Bitcoin price move above $100K could pull SOL, SUI, ICP and ENA higher

Bitcoin (BTC) rallied about 4% this week, indicating solid demand at lower levels. The United States spot Bitcoin exchange-traded funds (ETFs) witnessed outflows of $242.3 million on Jan. 2 but bounced back with a vengeance on Jan. 3 with inflows of $908.1 million, per Farside Investors data. This suggests that investors expect Bitcoin to resume its uptrend.

Another positive for Bitcoin is that the selling pressure could be reducing. According to CryptoQuant data, Bitcoin exchange inflow — the total amount of Bitcoin transferred to exchanges — dropped in December from the Nov. 25 peak of 98,748 Bitcoin. Similarly, miner outflows have also declined since the Nov. 11 peak, when miners sent 25,367 Bitcoin to exchanges. 

However, in the near term, Bitfinex analysts told Cointelegraph that Bitcoin could consolidate between $95,000 and $110,000 till the end of January. The analysts do not expect US President-elect Donald Trump’s inauguration on Jan. 20 to act “as a significant price appreciation event.”

If Bitcoin rises above $100,000, select altcoins are likely to move higher. Let’s look at the charts of the top 5 cryptocurrencies that may outperform in the near term.

Bitcoin price analysis

Bitcoin rose and closed above the moving averages on Jan. 3, indicating that the selling pressure is reducing.

The bulls will try to strengthen their position by pushing the price above the formidable resistance at $100,000. If they succeed, the BTC/USDT pair could surge to the all-time high of $108,353. Sellers are expected to fiercely defend the level, but if the buyers bulldoze their way through, the pair could rally toward $126,706.

Instead, if the price turns down sharply from $100,000 and breaks below the moving averages, it will suggest a consolidation in the short term. The pair may oscillate between $90,000 and $100,000 for a few days.

The 20-exponential moving average on the 4-hour chart is sloping up, and the relative strength index (RSI) is near 62, signaling that buyers have an edge. The price has bounced off the 20-EMA, and the bulls will next try to clear the overhead hurdle at $100,000. If they do that, the pair may rise to $102,800 and then to $105,350.

Conversely, a break below the 20-EMA will weaken the bulls. The pair may then drop to the 50-simple moving average.

Solana price analysis

Solana (SOL) is facing resistance at the 50-day SMA ($219), but a positive sign is that the bulls have not ceded much ground to the bears.

The 20-day EMA ($204) has started to turn up, and the RSI is in the positive zone, indicating that buyers have the upper hand. If the price turns up from the current level or rebounds off the 20-day EMA, the bulls will again try to propel the SOL/USDT pair above the 50-day SMA. If they can pull it off, the pair may…