 Price analysis 1/06: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, AVAX 
2025-01-07
Category: None

Bitcoin BTCUSD has risen above $100,000 for the first time in 2025. Continued buying by the biggest corporate Bitcoin holder may have boosted sentiment. MicroStrategy revealed on Jan. 6 that it bought 1,070 Bitcoin on Dec. 30–31, 2024, for $101 million at an average price of $94,004. The latest purchase increased the firm’s holding to 447,470 Bitcoin.
Metalplanet CEO Simon Gerovich said in a post on X that the firm plans to increase its Bitcoin holdings from 1,762 to 10,000 in 2025.
Buying was also seen in cryptocurrency investment products in the first three days of the year. CoinShares report shows $585 million in inflows in 2025, extending the massive $44 billion inflows in 2024.
While analysts are bullish for the long term, they are uncertain about a sharp move in Bitcoin in the near term. 10x Research’s founder Markus Thielen said in a Jan. 5 report that Bitcoin could end January in the $97,000 to $98,000 range.
Could Bitcoin’s rally above $100,000 pull altcoins higher? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) bounced off the neckline of the head-and-shoulders pattern on Jan. 3, and the bulls pushed the price above the moving averages on Jan. 6.
The 20-day exponential moving average (5,967) is flattening out, and the relative strength index (RSI) has risen into positive territory, indicating that the selling pressure is decreasing. Buyers will try to push the price to 6,050 and then to 6,100. Sellers are expected to fiercely defend the 6,050 to 6,100 zone, but if the bulls prevail, the index could surge toward 6,347. 
The bears will have to sink the price back below the moving averages to gain the upper hand. The index could then retest the neckline.
US dollar Index price analysis
The US dollar Index (DXY) rose to 109.53 on Jan. 2, but the bulls are finding it difficult to sustain the higher levels.
The bears pulled the price to the 20-day EMA (107.77), which is an important support to watch out for. If the rebound off the 20-day EMA sustains, it will signal demand at lower levels. The bulls will then try to push the price to 111.
Alternatively, a break and close below the 20-day EMA will signal that the buyers are rushing to the exit. That could deepen the correction to the 50-day simple moving average (106.42).
Bitcoin price analysis
Bitcoin has broken above the crucial resistance at $100,000, indicating that the bulls are back in the game.
If the price maintains above $100,000, the BTCUSDT pair could accelerate toward the all-time high of $108,353. This level may witness strong selling by the bears, but if the bulls maintain pressure, the pair may resume the uptrend. The next target on the upside is $126,706.
On the other hand, if the price fails to sustain above $100,000, it will signal that the breakout may have been a bull trap. The bears will have to sink the price below the moving averages to clear the path for a decline to $90,000.
Ether price analysis
Ether (ETH) broke and closed above $3,555 on Jan. 3, completing a bullish ascending triangle formation.
The 20-day EMA ($3,529) has started to turn up, and the RSI is in positive territory, indicating that the bulls are in the driver’s seat. The pattern target of the breakout from the ascending triangle is $3,894.
Sellers are likely to have other plans. They will try to pull the price back below $3,555. If they do that, the short-term aggressive bulls may get trapped. That could sink the ETHUSDT pair to the uptrend line.
XRP price analysis
XRP (XRP) is facing selling from the bears at the resistance line, but the bulls have not allowed the price to dip below the 20-day EMA ($2.29).
That increases the likelihood of a break above the resistance line. If that happens, the XRPUSDT pair could rally to $1.73 and eventually to $2.91. Sellers are expected to fiercely defend the $2.91 level.
Time is running out for the bears. They will have to pull the price below the 20-day EMA to keep the pair stuck inside the triangle for some more time. The bears will seize control on a break and close below the support line.
BNB price analysis
BNB (BNB) remains stuck between the 20-day EMA ($703) and the overhead resistance of $722, indicating a tough battle between the bulls and the bears.
The gradually rising 20-day EMA and the RSI just above the midpoint give a slight advantage to buyers. Usually, a tight consolidation is followed by increased volatility. If the price breaks above $722, the BNBUSDT pair could pick up momentum and rally toward $794.
On the contrary, a fall below the 20-day EMA will suggest that the bulls have given up. The 50-day SMA ($685) may act as support but is likely to be broken. The pair may then slump toward $635.
Solana price analysis
Solana (SOL) has broken out of the 50-day SMA ($219), indicating that the bulls are attempting to extend the recovery.
The upsloping 20-day EMA ($205) and the RSI in the positive territory indicate that buyers have an edge. If the price sustains above the 50-day SMA, the SOLUSDT pair could climb to $235 and then to $247.
Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will signal that bears remain sellers on rallies. The pair could descend to the support line, where buyers are expected to step in.
Dogecoin price analysis
Dogecoin (DOGE) rose and closed above the 50-day SMA ($0.38) on Jan. 4, signaling that the selling pressure is reducing.
The bears tried to pull the price back below the 50-day SMA on Jan. 5, but the bulls held their ground. If buyers drive the price above $0.40, the DOGEUSDT pair could rise to $0.43 and later to $0.48.
Instead, if the price turns down and breaks below the 50-day SMA, it will suggest profit-booking by the bulls. The pair may then slide to the 20-day EMA ($0.35). That will signal a possible consolidation between $0.30 and $0.43.
Cardano price analysis
Cardano’s (ADA) recovery is facing resistance near $1.12, but a positive sign is that the bulls have not ceded ground to the bears.
Both moving averages are sloping up, and the RSI is above 62, indicating that the path of least resistance is to the upside. If buyers drive the price above $1.12, the ADAUSDT pair could jump to $1.20. The bears are expected to defend the $1.20 level, but if the bulls pierce the resistance, the rally could reach $1.32.
Alternatively, a break below $1.05 will suggest that the bulls are losing their grip. The pair may then fall to the moving averages. 
Avalanche price analysis
Avalanche (AVAX) has broken out of the 50-day SMA ($43.23) on Jan. 6, 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 of $44.70 and the 61.8% retracement level of $47.31. If the price turns down from the overhead zone, the AVAXUSDT pair could drop to the 20-day EMA ($40.97). A strong bounce off the 20-day EMA will signal a change in sentiment from selling on rallies to buying on dips.
If bears want to prevent the upside, they will have to swiftly pull the price back below the 20-day EMA. If they do that, the pair risks falling to $35.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.