KEY HIGHLIGHTS
- Bitcoin Climbs to $96K Ahead of Inflation Data
- Ethereum Pushes Toward Resistance, Recovery Remains Uncertain
- XRP Gains Amid Buying Pressure and SEC Delay
- Cardano Struggles Below $1, Faces Recovery Challenges
INTRODUCTION
Cryptocurrency markets display mixed momentum as Bitcoin climbs to $96,000, spurred by cautious trading ahead of the U.S. inflation data. Ethereum struggles to break resistance levels but shows signs of recovery, while other altcoins exhibit varied performance. This article examines Bitcoin’s resurgence, Ethereum’s resistance battle, and updates on XRP and Cardano within the broader crypto market landscape.
Bitcoin Climbs to $96K Amid Cautious Trading
Bitcoin Market Overview
Bitcoin rebounded strongly on Tuesday, climbing to $96,000 after a period of subdued performance. Investors adopted a cautious stance ahead of Wednesday’s U.S. Consumer Price Index (CPI) release, which could influence Federal Reserve interest rate strategies.
On Monday, Bitcoin’s price dipped to a session low of $89,664.8 before dip buyers entered the market, pushing prices higher. The market’s sensitivity to inflation data stems from the Federal Reserve’s December outlook, which signaled fewer interest rate cuts in 2025. Strong economic indicators, such as December’s robust jobs report, have also raised expectations of prolonged monetary tightening.
Technical Analysis
- Moving Averages (Exponential):
- MA 10: 95,545.33 – Positive crossover – Bullish
- MA 20: 96,006.16 – Positive crossover – Bullish
- MA 50: 94,426.66 – Positive crossover – Bullish
- Relative Strength Index (RSI): 50.87 – Neutral zone
- Stochastic Oscillator: 40.15 – Neutral zone
- Resistance Levels: R1: $104,116.43 | R2: $108,119.49
- Support Levels: S1: $91,157.35 | S2: $87,154.29
Trade Suggestion:
- Limit Buy: $95,110
- Take Profit: $99,859
- Stop Loss: $92,465
Market Sentiment: Bullish
Ethereum Pushes Toward Resistance Amid Recovery Efforts
Ethereum Market Overview
Ethereum has initiated a minor recovery, climbing from a low of $2,920. However, it faces significant resistance near $3,250. The price failed to sustain levels above $3,250, leading to extended losses and a dip below $3,000. As Ethereum attempts a recovery, traders remain cautious of further declines should resistance levels persist.
If Ethereum struggles to surpass $3,250, a potential drop to key support levels at $3,120 and $3,050 may occur. A sustained break below $3,050 could pave the way for a retest of the $2,920 support zone.
Technical Analysis
- Moving Averages (Exponential):
- MA 10: 3,304.37 – Negative crossover – Bearish
- MA 20: 3,376.99 – Negative crossover – Bearish
- MA 50: 3,398.44 – Negative crossover – Bearish
- Relative Strength Index (RSI): 42.11 – Neutral zone
- Stochastic Oscillator: 27.01 – Sell zone
- Resistance Levels: R1: $3,898.17 | R2: $4,136.60
- Support Levels: S1: $3,126.31 | S2: $2,887.88
Trade Suggestion:
- Limit Sell: $3,305.40
- Take Profit: $2,975.50
- Stop Loss: $3,518.50
Market Sentiment: Bearish
XRP Gains Amid Legal Updates and Strong Buying Pressure
Ripple’s XRP remains resilient despite broader market declines, gaining over 4% in the past week. Strong buying pressure from retail and institutional investors, coupled with delays in the SEC’s appeal process, has supported the price. Legal experts note that delays in the SEC filing are typical and not indicative of case outcomes.
Technical Analysis
- Moving Averages (Exponential):
- MA 10: 2.4473 – Positive crossover – Bullish
- MA 20: 2.3789 – Positive crossover – Bullish
- MA 50: 2.1287 – Positive crossover – Bullish
- Relative Strength Index (RSI): 61.23 – Buy zone
- Stochastic Oscillator: 88.36 – Buy zone
- Resistance Levels: R1: $2.6832 | R2: $2.9325
- Support Levels: S1: $1.8759 | S2: $1.6266
Trade Suggestion:
- Limit Buy: $2.45
- Take Profit: $2.72
- Stop Loss: $2.32
Market Sentiment: Bullish
Cardano Faces Pressure Below Key Levels
Cardano (ADA) has struggled to recover after falling below the $0.98 mark. Following broader market trends, ADA tested support levels below $0.95 and briefly dipped under $0.90. As Cardano consolidates, traders are cautious about its ability to recover above $1.00.
Technical Analysis
- Moving Averages (Exponential):
- MA 10: 0.9701 – Positive crossover – Bullish
- MA 20: 0.9697 – Positive crossover – Bullish
- MA 50: 0.9301 – Positive crossover – Bullish
- Relative Strength Index (RSI): 51.57 – Neutral zone
- Stochastic Oscillator: 41.22 – Neutral zone
- Resistance Levels: R1: $1.1938 | R2: $1.3272
- Support Levels: S1: $0.7622 | S2: $0.6288
Trade Suggestion:
- Limit Buy: $1.00
- Take Profit: $1.15
- Stop Loss: $0.926
Market Sentiment: Bullish
Elsewhere in the Crypto Market
Bitcoin rose 2.48% to $96,852, while Ethereum gained 3.48%, reaching $3,246.2. Other notable movements include:
- Litecoin: Up 2.52% at $100.17
- Solana: Up 4.35% at $190.13
- Dogecoin: Up 4.22% at $0.35
Key Economic Events to Watch Today
- AUD Building Approvals (Nov): Forecast – 3.6%, Previous 4.2% at 06:00
- CHF PPI (MoM): Previous – 0.6% at 13:00
- USD PPI (MoM) (Dec): Forecast 0.4%, Previous 0.4% at 19:00
Conclusion
Bitcoin’s climb to $96,000 and Ethereum’s battle with resistance reflect a cautious but optimistic sentiment in cryptocurrency markets ahead of key economic data. With legal developments boosting XRP and Cardano’s recovery attempts underway, the crypto landscape remains dynamic. Stay tuned for updates on market movements and economic releases impacting the sector.