Price analysis 1/31: BTC, ETH, XRP, SOL, BNB, DOGE, ADA, LINK, AVAX, XLM
Bitcoin is currently facing selling pressure in the $107,250 to $109,588 range, although institutional adoption is rising, with spot Bitcoin ETFs seeing 6% inflows in January. Retail investors appear to be booking profits while Bitcoin whales remain neutral. The upcoming labor market report on February 7 may influence Bitcoin's trajectory; weaker data could support further price increases, whereas strong data might lead to a pullback. Bitcoin must overcome $109,588 to potentially climb to new highs around $118,109. Ether has shown signs of recovery, overcoming resistance and aiming for $3,525. XRP is battling to maintain above $2.97, with crucial support at $2.60. Solana is rebounding but faces selling at $244. BNB is trying to surpass moving averages with potential resistance at $745. Dogecoin needs to reclaim $0.30 to avoid dropping to $0.27. Cardano faces resistance at $0.97 and needs to maintain above $0.86. Chainlink is oscillating, aiming for $27.41, while Avalanche is testing resistance at $36.04. Overall, the market shows mixed signals as various cryptocurrencies vie for upward momentum.
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