Bitcoin (BTC) has risen back above the $100,000 mark at the beginning of 2025, marking a historical milestone in the cryptocurrency market. This move is believed to have been driven by continuous buying from the largest Bitcoin-holding institutions. On January 6, MicroStrategy revealed that it purchased 1,070 Bitcoin over the two days of December 30 and 31, 2024, for a total value of $101 million, at an average price of $94,004/BTC. After this transaction, the total Bitcoin held by the company increased to 447,470.
Simon Gerovich, CEO of Metalplanet, also announced on platform X that the company intends to increase its Bitcoin holdings from 1,762 to 10,000 by 2025.
Buying activity is not only limited to large institutions but has also spread to cryptocurrency investment products. According to a report from CoinShares, in the first three days of 2025, these products recorded inflows of up to $585 million, continuing the massive $44 billion inflow in 2024.
Although analysts remain bullish in the long term, they are cautious about the potential for strong volatility in the short term. Markus Thielen, founder of 10x Research, predicts that Bitcoin could end January in the range of $97,000–$98,000.
Will Bitcoin's bullish momentum lead to a recovery from altcoins? Let's analyze the price chart to find out.
Technical Analysis of SPX
The S&P 500 Index (SPX) bounced from the neckline of the head and shoulders pattern on January 3, and the bulls pushed the price above the moving averages on January 6.
Daily SPX Chart | Source: TradingView
The 20-day exponential moving average (EMA) at 5,967 is flattening, and the RSI is rising into the positive zone, indicating that selling pressure is decreasing. The bulls will try to push the price up to 6,050 and then to 6,100. However, the 6,050–6,100 area could be a strong resistance level, and if the bulls break through, the index could surge to 6,347.
Conversely, if the bears pull the price below the moving averages, the index may test the neck line.
Technical Analysis of DXY
The USD Index (DXY) rose to 109.53 on January 2 but is struggling to maintain these high levels.
Daily DXY Chart | Source: TradingView
The bears pulled the price down to the 20-day EMA at $107.77, which is an important support level. If the price bounces from here and maintains the upward momentum, the bulls could push the price up to 111.
Conversely, if the price breaks and closes below the 20-day EMA, this will signal strong selling pressure, potentially leading to a deeper drop to the 50-day SMA at $106.42.
Technical Analysis of BTC
Bitcoin has surpassed the important resistance level of $100,000, indicating that the bulls are in control.
Daily BTC/USDT Chart | Source: TradingView
If the price holds above $100,000, the BTC/USDT pair could quickly rise to the historical peak of $108,353. Here, the bears may increase pressure, but if the bulls maintain strength, the price could continue the uptrend with the next target at $126,706.
Conversely, if the price does not hold above $100,000, this could signal that the recent rally was just a 'bull trap.' The bears will need to pull the price below the moving averages to pave the way for deeper declines to $90,000.
Technical Analysis of ETH
Ether (ETH) broke out and closed above the $3,555 level on January 3, completing a bullish triangle pattern.
Daily ETH/USDT Chart | Source: TradingView
The 20-day EMA ($3,529) is starting to slope upward, and the RSI is in the positive zone, indicating that the bulls are in control. The price target from the triangle pattern is $3,894.
However, the bears may attempt to pull the price below $3,555. If this happens, short-term investors may get stuck, and the ETH/USDT pair could drop back to the upward trend line.
Technical Analysis of XRP
XRP is facing selling pressure from the resistance level, but the bulls are not allowing the price to drop below the 20-day EMA at $2.29.
Daily XRP/USDT Chart | Source: TradingView
This increases the likelihood of a breakout above the resistance level. If successful, the XRP/USDT pair may rise to $1.73 and then to $2.91. However, the $2.91 area will be a strong resistance level that bears are expected to defend fiercely.
If the price breaks below the 20-day EMA, the pair may continue to fluctuate within the current triangle pattern. Control will lean towards the bears if the price breaks below the support line.
Technical Analysis of BNB
BNB continues to fluctuate between the 20-day EMA ($703) and the upper resistance at $722, showing a tense battle between the bulls and bears.
Daily BNB/USDT Chart | Source: TradingView
The 20-day EMA is gradually rising, and the RSI is slightly above the average, giving a small advantage to the bulls. Typically, a tight accumulation period will lead to a volatility breakout. If the price surpasses $722, the BNB/USDT pair could accelerate and reach $794.
Conversely, if the price drops below the 20-day EMA, it shows that the bulls have lost control. The 50-day SMA ($685) may act as support, but there is also a possibility that the price could drop deeper to $635.
Technical Analysis of SOL
Solana (SOL) broke out above the 50-day moving average (SMA) at $219, indicating that the bulls are trying to extend the recovery.
Daily SOL/USDT Chart | Source: TradingView
The 20-day EMA is sloping up ($205) and the RSI is in the positive zone, indicating that the bulls are in control. If the price holds above the 50-day SMA, the SOL/USDT pair could rise to $235 and then to $247.
Conversely, if the price decreases and breaks below the 20-day EMA, this will signal that the bears are still selling during minor recoveries. This pair could drop to the support level, where buyers are expected to intervene.
Technical Analysis of DOGE
Dogecoin (DOGE) closed above the 50-day SMA ($0.38) on January 4, indicating that selling pressure is decreasing.
Daily DOGE/USDT Chart | Source: TradingView
The bears attempted to pull the price back below the 50-day SMA on January 5, but the bulls held firm. If buyers push the price above $0.40, the DOGE/USDT pair could rise to $0.43 and then to $0.48.
Conversely, if the price reverses and drops below the 50-day SMA, this will imply that the bulls are taking profits. At that point, the pair may slide down to the 20-day EMA ($0.35) and signal a potential accumulation range between $0.30 and $0.43.
Technical Analysis of ADA
The recovery momentum of Cardano (ADA) is facing resistance near $1.12, but the positive signal is that the bulls have not yet relinquished control to the bears.
Daily ADA/USDT Chart | Source: TradingView
Both moving averages are pointing upward, and the RSI is above 62, indicating that the dominant trend is upward. If buyers push the price above $1.12, the ADA/USDT pair could surge to $1.20. The bears are expected to defend the $1.20 level, but if the bulls overcome the resistance, the momentum could extend to $1.32.
Conversely, if the price breaks below $1.05, this will indicate that the bulls are losing control. After that, this pair could drop to the moving average.
Technical Analysis of AVAX
Avalanche (AVAX) broke out above the 50-day SMA ($43.23) on January 6, indicating that the bulls are trying to re-enter the market.
Daily AVAX/USDT Chart | Source: TradingView
This recovery is expected to face resistance in the range from the 50% Fibonacci retracement level at $44.70 to the 61.8% Fib retracement level at $47.31. If the price drops from the high resistance range, the AVAX/USDT pair could fall to the 20-day EMA ($40.97). A strong bounce from the 20-day EMA would signal a shift in sentiment from selling on the rise to buying on the dip.
If the bears want to stop the uptrend, they need to quickly pull the price below the 20-day EMA. If successful, this pair may risk dropping to $35.
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