Bitcoin Eyes $100,000 as XRP Recovery Falters and Shiba Inu Faces Death Cross

Following a brief decline, Bitcoin is currently showing a moderate recovery at around $96,934. Since Bitcoin is consolidating close to important support levels

Bitcoin price analysis for Feb. 10

Bitcoin price shows a moderate recovery from the recent decline, currently trading at around $96,934 with market sentiment still cautiously optimistic as BTC consolidates around key support levels. Will Bitcoin be able to clock $100,000? The question remains.

Bitcoin price is showing a recent attempt to retest the $98,000 resistance level, with the 50-day EMA currently at $98,665. A successful breakout above this level could initiate a bullish push, targeting the psychological resistance at $100,000.

However, failure to reclaim $98,000 may lead Bitcoin to pivot back toward the $93,300 price point, where the 200-day EMA is currently providing strong support. With Bitcoin’s ability to maintain above the $90,000 level, the overall trend remains bullish, albeit with decreasing momentum.

The RSI indicator suggests that Bitcoin could be poised for further sideways movement before making a clear breakout, as it is positioned neither in overbought nor oversold territory. If Bitcoin manages to maintain support above $95,000 and volume picks up, a push toward the $100,000 price point seems likely.

On the other hand, a decline below $93,000 could potentially invalidate the bullish setup, leaving Bitcoin vulnerable to further downside risks toward the $85,000 zone. While the broader market trend is still positive, Bitcoin needs to convincingly clock $98,000 before attempting to reach six figures.

XRP recovery not enough

After bouncing off the crucial support at $2.18, XRP price shows a moderate recovery and is currently trading around $2.45. While this upward trend may seem encouraging, a closer analysis of the on-chain data raises questions about the sustainability of this recovery.

Recently, XRP encountered a significant decline from its local peak of $3.20, dropping to $2.18 before recovering some ground. The next major resistance is at $2.69, while the 50-day EMA currently serves as short-term support at the price of $2.43. A clear breakout above this level would indicate stronger momentum for XRP, potentially leading to another attempt at the $3.00 price point.

If XRP fails to maintain its current level, it could pivot toward the next significant support, which is at $1.65 and is bolstered by the 200-day EMA. This scenario is likely to occur if the broader market sentiment shifts toward pessimism.

A key concern for XRP is the evident decline in network activity. The data provided by IntoTheBlock shows that the number of executed transactions has drastically decreased, reaching only 693,898 on Feb. 9, 2025. This indicates a waning interest from traders, casting doubt on the recent price rebound.

Typically, strong on-chain activity is essential for a sustainable rally, but the decreasing transaction volume suggests that XRP might not have the support it needs for the long haul.

Shiba Inu threatened by death cross

Adding to the woes, Shiba Inu now faces the prospect of a death cross, which worsens the situation as the token struggles to recover from the recent decline. A death cross, when the 50 EMA drops below the 200 EMA, usually indicates a prolonged bearish trend. While technical indicators don’t show it strongly just yet, SHIB is currently attempting to recover from its recent low of $0.00001616.

Over the past few weeks, SHIB’s price has gradually declined, significantly drifting from its recent peak at $0.00002200. After already falling below key moving averages, the 100 EMA is now acting as resistance. If SHIB fails to clock $0.00001850, the token may continue to face bearish pressure.

Moreover, if SHIB fails to rise above the 200 EMA, currently at $0.00002042, the chances of a death cross increase. This pattern has historically led to prolonged declines for several assets, presenting a crucial juncture for SHIB.

To prevent a steeper decline, SHIB needs to continue rising and clock the 50 EMA. A strong recovery could shift the momentum back in favor of the bulls.

Clocking $0.00001850 could indicate a potential trend reversal, while SHIB falling below $0.00001500 could confirm further downside. Keeping an eye on trading volume is also crucial, as low volume may indicate a lack of buying support for a genuine recovery.