The Bitcoin (BTC) market is experiencing a strong recovery, with bulls maintaining pressure on the stiff overhead resistance at $100,000. Despite the relief rally on January 2 being met with profit booking by United States spot Bitcoin exchange-traded fund investors, the long-term view for BTC remains bullish.
According to Steno Research, 2025 is likely to be the best year for cryptocurrency markets, and BTC’s price is expected to continue its upward trend. However, the path to reaching $100,000 will not be easy, as resistance at this level is expected to be strong.
While BTC dominates the headlines, other altcoins are also experiencing significant price movements. Let’s take a look at some of the top performers:
Cardano (ADA)
Cardano has been one of the top gainers in recent days, with its price surging above $1.20 after breaking out of a head-and-shoulders pattern.
- The move above the neckline may have trapped aggressive bears who rushed to close their positions.
- Sellers are expected to defend the zone between $1.20 and $1.33.
- Moving averages are likely to act as strong support during pullbacks.
Avalanche (AVAX)
Avalanche has been experiencing a relief rally after turning up from the $35 support on January 1.
- The bears will attempt to sink the AVAX/USDT pair below the $35 to $33.50 support zone if they manage to drive the price down sharply from the 50-day SMA.
- On the contrary, if buyers drive the pair above the 50-day SMA, it will suggest that the correction may be over.
Dogecoin (DOGE)
Dogecoin’s consolidation between $0.30 and $0.35 resolved to the upside on January 3, indicating that the bulls are back in the game.
- Both moving averages are flattening out, pointing to a possible range-bound action in the near term.
- If bulls push the price above the 50-day SMA ($0.38), the DOGE/USDT pair could rally to $0.42.
Toncoin (TON)
Toncoin’s bulls are trying to start a recovery, which is expected to face stiff resistance at the moving averages.
- If the price turns down from the moving averages and breaks below $5.40, it will signal that the bears remain in control.
- Instead, if buyers drive the price above the moving averages, it will signal buying at lower levels.
Every investment and trading move involves risk, and readers should conduct their own research when making a decision. This article does not contain investment advice or recommendations.
The cryptocurrency market is highly volatile, and prices can change rapidly in response to various factors such as regulatory changes, security concerns, and market sentiment.
Investors should be aware of the risks involved and never invest more than they can afford to lose.
This article is for informational purposes only and should not be considered as investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.