Price Analysis January 9th, 2025 – BTC, DOGE, XRP, BNB, SOL, and ETH
On Wednesday, Bitcoin plummeted below $95,000 after the Federal Reserve stated that it would be challenging to tame inflation under Donald Trump’s administration. A slight advantage for the bulls is that Bitcoin spot ETFs processed over $52 million worth of inflows that day, signaling that investor sentiment around digital assets remained positive.
Meanwhile, BitMex founder Arthur Hayes anticipates investors will pour more than $600 billion into the crypto markets during the first quarter. According to him, the new liquidity will counterbalance potential delays in establishing the promised pro-crypto policies.
While most analysts are focusing on Bitcoin this year, several others are becoming bullish on Ethereum. Earlier this week, Head of Research at Derive, Sean Dawson, said the upcoming Ethereum Pectra upgrade and a regulatory-friendly environment in the United States could help ETH rally to $12,000 by December 2025.
So, which critical levels do we need to monitor if the prices of Bitcoin and other top currencies continue falling? Let’s analyze the charts to find out.
Bitcoin Price Analysis
Increased profit-booking above $100,000 triggered a downtrend on January 7th. As mentioned, selling continued the following day after the Fed released its statement, with Bitcoin dropping to $94,438.
The Relative Strength Index (41.23) suggests that the bulls are losing their ground. If they fail to act now, BTC could fall to $90,037 and later to the $85,138 support, where buying activity may intensify.
If the bulls want to become dominant again, they must push Bitcoin above the 20-day Exponential Moving Average of $97,128. As such, the coin could rally above the 50-day Simple Moving Average of $97,792, reaching $100,207 in the process.
Ethereum Price Analysis
ETH reversed and crossed below the $3,553.82 breakout level on January 7th. It then fell below the uptrend line on Wednesday, suggesting that the recent rally was likely a bull trap. If the second-biggest coin by market valuation keeps going down, we expect it to find solid support at $3,001.37. But if that level cracks, Ethereum could witness a price correction to $2,851.15.
On the upside, if the bulls trigger a recovery rally now and push ETH above the 50-day Simple Moving Average of $3,568, a surge to the $3,742 resistance and then to $4,090.31 could occur.
XRP Price Analysis
XRP has defied the marketwide downtrend, rising by 2.1% in the past 24 hours. If the buyers sustain it above the 20-day Exponential Moving Average of $2.27, they will boost the odds of a move to $2.72 and subsequently to $2.90. On the other hand, a plunge below $2.27 could lead to a downtrend toward the 50-day Simple Moving Average of $2.15. Even worse, XRP may descend to the $1.92 support if selling intensifies.
BNB Price Analysis
The bears have dragged BNB below the 20-day Exponential Moving Average of $701.94 as of this writing. They will now try to pull the token to the 50-day Simple Moving Average of $687.28 and later to $632.83. However, if a solid move above $701.94 happens, we could see the Binance Coin growing to $793 after crossing a minor barrier at $744.
Solana Price Analysis
Prices above the 50-day Simple Moving Average of $216.82 have been challenging for buyers to maintain since the start of January. Increased selling activity has forced Solana to drop below $200, reaching $194.33 at press time. Further profit-booking could put the coin at risk of descending to $174.83 or even to $165.22. On the contrary, SOL could rally to $223 if the bulls overcome resistance at $204.52 and $216.82.
Dogecoin Price Analysis
Although onchain lookers have reported increased Dogecoin accumulation in the past few days, the meme coin has yet to post a significant rally. It is down 2.4% to $0.3369 in the past 24 hours. We now watch out for the price action at the 20-day Exponential Moving Average of $0.3572. If this vital level crumbles, DOGE could slide to $0.3027.
On the other hand, a rebound from $0.3572 could result in a surge to $0.4016 and later to $0.4803.
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