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The king cryptocurrency Bitcoin observed its lowest point at the opening of Asian markets and peaked 1.5 hours before the opening of the US markets. It then revisited the $42,500 level. The fluctuating price movement was primarily due to the liquidation trend of increasing long positions in futures contracts. Despite no significant developments specifically in crypto on the macro front, we experienced this volatility.
Bitcoin (BTC)
Crypto currencies’ cumulative trading volume saw a 45% increase, returning to the $44 billion mark. However, volumes remain weak. Still, there was an inflow of approximately $4.8 billion into BlackRock and Fidelity’s spot Bitcoin ETFs. On the other hand, Powell’s recent reiteration of his statements hours ago indicates that the excessive optimism for market rate cuts this year will continue to be curbed. In summary, there are supportive factors on both the downside and upside.
Bears cannot keep the BTC price below $42,463, which is a positive development in the short term. Although buyers strive to push the price to the $44,000 to $44,700 region, the heavy accumulation of long positions leads to traps for those not wanting to miss the rise.
If the bulls prevail, we can expect BTC price to continue its rise up to $50,000. On the downside, closures below $41,394 could lead to a new loss series down to $37,980.
Ripple (XRP)
Ripple, facing a new defeat against the SEC, will publish its financial statements. Moreover, the collective appeal process expected to start this year has the potential to reverse the gains of July 2023, which is negative. Despite all the negativity, bears could not keep XRP below $0.5 on January 31 and February 1.
Sentiment remains negative, and if a strong recovery from $0.5 does not start, we may eventually see a correction towards $0.46 and $0.41.
Solana (SOL)
The battle between bulls and bears continues near the moving averages in Solana. Positive developments in the Solana network, hype tokens, and airdrops support SOL Coin, but there is an issue of overvaluation according to TVL. This suggests that bulls might lose strength at some point.
For now, the target remains at $107. If SOL Coin bulls can surpass this, they could reach $117 and $125. In the opposite scenario, we could see a drop to $79 and $64.
