Price analysis 1/06: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, AVAX – Cointelegraph

Bitcoin (BTC) will exceed $100,000 for the first time in 2025. Continued purchases by the largest Bitcoin holders may have boosted prices. MicroStrategy disclosed on January 6 that it purchased 1,070 Bitcoins between December 30 and 31, 2024 for $101 million at an average price of $94,004. With the latest purchase, the company's holdings increased to 447,470 Bitcoin.

Metalplanet CEO Simon Gerovich said in a post on X that the company plans to increase its Bitcoin holdings from 1,762 to 10,000 in 2025.

Cryptocurrency investment products also saw buying during the first three days of this year. According to a report by CoinShares, inflows in 2025 will reach $585 million, and the massive inflow of $44 billion in 2024 will grow even further.

Analysts are bullish on the long term, but it's unclear whether Bitcoin will skyrocket in the short term. Markus Thielen, founder of 10x Research, said in a report on January 5 that Bitcoin could end January in the $97,000 to $98,000 range.

If Bitcoin rises above $100,000, could altcoins also rise? Let's analyze the chart to find out.

S&P 500 Index Price Analysis

The S&P 500 Index (SPX) rebounded from the neckline of the head-and-shoulders pattern on January 3rd, and bulls pushed the price above the moving average on January 6th.

The 20-day exponential moving average (5,967) is flat and the Relative Strength Index (RSI) has risen into positive territory, indicating that selling pressure is easing. Buyers will try to push the price up to 6,050 and then 6,100. Sellers are expected to fiercely defend the 6,050-6,100 zone, but if the bulls prevail, the index could surge towards 6,347.

For the bears to gain the upper hand, the price would need to fall below the moving average. The index could then retest the neckline.

US dollar index price analysis

The US dollar index (DXY) rose to 109.53 on January 2nd, but bulls are finding it difficult to sustain the high level.

The bears have pushed the price up to the 20-day EMA (107.77), which is an important support to note. A sustained rebound from the 20-day EMA would indicate demand at lower levels. After that, the bulls will try to push the price to $111.

Alternatively, a break and close below the 20-day EMA indicates buyers rushing for the exit. This could lead to a deeper correction to the 50-day simple moving average (106.42).

Bitcoin price analysis

Bitcoin broke through the key resistance level at $100,000, indicating that the bulls are back in the game.

If the price sustains above $100,000, the BTC/USDT pair could accelerate towards an all-time high of $108,353. This level could see strong selling by the bears, but if the bulls maintain pressure, the pair could resume its uptrend. The next upside target is $126,706.

On the other hand, if the price fails to sustain above $100,000, it would indicate that the breakout may have been a bullish trap. The bears will need the price to fall below the moving average to pave the way for a decline to $90,000.

Ether price analysis

Ether (ETH) closed above $3,555 on January 3, completing a bullish ascending triangle formation.

The 20-day EMA ($3,529) has started to turn higher and the RSI is in positive territory, indicating that the bulls are in control. The pattern target for a breakout from an ascending triangle is $3,894.

The seller may have other plans. They will try to bring the price back below $3,555. That could leave aggressive short-term bulls in a trap. If this happens, the ETH/USDT pair may sink to the uptrend line.

XRP price analysis

XRP (XRP) is facing bearish selling at the resistance line, but the bulls are not allowing the price to fall below the 20-day EMA ($2.29).

This increases the chance of breaking above the resistance line. If this happens, the XRP/USDT pair could rise to $1.73 and eventually $2.91. Sellers are expected to fiercely defend the $2.91 level.

Time is running out for the bears. The price will need to fall below the 20-day EMA to keep the pair inside the triangle for a little while longer. The bears will take control on the break and fall below the support line.

BNB price analysis

BNB (BNB) is still wedged between the 20-day EMA ($703) and the overhead resistance at $722, indicating an uphill battle between bulls and bears.

A gradually rising 20-day EMA and RSI just above the midpoint give buyers a slight advantage. Tight consolidation is usually followed by increased volatility. If the price moves above $722, the BNB/USDT pair could gain momentum and rally towards $794.

Conversely, a decline below the 20-day EMA would signal that the bulls have given up. The 50-day SMA ($685) may act as support, but a breakout is likely. After that, the pair could fall towards $635.

Solana price analysis

Solana (SOL) has broken above the 50-day SMA ($219), indicating that the bulls are attempting to extend the recovery.

The 20-day EMA ($205) is rising and the RSI is in positive territory, indicating that buyers have an advantage. If the price rises above the 50-day SMA, the SOL/USDT pair could rise to $235 and then $247.

If, contrary to this assumption, the price declines below the 20-day EMA, it would indicate that the bears remain sellers on the upswing. It could fall to the support line where buyers are expected to intervene.

Related: XRP price chart “bullish flag” targets $15 amid increasing open interest

Dogecoin price analysis

Dogecoin (DOGE) rose on January 4th and closed above its 50-day SMA ($0.38), indicating that selling pressure is waning.

The bears tried to push the price back below the 50-day SMA on January 5, but the bulls held back. If buyers increase the price above $0.40, the DOGE/USDT pair could rise to $0.43 and then $0.48.

Rather, if the price declines and dips below the 50-day SMA, it would signal profit-taking by the bulls. After that, the pair is likely to slide to the 20-day EMA ($0.35). This suggests a possible consolidation between $0.30 and $0.43.

Cardano price analysis

Cardano (ADA)’s recovery faces resistance near $1.12, but the positive sign is that the bulls are not ceding ground to the bears.

Both moving averages are rising and the RSI is above 62. This indicates that the path of least resistance is upward. If buyers push the price above $1.12, the ADA/USDT pair could jump to $1.20. The bears are expected to defend the $1.20 level, but if the bulls break through the resistance, the rally could reach $1.32.

Alternatively, a break below $1.05 would signal that the bulls are losing control. After that, the pair may fall to the moving average.

Avalanche price analysis

Avalanche (AVAX) broke above its 50-day SMA ($43.23) on January 6th, indicating that the bulls are attempting a comeback.

The relief rally is likely to face resistance in the zone between the 50% Fibonacci retracement level at $44.70 and the 61.8% retracement level at $47.31. If the price turns down from the overhead zone, the AVAX/USDT pair could fall to the 20-day EMA ($40.97). A strong rebound from the 20-day EMA would indicate a change in sentiment from selling on the uptrend to buying on the downtrend.

If the bears want to arrest the rally, they will need to quickly push the price below the 20-day EMA. If this happens, the pair risks falling to $35.