Crypto: Price Predictions 1/28: Btc, Eth, Bnb, Xrp, Sol, Doge, Ada, Bch,...

Bitcoin rallied above $90,000 as the US dollar index weakened, gold hit new highs and traders positioned ahead of today’s FOMC. Will a rate cut or pause extend the BTC and altcoin rally?

Bitcoin is facing resistance at $90,500, but a positive sign is that the bulls have kept up the pressure.

Several major altcoins are attempting to start a recovery, but are expected to face selling at higher levels.

Sellers are attempting to maintain Bitcoin (BTC) below the $90,500 level, but the bulls continue to exert pressure. Fundstrat managing partner Tom Lee said on CNBC that cryptocurrencies should rise on a weaker dollar, but traders have responded by continuing to pile into gold and silver. Lee suggested that crypto is likely to catch up after the gold and silver rally takes a break.

Market intelligence platform Santiment said in a post on X that social media witnessed more discussions about silver and gold compared to cryptocurrencies on most days of this month. The analysts added that retail traders seem to be open to jumping sectors “based on wherever the latest pumps appear.”

However, a positive sign in favor of the bulls is that February has seen only three negative monthly losses since 2013 and a median rise of 12.21%, according to Coinglass data. If history repeats, BTC may rally in February.

Could buyers push BTC and the major altcoins above their resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

BTC’s relief rally has reached the moving averages, where the bears are expected to pose a strong challenge.

If the price turns down from the moving averages, the BTC/USDT pair may drop to the $84,000 support. Buyers are expected to defend the $84,000 level with all their might, as a close below it may sink the Bitcoin price to $80,600 and eventually to the formidable support at $74,508.

On the upside, a break and close above the moving averages opens the gates for a rally to the $94,789 to $97,924 resistance zone. A close above the resistance zone signals that the corrective phase may be over.

Source: CoinTelegraph