Bitcoin has been under significant selling pressure over the past seven days, with its price dropping below $80,000 for the first time since last April, when US President Donald Trump announced tariffs on several countries.
The latest downtrend has led to over $2 billion in liquidations, according to data from CoinGlass. It has also caused many analysts, including Swyftx’s Pav Hundai, to turn bearish. On his X account, he claimed that Bitcoin may bottom out at the $74,500 support level within the next 40 days and then rally toward its all-time high of 126,300.
For now, let’s explore the charts to determine potential price movements for Bitcoin and altcoins in the coming few days.
Bitcoin Price Analysis
Bitcoin sellers blocked buyers’ attempts to push the coin above $90,000 at the 20-day Exponential Moving Average of $89,160 on Thursday. What followed was a drop below the crucial support at $84,000, with sellers managing to pull BTC to $78,672 as of this writing.
Considering the $80,000 support has already collapsed, bears have gained a massive advantage, which they may use to trigger a decline toward $74,000. On the other hand, pushing and sustaining Bitcoin over $80k allows the bulls to ignite a recovery rally to $89,160 and later to the $94,700 resistance level.
Ethereum Price Analysis
Ethereum slid below the 20-day Exponential Moving Average of $2,998 on January 29th. It has since fallen to $2,391, suggesting that bears are in complete control. If selling pressure grows, Ether could drop sharply toward the $2,110 support level, where buyers are expected to step in to prevent a further crash.
To avoid a price drop to $2,110, buyers need to act now. If they thrust Ethereum above $2,500, the prospects of a recovery rally toward the 50-day Simple Moving Average of $3,041 would be boosted.
BNB Price Analysis
BNB buyers have failed to defend the $800 psychological level, allowing sellers to drag the Binance-affiliated token to $771 at press time. The current price also means that the crucial support at $785 has failed to hold, putting BNB at risk of plunging to $735 or even to $700.
If buyers wish to invalidate this bearish setup, they must push the cryptoasset’s price above the 50-day Simple Moving Average of $883. In that case, a recovery rally to $959 could materialize.
XRP Price Analysis
Increased selling near the 20-day Exponential Moving Average of $1.931 triggered a downtrend below the $1.773 support level a few days ago, with sellers pulling XRP to $1.648 at the time of publishing. Analysts anticipate a further dip to $1.61, a level that buyers must protect to block sellers from dragging the coin’s price to the $1.40 support.
On the bullish side, a rebound from $1.61 could result in a sharp rise toward the 50-day Simple Moving Average of $1.967, where sellers may become active again.
Solana Price Analysis
Solana has flipped bearish in the short term after its price dropped below the $117 – $147 trading range. With sellers seemingly in charge, a dip below $95 could happen. As such, SOL is likely to retest the $79 support level.
However, if a move above $117 occurs in the next few days, it would indicate that the current price action is a bear trap. In that case, Solana could rise toward $147.
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