Ah, Bitcoin (BTC), that ever-elusive creature, continues to dance precariously in the price zone of $107,250 to $109,588. The bulls, bless their hearts, have not surrendered much territory to the bears, who seem to be having a rather dull day. 🐻💔
Perhaps the reason for this stubbornness in the fact that Bitcoin’s institutional adoption is growing like a weed in 2025! The spot Bitcoin exchange-traded funds (ETFs) have seen a whopping $4.2 billion in inflows between Jan. 1 and Jan. 24. That’s 6% of all ETF inflows, according to the ever-astute Eric Balchunas from Bloomberg. Who knew finance could be so exciting? 💰🎉
While the institutions are busy buying, our dear retail investors seem to be cashing in chips. Data from the onchain analytics platform CryptoQuant reveals that retail investors sent 6,000 Bitcoin to Binance in January, while the Bitcoin whales are just lounging around with a modest inflow of 1,000 Bitcoin. 🐋💤
As we bid adieu to January, all eyes are on February. Bit Research’s chief analyst, Ryan Lee, has declared that Bitcoin’s fate in February hinges on the all-important labor market report due on Feb. 7. A weak labor market could “strengthen the case for rate cuts,” which would create a cozy little environment for Bitcoin. Conversely, a strong labor market might just send Bitcoin into a tailspin. Oh, the drama! 🎭📉
Will Bitcoin conquer the $109,588 resistance and soar to new heights? Will altcoins join the party? Let’s dive into the of the top 10 cryptocurrencies and find out! 🕵️♂️🔍
Bitcoin price analysis
Bitcoin is inching its way toward the all-time high of $109,588, a sign that the bulls are still in the game. 🐂💪
The -day exponential moving average ($102,198) is starting to turn up, and the relative strength index (RSI) is feeling quite positive, suggesting that the bulls might just have the upper hand. If buyers can push the price above $109,588, the BTC/USDT pair could embark on a thrilling journey to $118,109 and then to $126,706. Buckle up! 🚀💸
However, the 50-day simple moving average ($99,398) is the critical support to keep an on. If this support crumbles, we might see a nosedive to $90,000. But fear not! Buyers are expected to mount a valiant defense in the $90,000 to $85,000 zone. 🛡️⚔️
Ether price analysis
Ether (ETH) bulls have managed to push the price back above the neckline of the head-and-shoulders pattern on Jan. 30, signaling that they’re not ready to throw in the towel just yet. 💪
The momentum picked up on Jan. 31, and the bulls have pushed the price above the downtrend line. There’s a minor resistance at the 50-day SMA ($3,413), but it’s likely to be crossed. The ETH/USDT pair may rise to $3,525 and then to $3745. Time is running out for the bears! ⏳🐻
If they want to regain control, they’ll need to drag the price below the $3,000 support. If they succeed, the pair could tumble to the solid support at $2,850. Yikes! 😱
XRP price analysis
XRP (XRP) held the 20-day EMA ($2.97) on Jan. 29, but the bulls are having a tough time pushing the price to thetrend line. Come on,
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2025-01-31 21:21