Bitcoin’s inability to consistently surpass the $100,000 market value raises concerns about a potential decline below $90,000.
On 27 December, Bitcoin (BTC) bulls attempted to initiate a recovery but encountered significant selling pressure at higher levels. On a brighter note, investors in the United States Bitcoin exchange-traded funds (ETFs) have resumed their buying activity. According to data from CoinGlass, spot ETFs registered net inflows of $475.2 million on 26 December, following four consecutive days of net outflows totalling $1.52 billion.
Despite this, not all analysts remain optimistic about Bitcoin’s market prospects. Chartered Market Technician Aksel Kibar noted on X that Bitcoin appears to be forming a bearish head-and-shoulders (H&S) pattern. If this pattern is completed, it could lead to a potential decline towards $80,000.
As Bitcoin stalls, some analysts seem to be gravitating toward altcoins. They believe altcoins offer a better risk-to-reward opportunity than Bitcoin at current levels. They anticipate altcoins to outperform in 2025.
What are the support levels on Bitcoin and altcoins that could attract buying? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin (BTC) Market Analysis
Bitcoin has slipped below the 50-day simple moving average ($95,406), signalling that the bears are trying to gain the upper hand.
If the price closes below the 50-day SMA, the BTC/USDT pair could plummet to solid support at $90,000. Buyers are expected to vigorously defend the $90,000 level because if the support gives way, the pair may drop to $85,000 and subsequently to $73,777.
On the upside, the bulls will have to push and retain the price above the $100,000 level to seize control. The pair could then rally to the all-time high of $108,353, where the bears are expected to step in.
Ether (ETH) Market Analysis
Ether turned down the 20-day EMA ($3,540) on Dec. 25, and the bears thwarted a recovery attempt on Dec. 27.
The ETH/USDT pair could decline to the immediate support at $3,200. This is crucial near-term support to watch out for because if it cracks, the pair could descend to $3,000 and eventually to $2,850. Buyers are expected to fiercely defend the $3,000 to $2,850 zone.
The bulls will have to drive and maintain the price above the 20-day EMA to suggest that the selling pressure is reducing. The pair is likely to pick up momentum above $3,555 and rally toward the formidable resistance at $4,094.
XRP Market Analysis
XRP closed below the 20-day EMA ($2.23) on Dec. 26, suggesting a likely drop to the support line.
The XRP/USDT pair is expected to trade between the support and resistance lines of the symmetrical triangle pattern for some time. The flat 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears.
The next trending move is likely to begin after the price breaks above or below the triangle. A breakout of the resistance line could propel the pair to $2.91, while a break below the support line will suggest that the pair may have topped out in the short term. The pair may then decline to $1.62.
BNB Price Analysis
BNB tried to break out of the $722 overhead resistance on Dec. 27, but the bears held their ground.
Repeated failure to rise above $722 increases the possibility of a break below the 20-day EMA ($689). If that happens, the BNB/USDT pair could slide to the 50-day SMA ($668) and later to the solid support at $635. This level is expected to attract buying by the bulls, which could keep the pair range-bound between $635 and $722 for a while.
If the price rebounds off the 20-day EMA, the bulls will again attempt to push the pair above $722. If they succeed, the pair may rise to $760 and thereafter to the solid resistance at $794.
Solana (SOL) Price Analysis
Solana turned down from the 20-day EMA ($203) on Dec. 25, indicating that the sentiment remains negative.
The SOL/USDT pair could fall to the uptrend line, which is an important level to watch out for. If the support cracks, it will signal that the bears remain in control. The pair may decline to $155, which may attract buyers.
This negative view will be invalidated in the near term if the price bounces off the uptrend line and breaks above the 20-day EMA. The pair may then attempt a rally to the 50-day SMA ($221).
Dogecoin (DOGE) Price Analysis
Dogecoin’s relief rally could not even reach the 20-day EMA ($0.35), indicating that the bears are selling on every minor rise.
There is minor support at $0.30, but if the level breaks down, the DOGE/USDT pair could plunge to the 61.8% Fibonacci retracement level of $0.27. Buyers are likely to defend the $0.27 to $0.23 zone.
If buyers want to prevent the downside, they must push and maintain the price above the moving averages. If they do that, it will suggest that the correction may be over. The pair could then climb to $0.43.
Cardano (ADA) Price Analysis
Cardano’s relief rally turned down from the neckline of the H&S pattern, signalling that the bears are not ready to let go of the advantage.
The bulls are likely to defend the $0.80 level with vigour. If the price rebounds off $0.80 and breaks above the 20-day EMA ($0.96), it will suggest that the correction may be over. A rally above $1 could trap the aggressive bears, opening the doors for a short-covering rally to $1.20.
Contrary to this assumption, if the price continues lower and breaks below $0.76, it will signal the resumption of the downward move. The AVAX/USDT pair may then descend toward the pattern target of $0.50.
Avalanche (AVAX) Price Analysis
Avalanche’s recovery faltered at the moving averages, indicating that the bears are selling on rallies.
The downsloping 20-day EMA ($42.11) and the RSI in the negative territory signal that bears are in control. There is support at $35.50 and again at $33.50. If the supports give way, the AVAX/USDT pair may slump to $30.50.
The first sign of strength will be a break and close above the 20-day EMA. That may start a recovery to the 50% Fibonacci retracement level of $44.70 and then to the 61.8% retracement level of $47.31.
Chainlink (LINK) Price Analysis
Chainlink turned down and broke below the $23 support on Dec. 26, indicating that the bears are maintaining their pressure.
The 20-day EMA ($23.89) has started to turn down gradually, and the RSI is just below the midpoint, signalling a slight advantage to the bears. The LINK/USDT pair will likely drop to solid support at $20. Buyers are expected to defend this level with all their might because a break below it will complete a bearish H&S pattern. If that happens, the pair may decline to $16.
To regain control, buyers will have to drive and maintain the price above $27.50. A rally to $31 will then be possible.
Toncoin (TON) Price Analysis
Toncoin’s rebound is facing selling at the moving averages, indicating selling by the bears at higher levels.
The flattening 20-day EMA ($5.84) and the RSI just below the midpoint indicate a balance between supply and demand. This increases the possibility of a range-bound action in the near term.
If buyers drive the price above $6.10, the TON/USDT pair could rally to $6.50 and later to $7. Sellers are expected to mount a strong defence at $7. That could keep the price action stuck between $7 and $4.72 for some time.
