Crypto market is on the rise: Bitcoin breaks through key levels

The cryptocurrency market is showing a strong recovery, with Bitcoin up 9% for the week, Ether up over 8%, and XRP posting a significant jump of almost 22%. This rise coincided with anticipation of the inauguration of Donald Trump, which increased speculation about a possible bullish trend.

Bitcoin breakout above $109,000

Analysts note that Bitcoin has overcome the critical resistance level of $100,000 on the daily chart. This break came after a period of consolidation, which allowed indicators such as the RSI to reset to neutral levels. This has created conditions for further growth, with a price target of around $116,000.

• Key resistance levels: $109,000–$110,000.
• Support levels: $89,000.

XRP is on the rise, while Ether is in trouble

XRP showed record weekly growth, increasing by 22%. Ether, in turn, holds its position and showed growth of only 1%.

Liquidity factors and forecasts

Bitcoin’s rise was accompanied by a short squeeze that pushed the price higher. The Super Trend indicator on the 4-day chart remains green, confirming the bullish trend. However, analysts are warning of possible bearish divergence on the weekly chart, which could be cleared by a break above $105,000.Forecasts:

• Price target: $115,000 in the coming weeks.
• Potential rollbacks: possible if the $109,000 level is not overcome.

Political and market catalysts

The inauguration of Donald Trump adds volatility to the market, even though favorable policies regarding cryptocurrencies are expected. However, his term is just beginning, so it is not having a particularly positive impact right now.

Disclaimer: The information provided is for informational purposes only and does not constitute financial advice. CryptoInside is not responsible for any losses. Always do your own analysis before making decisions.