Crypto Price Prediction For January 31: BTC, LINK, RNDR

Crypto Price Prediction: The cryptocurrency market is demonstrating notable resilience, rebounding from an initial downturn caused by a “sell-the-news” reaction to ETF approvals. The leading digital asset Bitcoin is currently trading at $43018, holding its position above the $40000 mark. 

On the twelfth day since the launch of Bitcoin ETFs, two key developments were observed: Firstly, the pace of selling from the Grayscale Bitcoin Trust (GBTC) has significantly decreased, which alleviates some of the selling pressure in the market. Secondly, it was a significant day for Fidelity (FID) and BlackRock (BR), with a combined purchase of $400 million in Bitcoin across their FBTC and IBIT funds.

According to recent data from an on-chain analytics provider, on January 30th, iShares (BlackRock) acquired 4,603 BTC (valued at approximately $199.55 million), and Fidelity added 4,832 BTC (approximately $209.44 million). In contrast, Grayscale reduced its holdings by 6,139 BTC, equivalent to around $266 million.

As the likelihood of a bullish trend resumption grows, traders optimistic about the market’s direction might consider exploring long positions in Bitcoin (BTC), Chainlink (LINK), and Render (RNDR).

Key Resistance Breakout Will Push Bitcoin (BTC) Price on Recovery Track

The largest cryptocurrency by market cap Bitcoin picked up momentum in the last 4th week of January when the price rebounded from $38550. This positive turnaround gained 11% within two weeks to nearly recover 50% of the correction initiated after the ETF launch.

By the press time, the Bitcoin price traded at $52841 and witnessed supply pressure at a 50% retracement level at $43800. A bullish breakout from this barrier will give a better conviction of buyers’ strength and rise back to a $48000-$49000 swing high.

According to an analysis by the notable trader ‘alicharts’, over 516,000 Bitcoins (BTC) have been actively traded at three key price levels: $16,500, $26,770, and $42,550. The $16,500 level played a critical role as support in November 2022, while the $26,770 mark provided substantial support during the summer of 2023. 

Presently, the $42,550 level is emerging as a potentially crucial support zone for Bitcoin this year.

Here’s Why Chainlink (LINK) Price May Surge 6% By Weekend

The recent uptick in the crypto market has led to a notable reversal in altcoin, including Chainlink (LINK) coin maintaining a strong foothold above the $13.6 support mark. This trend has propelled a 15.6% increase in LINK’s value over two weeks, positioning it at a current trading figure of $15.65. 

Analysis of the daily trading chart suggests the formation of a bullish inverted Head and Shoulders pattern. If the current buying trend persists, LINK’s price could potentially climb by an additional 6%, aiming to surpass the neckline resistance at $16.67. 

Overcoming this threshold might catalyze further investor interest, potentially elevating the Chainlink price above the recently established $17.5 resistance level.

The RSI slope surge above the 50% slope reflects the market sentiment returning to recovery sentiment. 

Flag Pattern Breakout Sets Render (RNDR) Price Rally to $7

The Render token entered a new correction in late December 2023, when the price reverted from the $5.27 mark. Within a month, the RNDR’s value dropped 33.5% to hit local support at $3.5, coinciding close with the 38.2% Fibonacci retracement level. Amid the renewed buying interest in the crypto market, the coin price has rebounded 32% from the combined support to currently trade at $4.6.

This upswing has also breached the resistance trendline of a flag pattern indicating the end of the correction phase. In an optimum bullish condition, the flag breakout should bolster a rally to $5.4, followed by $7.2.

The uptick in the upper boundary of the Bollinger Band indicator accentuates the aggressive buying strength in the market.

Related Articles:

• BlackRock and Fidelity Bitcoin ETFs Challenge Grayscale’s Reign
• Chainlink (LINK) Price Surges 6.5% Eyeing A Potential Rally to $25-$30
• EV Markets Expected to Reach Saturation, Will Blockchain Also Take a Hit?