price Analysis
A daily candlestick dropped below the support line of an ascending triangle channel on January 27th but failed to close below it, indicating aggressive buying at lower levels. Ethereum’s current value ($3,274) means the token is still near the support line. The bulls must push the second-largest cryptocurrency by market valuation above the 20-day Exponential Moving Average of $3,177 to minimize selling pressure.
As such, ETH could rally to the 50-day Simple Moving Average of $3,441 and subsequently to $3,752. Conversely, a solid drop below the support line could validate the bearish setup, triggering a donwtrend to $2,863.17 or even $2,417.
XRP Price Analysis
Increased profit-booking caused XRP to drop below the $2.925 breakout level on January 27th, but the bulls have pushed the token to $3.152 at press time. The latest rally comes as investors become more optimistic about spot ETFs receiving approval from the United States Securities and Exchange Commission in February. Analysts predict a rally to $10 once the long-awaited ETFs enter the market.
Meanwhile, continued buying could propel XRP to $3.389, its all-time high, in the short term. Alternatively, the bears may sink the token to the 50-day Simple Moving Average of $2.537 if selling pressure causes the 20-day Exponential Moving Average of $2.895 to collapse.
Solana Price Analysis
Solana has posted the most gains in the past 24 hours among the top ten, raising 6.8% to $243.14 as of this writing. If the bulls keep applying pressure, SOL could improve its chances of crossing $250 and heading toward the $264.93 resistance. Better yet, the token could rally to $294.17, the new all-time high.
However, the bears will likely stop the party if they drag Solana below the 20-day Exponential Moving Average of $231.86. In such a scenario, the 50-day Simple Moving Average of $213.71 could be the next stop for SOL.
Chainlink Price Analysis
LINK’s continued failure to cross the $27.16 resistance suggests that higher prices are attracting profit booking in the short term. The good news is the bulls have protected the 20-day Exponential Moving Average of $23.65 this week, signaling their intentions to push Chainlink to higher heights.
If a concrete rally starts now, $27.16 could collapse, allowing LINK to jump to $31.18. Conversely, pulling the token below $23.65 could enhance the probability of a move to $20.05.
