Bitcoin bulls have struggled to maintain the coin above $95,000 in the past 24 hours following last month’s Consumer Price Index (CPI) report that indicated rising inflation. The report showed that inflation was 0.2% higher than economists’ estimate of 0.3%, dimming hopes of an interest rate cut by the Fed.
As Bitcoin struggles to set new all-time highs, gold, on the other hand, has been rallying, peaking at $2,942 on Wednesday. Capriole Investments CEO Charles Edwards is optimistic that BTC will mirror gold’s latest performance within the next three months and could break above $109,565 to enter new territory.
Further, ARK Invest boss Cathie Wood has expressed optimism about a Bitcoin rally to $1.5 million by December 2030 due to increased interest from institutional investors. She, however, says BTC’s short-term performance will depend on Donald Trump’s crypto regulatory plans.
So, where will Bitcoin find support if the bears pull it below $90,000? And if a rally above $100,000 happens, which barriers should traders keep an eye on? Let’s study the price charts to get a clear picture.
Bitcoin Price Analysis
BTC hit $94,762 on Wednesday, then ascended to $97,623 on Thursday morning, but has since plunged to $95,082. The current price action suggests that traders are uncertain of macroeconomic developments. However, if unfavorable news comes out and the bears succeed in dragging and keeping Bitcoin below $90k, we may see a directional move, with the coin expected to head toward $73,777.
Also read:This bearish view will become invalid if the 20-day Exponential Moving Average of $98,428, which has been acting as a tough resistance, crumbles and allows BTC to cross $100k. As such, the bulls could propel the digital asset to $102,548 and later to $106,150. Moreover, a move above $106,150 could enable Bitcoin to record a new all-time high.
Ethereum Price Analysis
ETH has once again failed to cross the $2,847 breakout level, indicating significant profit booking at higher prices. The good news is a higher low has been formed near $2,505, signaling that bullish momentum could pick up soon. If the bulls exert pressure now, pushing Ethereum above $2,800, $2,847 could collapse, allowing a massive rally to the 50-day Simple Moving Average of $3,182, where short-term traders are likely to start taking profits.
Meanwhile, if $2,505 breaks, we would assume that sentiment around Ether has turned negative and that the bears are selling on minor rallies. In that case, a move to $2,360 and then to $2,290 could occur.
XRP Price Analysis
XRP seems to have exhausted all catalysts based on its latest performance, in which recovery rallies have met massive resistance. Still, it continues trading above a key support level ($2.271). If the buyers push XRP above the $2.539 resistance, it could signal weakening selling pressure. As such, the 50-day Simple Moving Average of $2.636 might give way, triggering a surge to $2.909 and subsequently to $3.391.
Conversely, if XRP buyers let $2.271 collapse, then the sellers would be happy to drag the token to $2.118 and then to $1.925, where the buyers must step in to avoid a dip to $1.50.
Solana Price Analysis
Short-term traders have been booking profit near the 20-day Exponential Moving Average of $207.80, thus blocking Solana from experiencing a solid rally. Intense selling pressure has caused the digital currency to drop to $190.53 at press time. If the buyers fail to act now, SOL could head toward the $187.42 support or to $174.96.
From a bullish perspective, Solana could climb to $220.51 and then move to $260.05 if the buyers fuel a recovery rally and maintain momentum above the 50-day Simple Moving Average of $211.84.
Sui Price Analysis
While Sui bulls managed to prevent $2.854 from collapsing earlier this week, they have struggled to defeat the bears at $3.549, the 20-day Exponential Moving Average. But if they do, a journey to $4.00 will start. On the other hand, a dip to $2.40 looks likely if $2.854 gives way.
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