The inauguration of a pro-cryptocurrency US president marks a new phase for digital currencies like Bitcoin and Ethereum.
Bitcoin Defends the 100K Threshold
Bitcoin (BTC) started the week on a financial rollercoaster. After a 10.6% jump to $106,000, the BTC price retreated to the crucial $100,000 threshold. The recent breakout of the descending triangle and Ichimoku support indicates a potential bullish rally. Analysts remain cautious, but technical indicators like RSI and MACD confirm the positive trend. However, if BTC falls below $100,000, it might drop to $90,000.
Ethereum and Ripple Seek Stability
While Bitcoin dominates, Ethereum (ETH) and Ripple (XRP) fight for survival at critical support levels. Ethereum tests its 200-day EMA at $3,125, and Ripple shows strength at $3.13. It is crucial to prevent a drop below key psychological levels like $3,000 for ETH and $1.96 for XRP.
Optimistic Outlook for Cryptocurrencies
Despite fluctuations, the prospects for digital currencies remain optimistic. Over the past week, XRP increased by 30.48%, ETH reached +4.8% after testing $3,125, and Bitcoin rose from $88K to $109K in a matter of days, indicating the market's dynamism for altcoins.
Presidential support could accelerate institutional adoption of Bitcoin, Ethereum, and other cryptocurrencies, unfolding new strengthening opportunities in the market.
