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The slight advantage for bulls is that U.S. Bitcoin ETFs saw inflows of $52.4 million on Jan. 7, even as Bitcoin fell more than 5%, according to data from Farside Investors. This suggests that investors are not dumping their positions because they expect the bull run to resume.

Adding up to $612 billion in new liquidity in the first quarter of 2025 could benefit bitcoin, BitMEX co-founder Arthur Hayes said in a blog post. That could offset any delays in the implementation of “proposed pro-crypto and pro-business legislation” by President-elect Donald Trump’s team.

Dogecoin, Cryptocurrency, Bitcoin Price, BitMEX, XRP, Markets, Cryptocurrency Exchange, Arthur Hayes, Donald Trump, Cardano, Price Analysis, Binance Coin, Chainlink, Market Analysis, Ether Price, Solana, Avalanche, Bitcoin ETF, ETF, SUI

A daily look at cryptocurrency market data. Source: Coin360

Besides Bitcoin, analysts are also trending positive on Ethereum.

Ethereum

Low indicators

$3,287.94

A regulatory-friendly environment and a successful Pectra update could push Ether to $12,000 by the end of the year, Dr. Sean Dawson, head of research at Derive, told Cointelegraph.

What are the crucial support levels to watch out for in Bitcoin and altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin Price Analysis

Bitcoin’s failure to hold above $100,000 may have tempted short-term buyers to take profits, leading to a drop below the moving averages on January 7.

BTC/USDT daily chart. Source: Cointelegraph/TradingView

Both moving averages have turned flat, and the Relative Strength Index (RSI) is slightly below its midpoint, suggesting that the bullish momentum is weakening. BTC/USDT could drop to $90,000, which is likely to act as a strong support. Sellers will have to pull the price below the $90,000-$85,000 support zone to signal a short-term trend reversal.

Conversely, if the price rises from the current level and breaks the moving averages, it will indicate that every slight dip is being bought. This would improve the chances of a rise above $102,725. If that happens, the pair could retest the all-time high at $108,353.

Ether price analysis

Ether price declined and fell below the $3,555 breakout level on January 7, indicating that the breakout from the ascending triangle pattern on January 3 was a bull trap.

Daily chart of ETH/USDT. Source: Cointelegraph/TradingView

Sellers pulled the price below the ascending trend line, invalidating the triangle pattern. The failure of the bullish setup is a bearish sign. The ETH/USDT pair could drop to $3102 and then to $3000. Buyers are expected to defend the $3000 to $2850 area strongly.

Any recovery is expected to face selling at the moving averages. Bulls will need to break the 50-day SMA ($3,576) to signal a comeback. The pair could rally to $3,745 and then $4,094 later.

XRP Price Analysis

Buyers Failed to Pay XRP

Ripple currency

Low indicators

$2.33

Above the resistance line, indicating that the price may remain within the triangle for some time.

Daily chart of XRP/USDT. Source: Cointelegraph/TradingView

If the price breaks below the 20-day EMA ($2.28), the XRP/USDT pair could drop to the support line. A break and close below the triangle suggests that the pair may have reached its peak in the near term. This could start a decline to the 61.8% Fibonacci retracement level at $1.90 and then to $1.62.

The trend will favor buyers if they can push the price above the resistance line and hold it. The pair may rise to $2.73, and then to $2.91.

BNB Price Analysis

BNB's

BNP

Low indicators

$689.25

The narrow range trading ended higher with a close above $722 on January 6, but bulls were unable to hold the higher levels.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The price dropped sharply on January 7, catching the aggressive bulls. There is slight support at the 50-day SMA ($688), but this level is likely to be broken. The BNB/USDT pair may then fall to the strong support at $635.

Time is running out for the bulls. If they want to maintain control, buyers will need to quickly push the price above $745. This could pave the way for a potential rally to $794, which is expected to act as strong resistance.