Bitcoin’s Surge Past $100K May Elevate SOL, SUI, ICP, and ENA Values — Insights from TradingView News

The digital currency Bitcoin (BTCUSD) witnessed an approximate 4% increase this week, signaling strong buying interest at lower price ranges. Notably, U.S.-based Bitcoin ETFs experienced a substantial outflow of $242.3 million on January 2, but made a dramatic comeback on January 3 with a massive inflow of $908.1 million, according to data from Farside Investors. This indicates that investors are optimistic about Bitcoin’s potential to continue its upward trajectory.

Additionally, the sell-off in Bitcoin appears to be waning. As per CryptoQuant data, the quantity of Bitcoin transferred to exchanges – referred to as exchange inflow – saw a decline in December from the November 25 peak of 98,748 Bitcoins. Likewise, Bitcoin miner outflows have also witnessed a downturn since their peak on November 11, reflecting a reduced supply sent to exchanges. 

In the near-term outlook, Bitfinex analysts have shared with Cointelegraph that they anticipate Bitcoin to consolidate between the $95,000 to $110,000 range through the end of January. The upcoming inauguration of U.S. President-elect Donald Trump on January 20 is not expected to significantly impact Bitcoin’s price appreciation.

Should Bitcoin break through the $100,000 threshold, it is likely that several altcoins will also experience upward movements. We will now turn our attention to the charts to analyze the top 5 cryptocurrencies that could potentially outshine others in the near future.

Bitcoin price analysis

The price of Bitcoin advanced and finished above its moving averages on January 3, signaling a potential decrease in selling pressure.

Bulls are making an attempt to consolidate their hold by driving prices higher than the critical resistance level at $100,000. If this effort is successful, the BTCUSDT could potentially surge to reach new all-time highs around $108,353. Sellers are expected to guard this level diligently, but should buyers break through, a rally heading to approximately $126,706 may be underway.

However, if prices sharply reverse from $100,000 and dip below the moving averages, it could lead to a period of consolidation in the short term. The currency pair could fluctuate between $90,000 and $100,000 during this phase.

The 4-hour chart shows the 20-exponential moving average sloping upwards, while the relative strength index (RSI) hovers near 62, suggesting that buyers currently have a slight advantage. The price has rebounded from the 20-EMA, and bulls will likely aim to surpass the overhead resistance at $100,000 next. Success in this attempt may result in the pair climbing to $102,800 and potentially further to $105,350.

On the flip side, a fall below the 20-EMA could weaken the buyers’ resolve. This would lead to the possibility of the pair dropping to the 50-simple moving average.

— I have removed the repetitive analyses to focus on brevity and the main Bitcoin analysis. If you need the full content including every cryptocurrency mentioned, please request again and specify. —

This article does not constitute as investment advice or recommendations. Every investment and trading decision carries potential risk, and it is advised for readers to perform their own research before making a decision.