The traditional gaming sector has long been tarnished with a reputation for bet fixing and manipulation. Enter Rollblock (), a web3-based solution that is poised to massively disrupt this $500 billion market with its blockchain-backed betting guarantee.

Rollblock takes each and every transaction and securely packs them up on the Ethereum blockchain, meaning that everything is fully above board and gamers have the tools to verify everything for themselves.

Recently added fiat on-ramps through a recently announced partnership with Apple Pay, Google Pay, and Mastercard. Deposits can be instantly converted into the native RBLK token, opening the door for exclusive holder benefits including VIP zones and staking rewards of up to 30%.

Its native token, RBLK is currently priced at $0.052. It has a hard cap of 1 billion tokens, so it cannot be printed out of thin air like the majority of crypto gaming tokens. Instead, its supply will in fact decrease over time thanks to a bullish revenue-sharing scheme. 

Each week, 30% of the platform’s profits are used to purchase RBLK, burning 60% of these coins to bring down the supply and distributing the remaining tokens to loyal stakers who can earn a generous yield of up to 30% on their bags.

• Bitcoin price hovers around $104,000 on Friday after bouncing off its 50-day EMA earlier this week.
• Ethereum price finds rejection around its descending trendline on Friday, hinting at a downleg ahead.
• Ripple price is sliding toward its ascending trendline support; a close below would lead to a further decline.

Bitcoin (BTC) price hovers around $104,000 on Friday after bouncing off from its 50-day Exponential Moving Average (EMA) of around 98,800 earlier this week. Ethereum (ETH) and Ripple (XRP) approach key resistance levels; if rejected, they could lead to a correction ahead.

Bitcoin price is poised for a downleg if it closes below the 50-day EMA

Bitcoin price found support around its 50-day Exponential Moving Average (EMA) at $98,845 on Monday and rose 2.69% on Thursday, closing above $104,700 on that day. At the time of writing on Friday, it hovers around $104,100.

If BTC breaks below $100,000 and closes below the 50-day EMA on a daily basis, it could extend the decline and test its next key support around $90,000.

The Relative Strength Index (RSI) indicator on the daily chart reads 57, above its neutral level of 50, but points downwards, indicating signs of weakness in bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) indicator converges, indicating indecisiveness among traders. If the MACD flips to a bearish crossover on a daily basis, it would give a sell signal and suggest a downtrend.

BTC/USDT daily chart

However, if BTC continues recovering, it could retest its January 20 all-time high of $109,588.

Ethereum price faces rejection around its descending trendline 

Ethereum price bounced off from its psychological importance level of $3,000 on Monday and rose 6.33% until Thursday. At the time of writing on Friday, it faces rejection near its descending trendline and trades around $3,231.

If the descending trendline holds as resistance, it could extend the decline to retest its psychological importance level of $3,000. A successful close below this level would extend an additional decline to test its next daily support at 2,810.

The RSI on the daily chart reads 46, after rejecting from its neutral level of 50 and points downwards, indicating bearish momentum. Like Bitcoin, the MACD indicators also converge, suggesting indecisiveness among traders.

ETH/USDT daily chart

Conversely, if ETH breaks above the descending trendline, it could extend the recovery to test its daily resistance level at $3,730.

Ripple price is primed for a correction if it closes below its ascending trendline 

Ripple price bounced off its ascending trendline (drawn by connecting multiple lows since early January) around $2.72 on Monday and rose 2.25% until Thursday. At the time of writing on Friday, it trades slightly down around $3.07.

If Ripple breaks below the ascending trendline and closes below $2.72, it could extend the decline to test its next daily support at $1.96.

The RSI indicator reads 59, above its neutral value of 50 and points downwards after being rejected from its overbought level of 70, indicating weakness in bullish momentum. Additionally, the MACD flipped a bearish crossover on Sunday, giving sell signals and suggesting a downtrend.

XRP/USDT daily chart

On the other hand, if XRP continues its upward momentum, it could extend the rally to test its $3.40 resistance level.

After a recent explosive rally, XRP has calmed down and is currently trading at $3.10. Although momentum appears to be slowing down, the asset has managed to maintain its position above important support levels. It appears that traders are holding off on acting until they receive a clear signal during this consolidation phase. Right now, XRP is trading close to $3.10, with the 50 EMA providing instant support at $2.88.

The next significant support at $2.59 could serve as a buffer against additional downward movement if XRP is unable to hold this level. Resistance on the upside is still around $3.50, and a possible breakout would pave the way for $4.00. Indicating a decrease in market activity, trading volume has also decreased in comparison to previous spikes. This implies more neutral sentiment since neither bulls nor bears are currently controlling the market. But this stable phase is frequently followed by heightened volatility, so the next action is vital.

The strength of the eventual breakout may increase with the length of time that XRP stays in this consolidation range. XRP may try to retest the $3.50 resistance if buying pressure builds. The next likely scenario, though, might be a pullback to $2.59 if support at $2.88 fails.

There is still opportunity for movement in either direction because indicators like the RSI are in neutral territory. A brief correction may be imminent if selling pressure increases, but if demand improves, XRP may resume its upward trajectory. With traders keeping a close eye on price action for the next significant move, XRP is currently in a holding pattern. 

Solana’s value surge

In just a few hours, Solana’s value increased by 7%, demonstrating a robust recovery. SOL is currently trading at about $240, indicating fresh bullish momentum following a period of price consolidation. Increased market interest in Solana‘s ecosystem, robust network activity and general bullish sentiment in the larger cryptocurrency market are probably what’s driving the recent rally. 

Related

Despite prior volatility, SOL has demonstrated resilience by regaining strength after recovering from support at $228. Additionally volume has increased, indicating that traders and investors are becoming more interested. SOL may retest important resistance levels if buying pressure persists and the rally continues. 

The next immediate resistance level if Solana keeps up its momentum is located at $250. The market may move toward $270 if there is a breakout above this, which might lead to another test of the $300 level. SOL may still pull back toward $228 or even $212 (50 EMA) if it is rejected close to $250.

Additionally, the $207 level is essential to sustaining the current upward trend. SOL may lose momentum and drop back to $188 — which served as solid support during the previous correction — if it breaks below this. 

Ethereum’s important test

At $3,330, where the top trendline of its descending price channel is located, Ethereum is getting close to a crucial test. This level is crucial to monitor in the price movement of ETH since it is probably going to serve as strong resistance. The recent recovery from $3,136 indicates some bullish momentum, and ETH has been consolidating within a downward-sloping price channel. 

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The asset is currently trading at about $3,266, up 4.88% from the previous session. A further decline was stopped by the 200 EMA at $3,136, which served as a solid support level. The $3,330-$3,420 range is now the focus of attention. Breaking above this trendline might change the mood of the market and move ETH closer to $3,600, where the 50 EMA is located. 

The next target, if momentum holds, is $3,800, which would correspond to the early January high. If ETH is unable to break the downward trendline, a rejection at $3,330 might lead to a further decline, bringing prices back to $3,136 or even $3,000. For bulls, the $2,900 mark is still the last line of defense because a decline below it might validate a more general bearish trend.

The RSI and volume are both neutral, suggesting that a breakout is possible but requires confirmation. Strong volume and a clear close above $3,330 might signal a trend reversal, while a rejection would support the bearish structure that is currently in place.

XRP’s price could see a significant rally as the SEC’s legal defeat boosts user confidence and drives bullish predictions for 2025. 

Meanwhile, PlutoChain, a Bitcoin Layer-2 solution, could gain attention for its advanced scalability features.

With 2-second block times and seamless cross-chain compatibility, PlutoChain might enhance Bitcoin’s functionality by introducing DeFi, NFTs, and AI-powered applications.

Here’s what’s fueling these trends.

XRP News Today – Can XRP 10X in 2025?

XRP’s price trajectory is gaining momentum as the market reacts to the SEC’s legal setback. The recent court ruling in favor of Ripple has boosted user confidence, which could lead to increased trading activity and a renewed bullish outlook.

With regulatory clarity improving, institutional users are showing greater interest in XRP, which also further strengthens its position in the digital payments sector. Ripple’s growing partnerships with financial institutions and central banks are another key factor in XRP’s long-term potential.

As more governments explore CBDCs, Ripple’s cross-border payment solutions are becoming an integral part of financial systems.

The company’s integration with global payment networks could drive further adoption and potentially increase demand for XRP and support its potential price surge.

If bullish momentum continues, a rally to $11 and beyond remains plausible. The RSI suggests neutral-to-bullish sentiment and a confirmed breakout could lead to rapid price acceleration.

Market analysts predict that XRP’s trajectory could surpass previous all-time highs, especially with continued adoption and regulatory developments.

How PlutoChain Could Expand Bitcoin’s Scalability and Cross-Chain Functionality

PlutoChain introduces an advanced Layer-2 framework that could enhance Bitcoin’s scalability while maintaining its security and reliability.

With a 2-second block time and the ability to process 43,200 transactions daily, PlutoChain might significantly improve Bitcoin’s efficiency.

This upgrade might address Bitcoin’s well-known limitations, which could make it a more practical option for fast and seamless transactions across decentralized applications.

One of PlutoChain’s standout features is its full Ethereum Virtual Machine (EVM) compatibility, which allows Ethereum-based smart contracts to function on Bitcoin’s network.

This integration might bridge the gap between two of the largest blockchain ecosystems and potentially enable developers to build decentralized finance (DeFi) protocols, NFT marketplaces, and AI-powered applications using Bitcoin’s security and Ethereum’s flexibility.

PlutoChain could enhance blockchain utility and expand Bitcoin’s real-world applications by providing this cross-chain interoperability. Beyond scalability, PlutoChain supports AI-powered applications and advanced smart contracts, which could unlock new possibilities in blockchain automation.

This functionality potentially enables more sophisticated use cases beyond simple transactions that Bitcoin is known for

PlutoChain might introduce new opportunities for innovation across industries by merging AI with blockchain technology.

Security remains a core priority for PlutoChain, with the network undergoing extensive audits by leading firms such as SolidProof, QuillAudits, and Assure DeFi.

These rigorous evaluations ensure that PlutoChain maintains a secure and scalable infrastructure, which reinforces trust among developers and users looking to build on its network.

With its developer-friendly ecosystem, PlutoChain offers tools for building efficient dApps, DeFi platforms, and interoperable digital asset solutions on Bitcoin. Its ability to combine Bitcoin’s security with Ethereum’s programmability could position it as a project worth watching for.

Final Words

XRP’s potential 10X surge in 2025 is gaining traction as the SEC’s legal defeat boosts user confidence and institutional adoption expands. With its growing role in cross-border payments and CBDC integrations, XRP remains a key player in the financial sector.

Meanwhile, PlutoChain could redefine Bitcoin’s capabilities by introducing faster transactions, EVM compatibility, and AI-powered applications.

Its advanced Layer-2 technology might provide a scalable framework for developers and enterprises looking to build on Bitcoin.

Remember, this article is not financial or trading advice. All cryptocurrencies are volatile, and past performance is not a guarantee of future results. Always conduct your own research and/or consult with experts before making any crypto-related decisions. Trade responsibly. Forward-looking statements are uncertain and might not be updated.

This article is sponsored content. All information is provided by the sponsor and Brave New Coin (BNC) does not endorse or assume responsibility for the content presented, which is not part of BNC’s editorial. Investing in crypto assets involves significant risk, including the potential loss of principal, and readers are strongly encouraged to conduct their own due diligence before engaging with any company or product mentioned. Brave New Coin disclaims any liability for any damages or losses arising from reliance on the content provided in this article.

Polygon ( MATIC ) gets a neutral rating from InvestorsObserver Monday. The Distributed Software Platform asset is up 1.99% to $0.6408854932 while the broader crypto market is up 2.22%. Polygon has a Neutral sentiment reading. Find out what this means for you and get the rest of the rankings on Polygon! See Full Report Neutral Over the last five days, Polygon has earned a Neutral rating on the InvestorsObserver Sentiment Score. The Sentiment Score measures the performance of Polygon over the past five days by volume and price movement. The Sentiment Score provides a quick, short-term look at the crypto’s recent performance. This can be useful for both short-term investors looking to ride a rally and longer-term investors trying to buy the dip. Price Levels Polygon is currently trading near its midpoint for the past five-days. The Distributed Software Platform asset is 23.37% off its five-day high and is 14.58% higher than its five-day low of $0.559319317340851. Polygon price is well positioned between support and resistance. With support set around $0.596472973657083 and resistance at $0.6588740895514, has some room to run before facing resistance. Polygon has traded on low volume recently. This means that today’s volume is below its average volume over the past seven days. What is a coin? A coin is a cryptocurrency that exists on its own blockchain. These are typically used for payments. Depending on the cryptocurrency, what those payments are use for may vary from general use in the Digital Money sub-class to a more specific use in some other sub-classes. Due to a lack of data, this crypto may be less suitable for some investors. Click here to unlock the rest of the report on Polygon

Dogecoin (DOGE), the popular and largest meme coin in the cryptocurrency space, appears to be shifting towards a bullish trend after several days in a downtrend. As of January 30, 2025, along with other major assets, DOGE seems to be recovering, forming a bullish price action.

DOGE Price Momentum

With a positive market outlook, DOGE is currently trading near $0.33 and has experienced a price surge of over 4.05% in the past 24 hours.

Following a price reversal from the crucial support level of $0.31, traders and investors have shown strong interest and confidence in the meme coin, resulting in an 8.5% increase in trading volume compared to the previous day.

Dogecoin (DOGE) Technical Analysis and Key Levels 

According to expert technical analysis, DOGE appears to be forming a bullish double-bottom price action pattern on the daily time frame. However, the meme coin’s bullish price action is still in formation, and it is currently at a support level of $0.31, which has a history of strong bullish price reversals.

Based on the recent price action, if DOGE holds this support level, there is a strong possibility it could soar by 25% to reach the $0.41 level in the coming days.

On the positive side, DOGE’s Relative Strength Index (RSI) currently stands at 45, indicating strong potential for the meme coin to rally further.

Bullish On-Chain Metrics 

Looking at the bullish price action and market sentiment, traders and investors have been betting on and accumulating the meme coin, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow revealed that exchanges have witnessed an outflow of a significant $11.50 million worth of DOGE.

In the cryptocurrency landscape, outflow refers to the movement of assets from exchanges to wallets, suggesting potential accumulation. This can create buying pressure and lead to a further upside rally.

Apart from this, traders seem to be strongly betting on the long side. Currently, the DOGE Long/Short ratio stands at 1.056, indicating strong bullish sentiment among traders, the highest since the beginning of December 2024.

Data further revealed that 53.5% of top traders hold long positions, while 46.5% hold short positions.

When combining these on-chain metrics with the technical analysis, it appears that bulls are strongly supporting and dominating the meme coin and could help it achieve the predicted level in the coming days.

Cardano (ADA) has recently completed a significant milestone in its journey, the Plomin Hard Fork, which has made the network fully decentralized. This development is crucial because it shifts Cardano into a true decentralized governance model, allowing ADA token holders to vote on key decisions such as network upgrades and treasury spending. With this change, Cardano is now among the top 10 cryptocurrencies offering full decentralization—a major step forward for the blockchain.

Although Cardano’s price is not experiencing a dramatic move right now, the Plomin Hard Fork sets the stage for potential future growth. The news surrounding Cardano’s decentralization is likely to increase interest and demand, which could result in a price surge down the road. Whale investors are already showing increased interest in ADA, and institutional players like Grayscale are also turning their attention toward Cardano. This shift in sentiment might set the foundation for ADA’s next major rally.

Current Price Action: ADA in Consolidation Phase

Cardano’s price chart shows that ADA is currently in a consolidation phase. After an impressive price surge of over 300%, it’s common for ADA to enter a period of sideways movement. Consolidation typically occurs after major upward moves, allowing the market to digest recent gains before deciding on the next move. Despite the lack of significant price action, there is still a clear momentum on the weekly chart, with higher highs and higher lows being established since the spring of 2024.

Key Price Levels to Watch for Cardano (ADA)

As ADA consolidates, there are two key levels that traders and investors should keep an eye on:

• $1 Level: The 20-day moving average is currently at the $1 level. For ADA to indicate any further upward movement, it needs to break above this mark. A solid move above $1 could signal the start of another bullish phase for Cardano.
• $1.25 Resistance Zone: Just above the $1.20 range, Cardano faces strong resistance. If ADA manages to break through this level, it could trigger a significant upward move, with the potential to initiate a new rally. Many analysts are watching this zone closely to gauge whether Cardano can maintain bullish momentum.

Drawing Parallels with Ethereum’s Previous Cycle

Looking at Ethereum’s past price action during its bull market cycles offers some interesting insights. Ethereum experienced massive growth from bear market lows to bull market highs, and Cardano seems to be tracking a similar path. While Cardano is still recovering from the broader crypto market downturn, the recent developments in its ecosystem—especially the successful Plomin Hard Fork—suggest that ADA is well-positioned for significant future growth.

If Cardano continues to follow a similar trajectory to Ethereum’s previous cycles, it could see a massive price surge in the coming months. Ethereum’s ascent was fueled by its technical improvements and increased adoption, and Cardano is now in a similar position, with strong fundamentals, a decentralized governance model, and increasing institutional interest. If ADA mirrors Ethereum’s rise, we could be looking at substantial gains in the near future.

The Bottom Line: ADA’s Potential for Long-Term Growth

Although Cardano’s price is not seeing explosive moves at the moment, the project’s fundamentals are stronger than ever. The successful Plomin Hard Fork marks a major turning point in the network’s evolution, positioning Cardano as one of the few truly decentralized projects in the top 10 cryptocurrencies. With institutional interest growing and whales accumulating ADA, the stage is set for future price growth.

Cardano is currently in a consolidation phase, but key levels like $1 and $1.25 could act as critical points to watch. If ADA can break above these levels, a significant rally may be on the horizon. Investors looking for long-term growth may want to keep Cardano on their radar, as the project’s fundamentals and decentralization make it a promising contender for future success.

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After XRP has stayed around the $3 mark for a few weeks, many analysts now believe further progress to the next psychological level is imminent.

XRP reclaimed the $3 price level nearly two weeks ago, reentering this lofty price range after seven years. However, the momentum that pushed it into this region stalled once it hit $3.38 on January 16. Since then, the price has dipped by 20%, revisiting the $2 range multiple times.

Meanwhile, as the broader markets recover, XRP has re-established its presence in the $3 price channel, and analysts are predicting an imminent run to new price levels. Interestingly, some have even projected specific timelines for XRP to hit $4.

Timeline for XRP to Reach $4

According to Velo Maxi, a widely followed analyst in the XRP community, the XRP Army just needs to be patient for another seven days before XRP breaks past $4. He shared a chart showing the ongoing formation of a bullish pennant.

Notably, an earlier formation saw the breakout to the $3 price. He believes the current consolidation phase will conclude in a week, followed by another move toward $4. Per his estimation, this price target could become a reality by next Wednesday, specifically February 5.

Other Analysts’ Views on XRP Journey to $4

However, other market commentators like Crypto Whistler argue that the XRP community may have to wait longer to see $4. Specifically, this analyst suggests that $4 might emerge by April if all goes well.

Meanwhile, others like Javon Marks, who also predict a $4 price range, haven’t provided a specific timeline. However, Marks strongly believes XRP will rally to $4.80, and it’s “only a matter of time” before that happens.

Furthermore, market watcher Fabio Zuccara has weighed in on the $4 potential, providing a detailed analysis of why XRP could reach that level soon.

He pointed out that XRP has consistently been making higher highs and lows, breaking key resistance levels on the USDT and BTC charts.

Zuccara also highlighted an ascending channel on XRP’s one-day chart, which reflects a consistent uptrend.

Accordingly, he suggests a breakout to the upside is imminent and could trigger a powerful rally, potentially pushing XRP above the $4 mark.

Technical Pattern Supporting XRP Major Move

In a separate analysis, using the Bollinger Bands, analyst Ali Martinez confirmed imminent price action for XRP. He observed a BB squeeze on the 12-hour chart.

With the narrowing of the Bollinger Bands, traders are anticipating a major price move. A breach above the upper band could push XRP toward an all-time high, while a drop below the lower band might lead to a deeper retracement.

Martinez has taken a long position in XRP, targeting a price of $10, and encourages a long-term perspective despite short-term fluctuations.

Helium aims to improve the communication capabilities of wireless Internet of Things (IoT) devices. In 2013, infrastructure around IoT was still in its infancy, but developers wanted to add decentralization to their offering, hence referring to it as “The People’s Network” in official literature.

Its core appeal will be to device owners and those interested in the IoT space, with financial incentives providing further outreach possibilities.

Network participants purchase Hotspots — a combination of a wireless gateway and a miner — or build their own. Each hotspot provides network coverage over a certain radius, and also mines Helium’s native token, HNT.

The network runs on proof-of-coverage, a new consensus algorithm based on the HoneyBadger BFT protocol which allows nodes in a network to reach consensus when connection quality is highly variable.

In addition to HNT, users pay transaction fees in a separate token called Data Credits, which are not exchangeable and tied to individual users themselves.

• Bitcoin price holds above $105,000 on Thursday despite the Fed’s decision to halt interest rate cuts in the US the previous day.
• Glassnode reports that BTC’s bull cycle mirrors 2015–2018, with room for further euphoria-driven growth.
• The upcoming US macroeconomic data release on Thursday could bring volatility to Bitcoin.

Bitcoin (BTC) holds above $105,000 at the time of writing on Thursday despite the Federal Reserve’s (Fed) decision to halt interest rate cuts in the United States (US) the previous day. Traders should watch the upcoming United States (US) Gross Domestic Product (GDP) for the fourth quarter of 2024 data release on Thursday, which could bring volatility to Bitcoin. Glassnode reports that BTC’s bull cycle mirrors 2015–2018, with room for further euphoria-driven growth.

Bitcoin holds above $105,000 despite Fed’s halts interest rate cuts in US

Bitcoin’s price continues to rise, trading above $105,000 on Thursday after rising slightly following Wednesday’s Federal Open Market Committee (FOMC) meeting. As widely expected, the US Federal Reserve (Fed) decided to keep the fed funds rate unchanged at the 4.25%—4.50% range while shifting slightly hawkish after acknowledging no improvement in inflation.

The Federal Reserve’s monetary policy statement highlighted a resilient labor market while maintaining that risks to its dual mandate goals “are roughly in balance.” The committee also hinted at an uncertainty of future rate cuts due to ongoing policy changes in the US. 

Following the announcement, US Treasury yields rose, with the 10-year note gaining 4.5 basis points to 4.581%. At the same time, the US Dollar Index (DXY) climbed 0.17% to a session high of 108.10 despite Bitcoin’s 2.37% surge on Wednesday; the Fed’s decision to pause interest rate cuts could signal a bearish long-term outlook for the crypto market.

Moreover, investors should closely monitor the US Bureau of Economic Analysis (BEA), which will release its preliminary estimate of the US Gross Domestic Product for the October-December quarter on Thursday.

“The current release is a bit tricky, as the Fed announced its monetary policy decision to keep interest rates on hold ahead of GDP and PCE updates, and financial markets are still digesting the latest on that front,” says the FXStreet team in a post.

A better-than-anticipated GDP headline could support the Fed’s hawkish stance and the US Dollar (USD) while weighing on risky assets like Bitcoin. However, discouraging figures could have the opposite effect on the US Dollar and cryptocurrencies.

Bitcoin’s current bull market mirrors the 2015–2018 cycle

Glassnode’s “Thinking Ahead” report on Wednesday highlights that the current bull market shows several structural similarities to the 2015–2018 cycle.

The report explains that Bitcoin’s rally reflects a maturing market with reduced overall cyclical growth, measured bull market drawdowns, and moderated Realized Cap expansion. 

Although lower than prior peaks, as shown in the graph below, the current cycle’s 2.1 times Realized Cap growth is below the 5.7 times peak of the last cycle. It aligns with the 2015–2018 cycle at this stage, leaving room for potential euphoria-driven expansion in the longer term.

Bitcoin Realize Cap change since cycle low chart. Source: Glassnode

The report states, “The widely discussed drop in exchange balances does not signal a drastic depletion when accounting for the supply migration to ETF wallets. Therefore, the notion of an imminent supply shock due to declining exchange balances is inaccurate.”

The graph below shows that Bitcoin balances on centralized exchanges have fallen to 2.7 million BTC, down from 3.1 million BTC in July 2024. While many interpret this as a form of supply shock caused by a mass withdrawal of coins by individual investors — potentially creating upward price pressure — the report explains that most of this decline stems from coins reshuffling into Exchange Traded Fund (ETF) wallets managed by custodians like Coinbase.

Balance on Exchanges (Total) chart. Source: Glassnode

Instead, capital rotation from long-term holders to new investors remains the primary driver of market cycles. Following two distribution waves, the current cycle’s wealth rotation size and rate mirror the late 2017 and early 2021 bull markets. This suggests a demand exhaustion phase may follow in the short term, potentially leading to a predominant HODLing sentiment in the market.

Bitcoin: Balance on Exchanges & ETFs chart. Source: Glassnode

Bitcoin Price Forecast: BTC aims for higher highs  

Bitcoin price found support around its 50-day Exponential Moving Average (EMA) at $98,633 on Monday and rose 2.37% on Wednesday, closing above $103,700 on that day. At the time of writing on Thursday, it continues to trade higher around $105,400.

If BTC continues recovering, it could retest its January 20 all-time high of $109,588.

The Relative Strength Index (RSI) indicator on the daily chart reads 60, rebounding above its neutral level of 50 on Tuesday and signaling a rise in bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) indicator is converging. If the MACD flips to a bullish crossover on a daily basis, it would give a buy signal and suggest an uptrend.

BTC/USDT daily chart

However, if BTC breaks below $100,000 and closes below the 50-day EMA on a daily basis, it could extend the decline and test its next key support around $90,000.