Bitcoin Hits $112K Resistance As Altcoins See Marginal Inflows – Crypto News

Key points:

• Bitcoin’s relief rally is facing selling near $112,000, signaling that the bears have not given up.

• Buyers have defended the support levels in select major altcoins, but unless they push the price above the overhead resistance, the selling is likely to resume.

Bitcoin (BTC) is attempting a comeback, but the bears are selling the recovery near $112,000. Bitfinex analysts said in a report that the 18.1% peak-to-trough drawdown in October is “consistent with prior cycle-high retests since 2023,” indicating consolidation rather than a trend reversal. 

Galaxy Digital CEO Mike Novogratz said in an interview with CNBC that BTC “should hold” around $100,000. He expects BTC to remain within a range of $100,000 to $125,000 and for the price to accelerate only after it breaks above this range.

Some analysts expect BTC to break below the $107,000 support level, but they do not anticipate a significant decline. LVRG Research director Nick Ruck told Cointelegraph that BTC could witness a healthy market correction to $104,000, but the strong fundamentals and robust institutional interest point to the resumption of the bull market.

What are the critical resistance levels to watch out for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC rebounded off the $107,000 level on Thursday, indicating that the bulls continue to defend the level vigorously.

Buyers will have to push the price above the moving averages to signal a comeback. The BTC/USDT pair could then attempt a rally to the all-time high of $126,199.

The $107,000 support remains the key level to watch out for on the downside. Sellers will have to pull and maintain the price below $107,000 to complete the double-top pattern. If that happens, the Bitcoin price could start a deeper correction to $100,000 and thereafter to the pattern target of $87,801.

Ether price prediction

Ether (ETH) turned up from the support line of the descending channel pattern on Wednesday, but the recovery is facing selling at the 20-day EMA ($4,023).

The bears will try to capitalize on their advantage by pulling the Ether price below the support line. If they manage to do that, the ETH/USDT pair could start a downward move to $3,435 and then $3,350.

On the contrary, a break above the 20-day EMA suggests that the bears are losing their grip. The price could then rise to the 50-day SMA, signaling that the pair may continue to oscillate inside the channel for some more time. 

BNB price prediction

BNB (BNB) bounced off the 50-day SMA ($1,051) on Wednesday, but the relief rally is facing selling near the 38.2% Fibonacci retracement level of $1,156.

If the price maintains below the 20-day EMA ($1,120), the bears will again attempt to sink the BNB/USDT pair below the 50-day SMA. If they succeed, the BNB price may witness a deeper correction to $1,021 and then $1,000.

Buyers will have to push the price above the $1,156 resistance to suggest that the corrective phase may be over. The pair could then ascend to the 61.8% retracement level of $1,239.

XRP price prediction

XRP (XRP) has reached the 20-day EMA ($2.52), where the bears are expected to mount a strong defense.

If the XRP price turns down sharply from the 20-day EMA, it suggests that the sentiment remains negative and the bears are selling on rallies. That could keep the price stuck inside the descending channel for a few more days.

Alternatively, if the price closes above the 20-day EMA, it shows that the selling pressure is reducing. The XRP/USDT pair could rise to the breakdown level of $2.69 and later to the downtrend line.

Solana price prediction

Solana (SOL) has reached the 20-day EMA ($196), which is a critical near-term level to watch out for.

If buyers thrust the price above the 20-day EMA, the SOL/USDT pair could climb to the resistance line. Sellers are expected to defend the resistance line with all their might, as a break above it tilts the advantage in favor of the buyers. The Solana price could then surge to $238 and eventually to $260.

Contrarily, if the price turns down sharply from the 20-day EMA, the bears will attempt to pull the pair to the support line.

Dogecoin price prediction

Dogecoin (DOGE) remains stuck below the $0.21 level, but the bears have failed to sustain the price below $0.18.

The bulls will attempt to make a comeback by pushing the price above $0.21. If they manage to do that, the DOGE/USDT pair could rally to the 50-day SMA ($0.23) and subsequently to the stiff overhead resistance at $0.29.

Sellers are likely to have other plans. They will try to halt the relief rally at the 20-day EMA and pull the pair below the $0.18 support. If that happens, the Dogecoin price could drop to $0.16 and then to $0.14.

Cardano price prediction

Cardano (ADA) turned up from the $0.60 level on Wednesday, indicating that the bulls are aggressively defending the level.

The 20-day EMA ($0.69) is the critical level to watch out for on the upside. If the price turns down sharply from the 20-day EMA, the possibility of a break below $0.60 increases. The Cardano price may then slump to $0.50.

Alternatively, if buyers drive the price above the 20-day EMA, the ADA/USDT pair could rally to the 50-day SMA ($0.79) and later to the downtrend line. Buyers will have to thrust the price above the downtrend line to signal a potential trend change.

Related: How high can HYPE’s price go after Robinhood listing?

Hyperliquid price prediction

Hyperliquid (HYPE) bounced off the $35.50 support on Wednesday, indicating that the bulls are active at lower levels.

Buyers are trying to strengthen their position by pushing the Hyperliquid price above the 20-day EMA ($40.02). If they can pull it off, the HYPE/USDT pair could rally to the 50-day SMA ($46.18). 

On the other hand, if the price turns down from the current level, it signals that the bears are selling on rallies. The next leg of the downtrend to $30.50 could begin after sellers pull the pair below the $35.50 support. 

Chainlink price prediction

Chainlink (LINK) rebounded off the support line on Wednesday, signaling that the bulls are trying to keep the price inside the descending channel pattern.

The relief rally is expected to face selling at the 20-day EMA ($18.73). If the price turns down sharply from the 20-day EMA, the bears will again attempt to pull the LINK/USDT pair to the $15.43 support. 

Conversely, a break and close above the 20-day EMA opens the doors for a rally to the resistance line of the channel. Sellers are expected to defend the resistance line, but if buyers bulldoze their way through, the Chainlink price could rally to $23.73 and subsequently to $25.64.

Stellar price prediction

Stellar (XLM) is trying to start a recovery, which is expected to face selling at the 20-day EMA ($0.33).

If the price turns down from the 20-day EMA ($0.33), the bears will again attempt to sink the XLM/USDT pair below the $0.29 support. If they can pull it off, the Stellar price could descend to $0.25.

Contrary to this assumption, if the price turns up and breaks above the 20-day EMA, it signals that the selling pressure is reducing. The bulls will be back in the driver’s seat after they propel the price above the downtrend line.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.