Crypto Price Analysis 1-13 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, DOGWIFHAT:WIF, ALGORAND: ALGO, CELESTIA: TIA
Bitcoin's (BTC) price action remained muted over the weekend as it traded sideways and hovered around the $95,000 mark. BTC had dipped to a low of $91,314 on Friday before recovering to climb above $94,000. However, it has struggled to reclaim the $95,000 price level, only briefly going above it. BTC is marginally down over the past 24 hours but has registered a substantial decline of nearly 5% over the past seven days.
Price action remained bearish in the rest of the market, with Ethereum (ETH) remaining below $3,300. The worlds second-largest cryptocurrency has lost almost 12% over the past week. Ripple (XRP), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Tron (TRX), Toncoin (TON), Stellar (XLM), Chainlink (LINK), Hedera (HBAR), and Polkadot (DOT) all registered declines over the weekend.
Bitcoin (BTC) Analyst Warns Of Risk Peak
A prominent Bitcoin (BTC) analyst has warned traders to watch out for increased risk, with more profit-taking expected in the near term. According to the analyst, even though Bitcoin sentiment seemed bullish, investors must be cautious over the next few months, highlighting his local risk model, which showed risk levels not witnessed since January 2023. The overall market was still flashing Greed, according to the Fear and Greed Index, which measures the sentiment around Bitcoin and other cryptocurrencies.
Risk is peaking for the first time in this cycle, and theres a ton of profit in coins that have been selling and plenty more profit-taking to go before we are properly reset.
BTC recently crossed the crucial $100,000 level but dropped below it soon after and has remained below it since. However, not all analysts expect a prolonged drop in BTC prices. According to a post by the pseudo-anonymous Rekt Capital, BTCs pullback after setting an all-time high aligns with previous cycles.
Bitcoin started its current -15% pullback in Week 7 of Price Discovery The timing of this retrace is in line with historical tendencies. It is the first Price Discovery Correction of this cycle As a result, it has a high probability of reversal.
Jan3 CEO Samson Mow echoed similar sentiments, calling most dips in the current landscape fake.
If you understand the macro landscape, you understand that all dips are fake now. They are just manufactured to lower the Bitcoin price for the big players.
Fidelity Spot Bitcoin ETF Sees Significant Outflows
Spot Bitcoin and Ethereum ETFs have registered significant outflows, indicating cautious investor sentiment. Spot Bitcoin ETFs saw outflows worth 2,152 BTC (201 million), with Fidelity accounting for outflows worth $257 million. Despite these significant outflows, Fidelity holds a substantial amount of BTC, valued at just over $19 billion. Ethereum ETFs clocked up similar numbers, registering outflows of around $45,684 ETH, worth $148 million. Fidelitys Ethereum holdings now stand at 415,503 ETH, worth around $1.35 billion.
Cardano (ADA) Drops As Hoskinson Jumps To Defend IOG
Cardano (ADA) registered a steady decline over the weekend as founder Charles Hoskinson defended Input Output Global against growing criticism of its ADA holdings and network adoption efforts. Hoskinson stated that Input Output Global earned the ADA it holds rather than receiving it as a gift, unlike the Cardano Foundation.
No ada was "given" to IOG. We earned it all. It's not the people's money. It's profit for building Cardano. The original value of IOG's ada was around 8 million dollars in 2015. We've been here for 9 years building. The CF was given ada as a donation. They have a mandate to spend it on the ecosystem. That's the difference.
Hoskinson recently accused a former Cardano Foundation employee of attempting to rewrite history regarding the Cardano blockchains integration of stablecoins. The former employee had criticized Cardanos lack of progress regarding stablecoin adoption. However, Hoskinson pointed out that the Cardano Foundation missed an opportunity to integrate USDC in 2021. Hoskinson stated,
They turned down the deal according to their own employee. Then you rewrite history to eschew any of their responsibility and make it into power dynamics? Im seriously glad you dont work for me anymore. Dishonest people have no place at IOG.
The exchange highlights the challenges facing Cardano as it pushes for greater adoption. It also indicates the simmering tension within the Cardano ecosystem as participants grapple with decisions that could impact the blockchains future.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) encountered an unexpected bearish turn last week, dropping below $92,000. While it recovered over the weekend, it has struggled to reclaim $95,000, remaining relatively muted. Analysts believe BTC is at a critical juncture and could see a bullish breakout or a deep correction. Crypto analyst Ali Martinez believes BTC could see a jump to $140,000 or a drop to $67,000. The analyst made the predictions based on the formation of a head-and-shoulders and the bull pennant on BTCs 12-hour chart. The pennant formation often indicates a bullish continuance and a persistent upward price trend. On the other hand, a head and shoulders pattern typically indicates a potential bearish reversal.
Despite being bullish the week prior, BTC faced considerable bearish pressure during the past week. It climbed above the 20 and 50-day SMAs on Friday (January 3) to settle at $97,878. Buyers remained in control over the weekend as BTC registered marginal increases on Saturday and Sunday to settle at $98,309. Monday saw BTC rise almost 4%, going above $100,000 to $102,228. However, market sentiment flipped on Tuesday as sellers began to exert control. As a result, BTC dropped over 5% on Tuesday to slip below the 50-day SMA and $100,000 to settle at $97,019.
Source: TradingView
Sellers retained control on Wednesday as BTC went below the 20-day SMA to a low of $92,546. However, it recovered from this level to settle at $95,121. The price continued to drop on Thursday, falling to $92,710, declining almost 3%. BTC recovered on Friday, registering an increase of 2.27% to move to $95,799. However, with the 20-day SMA acting as a dynamic resistance level, buyers lost momentum, and BTC ultimately settled at $94,818. Price action was muted over the weekend as BTC registered a marginal decline on Saturday and a marginal increase on Sunday to settle at $94,585.
BTC attempted to go past the 20-day SMA during the ongoing session. However, it lost momentum after reaching $95,929 and is currently down almost 1%, trading around $93,828. If sellers retain control, BTC could drop to $90,000. However, if momentum flips, BTC will look to go above the 20 and 50-day SMAs and reclaim $100,000. Analysts believe BTC has plenty of upside and have not ruled out a push to $110,000 and above.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has declined over the weekend and has slipped below $3,200 during the ongoing session as bearish sentiment dominates the market. Buyers will look to defend the $3,000 level and prevent a further decline, while analysts remain confident about ETHs long-term prospects. Despite the market witnessing a significant bull run following the US elections and the new year, ETHs price action has been below expectations. Some analysts believe a drop below $3,000 could be incredibly bullish for ETH and present investors with an excellent buying opportunity.
ETH registered a sharp jump on Friday (January 3), surging past the 20 and 50-day SMAs to $3,607. Buyers retained control on Saturday, as the price registered an increase of 1.37% and moved to $3,657. However, sellers took control on Sunday as ETH ended the weekend down 0.61% at $3,634. ETH registered an increase of 1.46% on Monday as it rose to an intraday high of $3,744 before settling at $3,687. However, markets turned bearish on Tuesday as ETH plummeted over 8%, going below the 20 and 50-day SMAs and $3,500 to settle at $3,381. ETH continued to drop on Wednesday, falling to a low of $3,217 before settling at $3,327. ETH fell below $3,200 on Thursday, falling to a low of $3,158. However, it recovered to reclaim $3,200 and settle at $3,220, ultimately registering a drop of just over 3%.
Source: TradingView
Buyers returned to the market on Friday as ETH rose 1.45% and moved to $3,267. The weekend started positively for ETH, registering a marginal increase and moving to $3,283. However, it was back in the red on Sunday, dropping by 0.54% and settling at $2,366. Buyers attempted a recovery during the ongoing session as ETH reached an intraday high of $3,335 before losing momentum. The price is currently down almost 2% and trading just above $3,200.
Solana (SOL) Price Analysis
Despite starting the previous week positively, Solana (SOL) faced a significant decline. SOL lost momentum last weekend as it registered a drop of 0,56% on Saturday and 1.52% on Sunday to settle at $213. However, it recovered on Monday, rising 2.30% to $218. Despite a strong start, it could not move past the 50-day SMA, which acted as a dynamic resistance level. Sellers took control on Tuesday as SOL dropped 7.38% to $202. Sellers continued to drive SOL lower on Wednesday as it dipped below $200, falling to an intraday low of $188 before settling at $197. Bearish sentiment intensified on Thursday as SOL dipped below the 20-day SMA to $185 after registering a drop of over 6%.
Source: TradingView
SOL recovered on Friday, registering an increase of 1.46%, reaching an intraday high of $193 before settling at $187. Price action was muted over the weekend as neither buyers nor sellers could establish control. As a result, SOL faced significant volatility before registering a marginal increase and ending the weekend at $188. However, bearish sentiment has returned during the ongoing session, with SOL down over 3% as sellers look to drive it below $180.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) started the year positively, surging past the 20 and 50-day SMAs and reaching an intraday high of $0.398 on Friday (January 3). DOGE continued to push higher on Saturday, rising almost 4% and moving to $0.398. However, it could not go above the resistance at $0.40 and lost momentum on Sunday, dropping over 3% to $0.382. The price recovered on Monday as it rose 1.33% but fell considerably on Tuesday, dropping over 10% to slip below the 50-day SMA and settle at $0.348. Sellers retained control on Wednesday as DOGE dropped to an intraday low of $0.324, briefly going below the 20-day SMA to $0.347. However, it recovered from this level to settle at $0.342, ultimately registering a drop of almost 2%.
Source: TradingView
Selling pressure picked up on Thursday as DOGE slipped below the 20-day SMA and a key support level to settle at $0.321. The price recovered on Friday, rising almost 4% and moving to $0.333. DOGE pushed above the 20-day SMA on Saturday after increasing just over 2% and settling at $0.340. However, it was back in the red on Sunday, dropping 1.50% to slip below the 20-day SMA and settle at $0.335. Sellers have retained control during the ongoing session, with DOGE down almost 3% and trading around $0.326.
Dogwifhat (WIF) Price Analysis
Dogwifhat (WIF) has been declining since the beginning of last week after it failed to go above the 200-day SMA, which acted as a dynamic resistance level. WIF went above the 20-day SMA on Friday (January 3), rising over 7% and settling at $2.16. However, it lost momentum on Saturday, registering only a marginal increase before dropping 3.51% to $2.10. Sellers retained control on Monday as the price dropped almost 1% to $2.08. Selling pressure registered a substantial increase on Tuesday as WIF plummeted over 11% to go below the 20-day SMA and $2 to settle at $1.85.
Source: TradingView
WIF slipped below a key support level on Wednesday, dropping 7.53% to $1.71. The price continued to fall on Thursday, dropping over 10% to $1.54. WIF recovered on Friday as buyers looked to arrest the declining trend, rising just over 1% to $1.55. Buyers retained control on Saturday as WIF rose 1.25% to $1.57. However, it was back in the red on Sunday, dropping almost 2% to end the weekend on a bearish note. The current session sees WIF down over 5%, with the price slipping below $1.50 and trading around $1.46.
Algorand (ALGO) Price Analysis
Algorand (ALGO) failed to go above the resistance at $0.42 on Friday (December 3). With sellers active at that level, ALGO dropped 2% on Saturday and 1.32% on Sunday to settle at $0.405. The price recovered on Monday, reaching an intraday high of $0.431 before settling at $0.415. Selling pressure registered a sharp increase on Tuesday as ALGO dropped over 10%, going below the 50-day SMA and settling at $0.373. The price continued to drop on Wednesday as ALGO slipped below the 20-day SMA and settled at $0.359.
Source: TradingView
Buyers retained control on Thursday as ALGO dropped almost 5% and settled at $0.341. However, it recovered on Friday, surging over 9%, going above the 20-day SMA and settling at $0.373. ALGO experienced volatility on Saturday as sellers attempted to drive the price below the 20-day SMA. However, buyers gained the upper hand as ALGO rose just over 1% and settled at $0.377. Sellers were back in control on Sunday as ALGO slipped below the 20-day SMA after a drop of 4.38% and settled at $0.36. The current session sees ALGO down almost 6% and trading around $0.339 as sellers look to drive the price to $0.30.
Celestia (TIA) Price Analysis
Celestia (TIA) was quite bearish last week after failing to move beyond the 200-day SMA. TIA started the previous week with a drop of 0.69% as sellers took control after the price failed to go beyond $5.70. TIA registered a spectacular collapse on Tuesday, falling almost 12%, going below the 20-day SMA and $5 to settle at $4.87. Sellers retained control on Wednesday, falling over 7% to $4.52, but not before dropping to an intraday low of $4.34.
Source: TradingView
TIA recovered on Thursday as it registered a marginal increase and then rose almost 7% on Friday to settle at $4.96. Sellers attempted to take control on Saturday as TIA dropped to an intraday low of $4.59. However, it recovered from this level to register an increase of 1.62% and settled at $4.92. TIA experienced significant volatility on Sunday as buyers and sellers attempted to establish control. Buyers attempted a move past the 20-day SMA while sellers attempted to drive TIA towards $4.50. Ultimately, TIA registered a marginal drop to end the weekend in the red. The current session sees TIA down almost 7% after buyers failed to move past $5. TIA is currently trading around $4.60.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Text source: Crypto Daily™
