Over the weekend, Bitcoin‘s (BTC) price movement remained relatively stable, staying close to the $95,000 mark. On Friday, it dropped to a low of $91,314 before rebounding to surpass $94,000. Despite this recovery, BTC has found it difficult to exceed the $95,000 price point again, only briefly touching it. Over the past 24 hours, Bitcoin has seen a slight decrease, but its value has dropped by nearly 5% over the last week.
The overall market trend was bearish, with Ethereum (ETH) continuing to stay below $3,300. Over the past week, the second-largest cryptocurrency saw a nearly 12% drop in value. During the weekend, Ripple (XRP), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Tron (TRX), Toncoin (TON), Stellar (XLM), Chainlink (LINK), Hedera (HBAR), and Polkadot (DOT) all experienced declines.
Bitcoin (BTC) Analyst Warns Of Risk Peak
A well-known Bitcoin analyst has advised traders to stay vigilant as they may encounter higher risks in the coming weeks due to potential profit-taking. Despite a generally optimistic outlook on Bitcoin, investors are urged to exercise caution over the next few months. The analyst refers to his risk model, which indicates risk levels not seen since early 2023. Meanwhile, the Fear and Greed Index, which gauges sentiment around Bitcoin and other cryptocurrencies, shows that the market is still showing “Greed.
For the first time in this cycle, risk is reaching its highest point. There’s a significant amount of profits to be made from coins that have dropped in value, and it appears there’s still more profit-taking to come before we experience a proper market reset.
Currently, Bitcoin (BTC) surpassed the significant $100,000 mark, but it swiftly dipped below that threshold shortly afterward and has stayed below since then. Nevertheless, not every financial expert predicts a sustained decline in BTC prices. As per a post by the pseudonymous Rekt Capital, Bitcoin’s retreat following its new high is consistent with past trends.
The decline of Bitcoin by approximately 15% began during Week 7, which is a period often associated with price discovery. This dip follows typical patterns from past occurrences and marks the first correction in the current price discovery phase. Given these factors, there’s a strong likelihood that this downturn may soon reverse.
Jan3 CEO Samson Mow echoed similar sentiments, calling most dips in the current landscape “fake.”
Should you grasp the broader context, it’s clear that recent drops in Bitcoin price are not genuine. These fluctuations appear artificially engineered by larger market players to manipulate Bitcoin’s value.
Fidelity Spot Bitcoin ETF Sees Significant Outflows
1) The flow of funds in Bitcoin and Ethereum exchange-traded funds (ETFs) shows a trend of investors being cautious, as these ETFs have experienced substantial withdrawals. Specifically, Bitcoin ETFs recorded withdrawals totaling approximately 2,152 Bitcoin (worth about 201 million USD), with Fidelity contributing outflows valued at $257 million. Despite these large-scale withdrawals, Fidelity still holds a considerable amount of Bitcoin, currently worth over $19 billion. Ethereum ETFs also saw similar trends, reporting withdrawals of around 45,684 Ethereum (worth roughly $148 million). At present, Fidelity’s Ethereum holdings amount to about 415,503 Ethereum, which is worth approximately $1.35 billion.
Cardano (ADA) Drops As Hoskinson Jumps To Defend IOG
Over the past weekend, I observed a consistent dip in the value of my Cardano (ADA) investments. This downturn might be linked to the response from Cardano’s founder, Charles Hoskinson, addressing mounting criticism towards Input Output Global regarding its ADA holdings and adoption efforts within the network.
Hoskinson clarified that Input Output Global accumulated its ADA through legitimate means, distinguishing this from the case of the Cardano Foundation, where it was reportedly gifted its holdings. This statement aims to quell doubts about the legitimacy of their ADA holdings and the efforts being made to expand the network’s adoption.
IOG didn’t receive ADA; we accumulated it ourselves. It’s not public funds, but earnings from constructing Cardano. Our initial ADA value was approximately 8 million dollars in 2015. We’ve been working tirelessly on this project for nine years. On the other hand, the Cardano Foundation received ADA as a donation, which they are authorized to use for the benefit of the ecosystem. This is the essential distinction.
Lately, Hoskinson has contested claims made by a previous Cardano Foundation team member about the history of Cardano’s stablecoin integration on its blockchain. This ex-employee had expressed concerns over the slow adoption rate of stablecoins in Cardano. However, Hoskinson highlighted that an opportunity to integrate USDC into Cardano was overlooked by the foundation back in 2021. In his words, “…[Cardano Foundation] missed a chance to onboard USDC last year.
As an analyst, I find it troubling when a deal is rejected, as reported by one of the company’s employees. It seems questionable to then rewrite events in such a way that absolves any responsibility from the involved parties and instead emphasizes power dynamics. I am genuinely relieved that you no longer work for IOG, as dishonest individuals have no place within our organization.
The interaction underscores the hurdles that Cardano encounters while striving for wider acceptance, and it hints at the underlying stress within the Cardano community as members deliberate over choices that may shape the blockchain’s destiny.
Bitcoin (BTC) Price Analysis
Last week saw an unforeseen downturn in Bitcoin (BTC), pushing its value below $92,000. However, it bounced back over the weekend, only to struggle in regaining $95,000, showing little activity so far. Analysts are suggesting that BTC is at a significant crossroads, and we might witness either a bullish surge towards $140,000 or a bearish correction down to $67,000. Crypto analyst Ali Martinez made these predictions based on the formation of a head-and-shoulders pattern and a bull pennant on BTC’s 12-hour chart. The pennant suggests an ongoing bullish trend, while the head-and-shoulders pattern hints at a potential reversal to bearish behavior.
Last week, Bitcoin showed optimistic signs, but it encountered significant bearish resistance in the recent days. On Friday (January 3), it surpassed both its 20 and 50-day Simple Moving Averages, ending the day at $97,878. Over the weekend, buyers kept the upper hand, causing Bitcoin to record minor gains on Saturday and Sunday, reaching $98,309. On Monday, Bitcoin saw a nearly 4% increase, breaking the $100,000 mark to reach $102,228. However, the market mood shifted dramatically on Tuesday as sellers took control. This change in sentiment caused Bitcoin to drop more than 5% on Tuesday, falling below its 50-day SMA and the $100,000 threshold, settling at $97,019.
On Wednesday, Bitcoin dipped below its 20-day Simple Moving Average (SMA) to reach a low of $92,546, but sellers couldn’t hold it there and the price rebounded to close at $95,121. However, on Thursday, the price dropped again to $92,710, marking nearly a 3% decrease. But Bitcoin rallied on Friday, gaining 2.27% to reach $95,799. Despite this, the 20-day SMA acted as a barrier, causing buyers to lose momentum, resulting in Bitcoin closing at $94,818 for the day. Over the weekend, the price fluctuated slightly, with a minor dip on Saturday and a minor rise on Sunday, ending the weekend at $94,585.
During today’s trading, Bitcoin (BTC) made an effort to surpass its 20-day Simple Moving Average (SMA), but it failed to maintain the push forward after reaching approximately $95,929 and is currently experiencing a decline of nearly 1%, trading around $93,828. If sellers continue to dominate, Bitcoin could potentially drop down to $90,000. On the other hand, if momentum changes, Bitcoin might overcome its 20-day and 50-day SMAs and aim to retake $100,000. Several analysts foresee significant growth potential for Bitcoin, with some predicting a possible surge past $110,000 and beyond.
Ethereum (ETH) Price Analysis
Over the weekend, the value of Ethereum (ETH) dipped and dropped beneath $3,200 during recent trading. The market is heavily influenced by bearish sentiments right now, but buyers are aiming to protect the $3,000 price point and prevent any further decrease. Analysts continue to express optimism about Ethereum’s long-term potential. Despite a strong bullish trend following the US elections and the start of the new year, Ethereum’s performance has not lived up to expectations. Some analysts suggest that a fall below $3,000 could be very advantageous for ETH investors, offering an attractive buying opportunity.
On Friday (January 3), ETH saw a significant rise, breaking past its 20-day and 50-day moving averages to reach $3,607. Buyers maintained control on Saturday, pushing the price up by 1.37% to $3,657. However, sellers regained control on Sunday, causing ETH to decline 0.61% and close at $3,634. ETH rose by 1.46% on Monday, reaching an intraday high of $3,744 before ending the day at $3,687. But on Tuesday, markets turned bearish as ETH plunged more than 8%, falling below its 20-day and 50-day moving averages and $3,500 to settle at $3,381. ETH continued to drop on Wednesday, reaching a low of $3,217 before closing at $3,327. On Thursday, ETH dipped below $3,200 again, hitting a low of $3,158. However, it managed to recover and regain the $3,200 mark, ending the day at $3,220, resulting in a decline of over 3%.
Ethereum (ETH) saw a resurgence in buying activity on Friday, with its value increasing by 1.45% to reach $3,267. The weekend began on an optimistic note for ETH, with a minimal upward trend taking it to $3,283. However, the positive momentum was short-lived as ETH dipped 0.54% on Sunday, bringing its value down to $2,366. As of now, buyers are trying to regain control over the market, pushing ETH up to an intraday high of $3,335, but the price has since lost momentum and is currently trading nearly 2% below its previous level, hovering just above $3,200.
Solana (SOL) Price Analysis
Initially showing promise last week, Solana (SOL) experienced a substantial dip. Over the weekend, SOL lost steam, with a decrease of 0.56% on Saturday and 1.52% on Sunday, leaving it at $213. However, it rebounded on Monday, increasing by 2.30% to $218. Despite an initial surge, it failed to surpass the 50-day Simple Moving Average (SMA), which served as a dynamic hurdle for buyers. Sellers seized control on Tuesday, causing SOL to drop 7.38% to $202. The selling pressure continued on Wednesday, pushing SOL below $200 and reaching an intraday low of $188 before closing at $197. Bearish sentiments escalated on Thursday as SOL dropped below the 20-day SMA to $185 following a fall of more than 6%.
On Friday, Solana (SOL) bounced back, rising by 1.46%, peaking at $193 before closing at $187. The market was quiet throughout the weekend, with neither buyers nor sellers able to assert dominance, leading to increased volatility in SOL. By the end of the weekend, it had climbed slightly to $188. Nevertheless, the current trading session has seen a resurgence of bearish feelings, causing SOL to drop by more than 3%, with sellers aiming to push its price below $180.
Dogecoin (DOGE) Price Analysis
202T’s digital currency, Dogecoin (DOGE), began the new year on an upward trajectory, surpassing its 20 and 50-day Simple Moving Averages (SMA) and peaking at $0.398 on Friday (January 3). The cryptocurrency continued to climb higher on Saturday, gaining nearly 4% and reaching $0.398 once more. Yet, it failed to breach the resistance at $0.40, losing momentum on Sunday, plummeting over 3% to $0.382. The currency rebounded slightly on Monday, increasing by 1.33%, but experienced a significant decline on Tuesday, dropping over 10% and slipping below the 50-day SMA, settling at $0.348. Sellers maintained control on Wednesday as DOGE dropped to an intraday low of $0.324, temporarily dipping below the 20-day SMA to $0.347. However, it managed to recover from this level, ending the day at $0.342, resulting in a nearly 2% decrease overall.
On Thursday, selling pressure increased as DOGE dipped beneath its 20-day Simple Moving Average (SMA) and a crucial support level, ending at $0.321. However, the price rebounded on Friday, climbing approximately 4% to reach $0.333. DOGE surpassed its 20-day SMA on Saturday following a 2% rise, settling at $0.340. Yet, it returned to a downtrend on Sunday, decreasing by 1.50%, falling back below the 20-day SMA and ending at $0.335. During the current session, sellers have maintained control, with DOGE declining nearly 3% and trading around $0.326.
Dogwifhat (WIF) Price Analysis
Since the first day of last week, Dogwifhat (WIF) has been experiencing a downturn because it couldn’t surpass its 200-day Simple Moving Average (SMA), which functioned as a significant barrier for upward movement. However, on Friday (January 3), WIF managed to go above its 20-day SMA, resulting in a rise of approximately 7% and reaching $2.16. Yet, the momentum faded on Saturday, showing only a slight increase before dropping by 3.51% to $2.10. The trend continued on Monday as sellers maintained control, causing the price to decrease almost 1% to $2.08. On Tuesday, selling pressure intensified significantly, pushing WIF down below the 20-day SMA and $2, settling at $1.85.
On Wednesday, WIF dipped beneath an important support level, decreasing by 7.53% to reach $1.71. The decline continued on Thursday, with a drop of more than 10% to $1.54. Fortunately, buyers stepped in on Friday to try and halt the downward trend, causing WIF to rise slightly more than 1% to $1.55. On Saturday, buyers maintained control as WIF increased by 1.25% to $1.57. However, it fell again on Sunday, losing almost 2%, ending the weekend in a bearish position. As of now, the current session shows WIF decreasing over 5%, with the price falling below $1.50 and currently trading around $1.46.
Algorand (ALGO) Price Analysis
On Friday, Algorand (ALGO) struggled to surpass the resistance at $0.42, leading sellers to push the token down by 2% on Saturday and another 1.32% on Sunday, ending the weekend at $0.405. However, there was a brief recovery on Monday, with ALGO reaching an intraday high of $0.431 before settling again at $0.415. Unfortunately, selling pressure intensified significantly on Tuesday, causing ALGO to plummet more than 10% and fall below its 50-day Simple Moving Average (SMA), ending the day at $0.373. The downward trend continued on Wednesday as Algorand slipped beneath the 20-day SMA, closing the session at $0.359.
On Thursday, buyers held onto their power, causing ALGO to fall nearly 5%, ending at $0.341. But on Friday, it bounced back, jumping over 9% and climbing above its 20-day moving average, settling at $0.373. The price of ALGO fluctuated significantly on Saturday as sellers tried to push it below the 20-day moving average. However, buyers managed to regain control, pushing the price up by just over 1% and ending the day at $0.377. On Sunday, sellers reclaimed control as ALGO dipped below its 20-day moving average following a drop of 4.38%, settling at $0.36. As of now, in the ongoing session, ALGO has dropped almost 6% and is trading around $0.339, with sellers aiming to drive the price down to $0.30.
Celestia (TIA) Price Analysis
Last week, Celestia (TIA) showed a pessimistic trend as it couldn’t surpass the 200-day Simple Moving Average (SMA). The downward momentum started from the beginning of the week with a decrease of 0.69%, as sellers dominated following the price failure to exceed $5.70. On Tuesday, TIA experienced a significant drop, almost 12%, dipping below the 20-day SMA and $5, ending at $4.87. The sellers maintained control on Wednesday, causing a further decrease of approximately 7% to reach $4.52, but not before touching an intraday low of $4.34.
On Thursday, TIA made a slight improvement and went up approximately 7% on Friday, closing at $4.96. However, sellers tried to assert dominance on Saturday, pushing TIA down to an intraday low of $4.59. Despite this, it bounced back by 1.62%, ending the day at $4.92. The price action of TIA was quite erratic on Sunday as both buyers and sellers fought for control. Buyers aimed to push TIA above its 20-day Simple Moving Average (SMA), while sellers targeted a drop towards $4.50. In the end, TIA saw a slight decrease, ending the weekend in negative territory. As of now, TIA has declined nearly 7% and is trading around $4.60.
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2025-01-13 16:02