Following a brief decline, Bitcoin is currently showing a moderate recovery at around $96,934. Since Bitcoin is consolidating close to important support levels, market sentiment is still cautiously optimistic. Is Bitcoin prepared to surpass $100,000? That is still an open question. A retest of the $98,000 resistance level is evident in the recent price movement of Bitcoin with the 50-day EMA presently trading at $98,665.
A bullish push that targets the psychological resistance at $100,000 might be initiated by a successful break above this level. If $98,000 is not recovered though, Bitcoin may return to $93,300, where the 200-day EMA is currently offering solid support. Given Bitcoin's capacity to maintain above $90,000, the general trend remains bullish, but momentum is waning.
The RSI indicator indicates that Bitcoin may move sideways before making a clear breakout because it is neither overbought nor oversold. A push toward $100,000 is very likely if Bitcoin keeps support above $95,000 and volume rises.
The bullish setup, however, might be nullified by a decline below $93,000, leaving Bitcoin vulnerable to additional downside risks toward $85,000. Although the overall market trend is still positive, Bitcoin needs to convincingly recover $98,000 before attempting to reach $100,000.
XRP's recovery not enough
After rising from the crucial support level of $2.18, XRP has demonstrated a moderate recovery and is now trading at about $2.45. Even though this upward trend might seem encouraging, questions about the sustainability of this recovery are raised by a closer examination of the on-chain data.
Recently, XRP saw a significant decline from its local peak of $3.20, falling to $2.18 before picking up some steam again. The next significant resistance level is $2.69, while the 50-day EMA is serving as short-term support at the moment. Stronger momentum for XRP would be indicated by a clear breakout above this level, which might result in another attempt at the $3.00 level.
If it is unable to hold its current level, XRP may move toward the next significant support, which is located at $1.65 and provides stability, according to the 200-day EMA. If the market as a whole becomes more pessimistic, this scenario is likely to occur. A major worry for XRP is the apparent drop in network activity.
The data provided indicates that the number of executed transactions has decreased significantly, reaching just 693,898 on Feb. 9, 2025. This implies that investor interest is waning, casting doubt on the recent price rebound. Strong on-chain activity is typically required for a positive rally, but the declining transaction volume suggests that XRP does not have the support it needs for long-term survival.
Shiba Inu pressured by death cross
The prospect of a death cross is making matters worse for Shiba Inu, which is already struggling to recover from the recent decline. A death cross typically indicates a longer bearish trend, when the 50 EMA drops below the 200 EMA. Although technical indicators don't appear to be strong enough just yet, SHIB is currently attempting to recover from its most recent low of $0.00001616.
Over the past few weeks, SHIB's value has been gradually declining, deviating significantly from its most recent peak of $0.00002200. The 100 EMA is currently serving as resistance after it already fell below important moving averages. SHIB may continue to be under bearish pressure if it doesn't rise above $0.00001850. If SHIB is unable to break above the 200 EMA, which is currently at $0.00002042, the likelihood of a death cross rises.
This pattern has previously resulted in lengthy declines for numerous assets, so SHIB is at a critical juncture. In order to prevent a more significant decline, SHIB must continue to rise and break above the 50 EMA. The momentum might shift back in bulls' favor with a robust recovery.
Moving above $0.00001850 could indicate a potential trend reversal, while SHIB falling below $0.00001500 could confirm further downside. Investors ought to keep an eye on trading volume as well, as low volume may indicate insufficient buying support for a genuine recovery.
