Bitcoin (BTC) Price Struggles to Maintain Position Above $95000, While Ethereum (ETH) and XRP Attempt to Recover

The crypto market is witnessing a fierce showdown between Bitcoin bulls and bears, as BTC struggles to maintain its position above the $95000 mark.

Bitcoin’s recent rally was halted as it encountered strong selling pressure at the 20-day exponential moving average (EMA) of $98,441. This, coupled with the January Consumer Price Index (CPI) data showing a higher-than-expected inflation rate, caused BTC to drop to $94,000. The inflation numbers came in at 0.5% for the month and 3% year-over-year, which beat economists’ projections and dampened hopes for a rate cut by the Federal Reserve. However, Bitcoin’s quick recovery above the $95,000 mark signals resilience among buyers.

Meanwhile, Bitcoin has been consolidating within a range, bounded by the 20-day EMA from above and $90,000 below, for several weeks now. This consolidation has left traders anticipating the next directional move. The downsloping 20-day EMA and a relative strength index (RSI) in the negative territory suggest a slight bearish advantage. If BTC falls below the lower boundary of the range at $94,000, a further dip to $90,000 is likely, with strong buying expected in the $85,000–$90,000 zone.

On the other hand, a breakout above the moving averages could propel BTC towards $102,500 and $106,500. Analysts are optimistic about Bitcoin following gold’s recent bullish surge, with Capriole Investments’ Charles Edwards stating that BTC historically mirrors or outperforms gold within three to six months.

Ethereum (ETH) is attempting to establish a higher low at $2,500, but resistance at $2,850 could hinder its recovery. If the price fails to sustain above this level, ETH may drop to $2,350 and further to $2,250. A break above $2,850, however, could fuel a rally toward the 50-day simple moving average (SMA) at $3,193.

XRP has been hovering below its moving averages since February 4, with strong support at $2.26. A drop below this level could drive prices to $1.90, while a break above resistance may pave the way for a surge to $2.91.

Solana’s recovery from $175 met resistance at the 20-day EMA of $208, indicating bearish dominance. A move below $187 could send SOL towards $175. To regain bullish momentum, SOL must break above its moving averages and push toward $220.

BNB’s recent surge above its 20-day EMA at $635 signals strong buying interest. The next hurdle is the 50-day SMA at $675, and a breakout could send prices soaring to $725. A downside break below $596, however, could drive BNB down to $557.

Dogecoin is struggling within a descending channel pattern, with key support at $0.23. The 20-day EMA at $0.28 remains a major barrier. A drop below $0.23 could lead to $0.20, while a breakout above resistance might take DOGE to $0.32.

Cardano buyers are pushing to reclaim $0.80, with resistance at the 20-day EMA of $0.81. If ADA stays above this level, a move to $0.92 is possible. However, a failure to hold support may result in a dip to $0.50.

Chainlink has been trading below $19.25, but bears have struggled to extend losses. If LINK surpasses its moving averages, it could rally higher. A downside break below $17.44, however, could trigger a decline to $15.40.

Avalanche’s downtrend finds support at $22.35, but strong selling at the 20-day EMA of $28.82 poses a challenge. A breakout above this level could push AVAX towards $34.70, while a drop below $22.35 may send prices tumbling to $17.50.

Sui’s bounce from $2.86 was met with selling at the 20-day EMA of $3.55. If SUI fails to break this resistance, a drop back to $2.86 and possibly $2.39 could occur. A successful move above $3.55 may trigger a rally to $4.20.

As Bitcoin hovers near critical levels, the broader crypto market remains at a crossroads. With institutional investors increasing their exposure and market sentiment shifting, BTC’