Bitcoin reached a new all-time high of $109,588 on Jan. 20, following a surge in the DeFi betting market. The recent launch of Trump-related memecoins has generated excitement, though volatility remains high in the market. In S&P 500 Index analysis, a strong reversal indicates a potential bear trap, with sellers poised to defend resistance around 6,050 to 6,100. The US Dollar Index shows signs of weakening bullish momentum as it tests key support levels. Bitcoin's price dynamics suggest further upward movement could lead to $126,706, but failure to hold above $108,353 may trigger a pullback. For altcoins, Ether faces selling pressure near $3,537, while XRP is attempting to establish support around $2.91. BNB is trapped between resistance and an uptrend line, while Solana is exhibiting high volatility. Dogecoin is navigating within an ascending channel, indicating a technical battle, and Cardano remains undecided within a symmetrical triangle. Chainlink is showing positive sentiment as it retests overhead resistance. Investors are advised to proceed with caution due to the volatile landscape of the cryptocurrency market.

Source 🔗