Here Are The Major Bitcoin Support Levels To Watch As Bulls Push For $100,000 Again

Post-Christmas, the cryptocurrency market turned red, with most assets suffering heavy losses. Tron (TRX) is not immune to the downturn. Earlier this month, the asset reached a new peak and reclaimed the 10th spot by market cap, which sparked a renewed sense of hope in the community.

But the latest pullback extended its losses. As a result, TRX is down by over 43% from its recently established all-time high of $0.43 to the current price level of $0.25. However, data points to the formation of a local bottom soon.TRX Nearing a Turning Point?

CryptoQuant’s analysis of TRX’s price heatmap revealed that the green trend, represented by the one-year moving average plus two sigma, could serve as a crucial support level during the current market correction.

Historically, this green trend has acted as a strong foundation during bull rallies, and it is anticipated to provide similar support, potentially marking a local bottom for TRX’s price.

The current levels for the green, purple, and blue trends are $0.23, $0.40, and $0.49, respectively. These levels are dynamic and will likely adjust upward with increased interest and demand. As the market heats up, attention should be given to the purple and blue trends, which may act as resistance zones. If TRX price stays above the green trend, it could signal the start of a new upward trend.

On the other hand, CryptoQuant warned that a drop below the green trend might indicate a weakening bull cycle. As demand strengthens, Tron’s price could target the purple and blue trend levels, with a breakthrough above the 0.40 level offering strong market confidence.What’s Next For Tron?

Earlier this month, TRX’s rally was driven byspeculationsabout Grayscale listing and Tron founder Justin Sun’s initiatives, including a $30 million purchase of WLFI tokens tied to Trum’s project and his advisory role. Sun’s involvement with the artwork “Comedian” has also engaged the community, igniting ripple effects for tokens like BAN and related projects.

Despite the latest setback to the rally, experts point to a moderately favorable year ahead for the asset. CoinCodex, for one, predicted that TRX could see a modest 2.93% price increase to $0.264 by January 24, 2025. The sentiment remains neutral, while the Fear & Greed Index reflects high optimism at 73 (Greed).

TRX has demonstrated 50% green days and 17.17% volatility over the past month, thereby indicating active market participation. Analysts view this as a good buying opportunity, with expectations of a short-term peak of $0.268 on December 30, 2024.

Amid the declining price performance of Ethereum on the cryptocurrency market, whales are actively making decisive moves. Recently, an Ethereum whale stunned the crypto exchange Coinbase with a major transfer.

Institutional confidence amid price decline

According to Whale Alert, the whale transferred 6,663 ETH worth $22,285,102 from Coinbase to Coinbase Institutional. The move from a retail exchange to a platform catering to institutional investors suggests continued interest despite the declining price.

Analysts suggest that the transfer could mean that a large investor or institution moves funds for long-term holding, trading, or custody.

Coinbase Institutional provides services for institutional investors, such as over-the-counter (OTC) trades or secure storage. Hence, the large movement of 6,663 ETH to Coinbase Institutional signals confidence in Ethereum by major institutional players.

Generally, institutional investors make calculated investments based on well-researched metrics, and this transfer could trigger a market rally if the motive behind it is custody-focused. As such, this transaction will likely attract the attention of traders and the broader crypto community.

This is because institutional activity often serves as an indicator of the likely future price outlook. Conversely, OTC sales might intensify the current sell-off on the market.

Ethereum’s future price projections

As of this writing, ETH price was trading for $3,336.35, down by 4.22% as the coin struggles amid market volatility. Meanwhile, trading volume also declined by 9.92% to $19.35 billion. Ethereum has fluctuated significantly in the past seven days, dipping to a low of $3,117 in market trading.

Meanwhile, BlackRock’s Ethereum ETF market has outperformed other players. Data show the asset manager attracted a $43.9 million inflow on Dec. 24, taking its net assets to $3.65 billion.

Despite the downward spiral, analysts remain optimistic about Ethereum’s rebound soon. According to an earlier U.Today report, there are predictions that if ETH could breach its $4,000 level, the altcoin can push higher.

In the long term, some analysts have projected $10,000 as a possible price level.

Ethereum has been a persistent laggard this year, failing to catch up with other major cryptocurrencies. However, if history is any guide, it might finally shine in 2022.

The altcoin tends to record significant gains during the year that comes right after a quadrennial Bitcoin halving.

This, for instnace, was the case in Q1, 2021. After underperforming against Bitcoin in late 2020, ETH ended up surging by more than 300% within just three months, leaving Bitcoin in the dust.

The altcoin also soared by more than 900% in early 2017, skyrocketing to $80.

Overall, the average Q1 returns of Ether stand at roughly 93%. It tends to be the most successful quarter for the flagship altcoin by a large margin.

However, it should be noted that Ethereum was benefiting from the growing excitement surrounding its decentralized finance ecosystem, as well as the non-fungible token (NFT) sector.

In early 2017, the altcoin started surging higher due to the initial coin offering (ICO) frenzy.

However, there is no obvious bullish catalyst that could push the Ethereum price significantly higher this time around.

Hence, it is not clear whether the altcoin will be able to follow the same bullish pattern.

This year has so far been extremely underwhelming for Ethereum bulls, with the pair losing as much as 35%. As reported by U.Today, cryptocurrency millionaire James Fickel lost tens of millions of dollars after betting on Ether outperforming the largest cryptocurrency.

It remains to be seen whether Ether will be able to turn the tide next year.

Although the price of the popular meme-inspired cryptocurrency, Shiba Inu , has lost over 35% in the past two weeks, its misadventures may not end there. The fact is that on the price chart of the Shiba Inu token, a "death cross" is rapidly forming, as the event is called, when a lower-order moving average crosses a higher-order moving average from top to bottom.

This is believed to symbolize that bearish trends are gaining strength and a medium-term downtrend is forming.

In our case, we are talking about the canonical 23- and 50-day bands. At the moment, the curves are only on the verge of crossing, and everything can still turn around. However, if the "death cross" does form, it will be important to consider the potential consequences it will have on the SHIB price. TradingView">

Thus, currently trading at $0.00002156, the Shiba Inu token price has a strong block of support in the $0.00001715-$0.00001875 per SHIB zone for the foreseeable future. The meme token already reached the upper boundary of this range during the decline almost a week ago, and then the bulls got into the action by buying back SHIB and pushing quotes up by almost 14.3%.

A retest of current crypto market conditions is not ruled out, and here the block can act as a space for SHIB price accumulation. Further, the Shiba Inu token will either form a local bottom here, or if the sell-off continues and the block is broken down, SHIB price may threaten to fall down to $0.0000145 per token, where the next more or less clear support zone is located.

As became known thanks to historical price data from CryptoRank, this year's fourth quarter is officially the best for popular cryptocurrency XRP in the last seven years. With a return of 253.6% in the last three months, this quarter is also the best for XRP this year.

The last time something similar happened was in 2017. That year, according to CryptoRank, the price rose by 1,064%, with most of that growth also coming in December. This time, the numbers are much smaller, but the price of the popular cryptocurrency itself is at a much higher point than it was seven years ago.

At $2.20 per XRP, the token is just another 50% below its all-time high. Consider that in early November, the price of XRP was just $0.56, and things were looking even more positive. The question, however, is whether the recent success of the third largest digital asset will carry over into the next month, quarter and year as a whole. CryptoRank">

According to price history, the first quarter, and especially January, tends to be bearish for XRP, with a median return of -12.4% for the month. However, over the past five years, the price of the token has seen positive double-digit percentage returns three times, so the trends may be shifting as the crypto market itself evolves.

Nothing set in stone

Price history is not an ultimate benchmark for digital assets due to the chaotic, highly volatile nature of the market, but for assets like XRP, which can boast more than 10 years of public trading history, it can be an established way to predict the future, or at least get a glimpse into it.

As 2024 draws to a close, it is clear that the year has been marked by seismic shifts across politics, economics, technology, and geopolitics.

From groundbreaking advancements in artificial intelligence to unprecedented changes in the cryptocurrency landscape, this year has been one of transformative events.

Political realignments, economic challenges, and new global conflicts have reshaped the world order, setting the stage for a complex 2025.

Donald Trump returns to the White House

Donald Trump’s victory over Kamala Harris in the 2024 US presidential election marked a historic political comeback.

Despite controversies surrounding the January 6 Capitol riot, Trump capitalised on economic discontent and immigration concerns to secure a win.

His return to the presidency signalled a potential shift in US foreign and domestic policy, with Republicans holding the slimmest House majority in history.

The implications of Trump’s presidency for global geopolitics remain uncertain, but early indications suggest a focus on reshaping trade and international alliances.

Bitcoin reaches $100,000 milestone

Bitcoin achieved a major psychological benchmark in 2024, crossing $100,000.

This milestone bolstered its status as a legitimate financial asset, attracting institutional and governmental interest.

Companies like MicroStrategy saw their stock valuations soar, while nations previously sceptical of crypto, including Japan and Russia, began considering Bitcoin reserves.

Major corporations like Amazon also explored integrating Bitcoin into their operations, signalling the cryptocurrency’s growing acceptance.

However, concerns over volatility persisted, highlighting the need for regulatory clarity and stability.

Spot Bitcoin ETFs revolutionise crypto investment

The approval of 12 spot Bitcoin ETFs by the SEC in January 2024 marked a historic moment for cryptocurrency.

The funds, which allowed retail investors to access Bitcoin through regulated markets, saw unprecedented success.

Within two months, Bitcoin shattered its previous record, crossing $70,000 in March.

By Christmas 2024, US-based Bitcoin ETFs managed over $105 billion in assets, representing nearly 5.7% of Bitcoin’s total supply.

Their rapid growth even outpaced gold ETFs, underscoring crypto’s growing institutional acceptance.

The development also prompted other markets, including the UK, to introduce Bitcoin-based exchange-traded products.

Ethereum ETFs soon followed, with altcoins vying for similar approval.

Anti-incumbency wave reshapes global politics

Elections in 2024 toppled political incumbents across the world.

Countries such as India, Japan, and South Africa saw dominant parties lose seats, often resulting in fragile coalition governments.

In the United States and United Kingdom, dissatisfaction with economic conditions and immigration policies led to sweeping changes in leadership.

French President Emmanuel Macron’s gamble on snap parliamentary elections backfired, threatening his presidency.

Similarly, Germany’s ruling coalition collapsed after poor state election results.

This global trend highlighted voters’ frustrations with stagnating economies and increasing scepticism about democratic governance.

AI pushes the boundaries of innovation

Artificial intelligence (AI) continued its meteoric rise in 2024, blending science fiction with reality.

The year saw groundbreaking advancements in AI applications, ranging from healthcare innovations to manufacturing efficiencies.

Highlighting AI’s significance, the Nobel Committees awarded prizes in physics and chemistry to pioneers in machine learning and protein structure prediction.

Despite the excitement, the AI revolution exposed limitations—notably the shortage of skilled professionals and the immense resource demands of training AI models.

These constraints reinforced fears of an expanding gap between wealthy and poorer nations.

Meanwhile, global discussions on AI regulation gained momentum but remained inconclusive as the technology’s rapid evolution outpaced policy frameworks.

China exports spark fears of a second shock

China’s economic trajectory took a decisive turn in 2024, reviving memories of the “China shock” from the early 2000s.

Facing internal economic challenges and declining consumer demand, Beijing doubled down on exports, ramping up subsidies to domestic manufacturers.

The resulting surplus overwhelmed global markets, with low-cost Chinese solar panels and electric vehicles flooding international trade routes. While these products facilitated greener transitions, many nations worried about their impact on local industries.

The European Union implemented measures to curb the influx of Chinese goods, while Brazil, India, and the United States imposed new tariffs. Washington’s tariffs are set to rise further in 2025, heightening trade tensions. Whether this escalation leads to greater conflict or fosters negotiations remains an open question.

Solana meme coins dominate crypto narratives

2024 became synonymous with the explosive growth of Solana’s meme coin ecosystem.

Platforms like Pump.fun catalysed the craze, propelling Solana’s meme coins to capture 7.65% of crypto market discussions.

Meme coins like Dogwifhat (WIF) and BONK experienced meteoric rises, with BONK recording a staggering 38,000% growth over two years.

This frenzy elevated Solana to the second-largest blockchain by total value locked (TVL), exceeding $8.6 billion, while SOL reached a record $263 in November. The extreme volatility of these assets posed risks, with most traders facing losses amid speculative trading.

Russia advances in Ukraine as war grinds on

The third year of Russia’s invasion of Ukraine saw significant developments.

Russia adopted a “meat-grinder” strategy in eastern Ukraine, gaining territory at the cost of heavy casualties—over 115,000 soldiers killed and 500,000 wounded.

Ukraine’s losses, while lower, were still devastating, with 43,000 soldiers killed and 370,000 wounded.

Amidst these losses, Kyiv launched cross-border attacks into Russia’s Kursk region, forcing Moscow to deploy North Korean troops to defend its territory.

Meanwhile, Western nations reversed long-standing policies, supplying Kyiv with advanced weapons, including long-range missiles. As 2025 begins, the question looms whether either side can sustain the attritional warfare that has defined the conflict.

Escalation in the Middle East

Hamas’ October 2023 attack on Israel triggered a year of violence and instability in the Middle East.

By 2024’s end, the death toll exceeded 45,000, and Gaza’s humanitarian crisis deepened.

Israel’s retaliatory actions included targeted strikes on Hamas leaders and Iranian-backed groups.

The conflict extended into Syria and Lebanon, where Israel’s operations significantly weakened Hezbollah and Bashar al-Assad’s regime.

Iran’s involvement escalated tensions further, with missile and drone attacks on Israel leading to retaliatory strikes that crippled Iranian missile production.

These events left the region more volatile, raising questions about the prospects for peace or further disorder.

Gary Gensler’s resignation reshapes crypto regulation

The resignation of SEC Chair Gary Gensler in November 2024 marked a turning point for US crypto policy.

Known for his stringent regulatory stance, Gensler’s departure raised hopes for a more favourable environment under his successor, Paul Atkins, a proponent of digital assets.

Under Gensler, the SEC pursued enforcement actions against major exchanges like Binance and Coinbase, causing friction within the industry. His exit created optimism for a shift toward policies encouraging innovation and growth in the crypto space.

Governments across the world crumble

In Bangladesh, mass protests in early August 2024 led to the resignation of Prime Minister Sheikh Hasina after a 16-year rule. Student-led demonstrations over alleged authoritarian practices forced Hasina to flee to India.

Nobel laureate Professor Muhammad Yunus now heads an interim government tasked with steering the nation towards democracy. However, questions remain about whether Yunus can rebuild democratic institutions or if political instability will persist.

France’s government fell on 4 December after Prime Minister Michel Barnier lost a no-confidence vote, the first such collapse since 1962.

Germany’s coalition government disintegrated due to financial disputes, with Chancellor Olaf Scholz dismissing Finance Minister Christian Lindner in November.

In Syria, opposition forces overthrew Bashar al-Assad’s regime on 8 December, ending 50 years of autocratic rule. The rapid fall of Damascus marked a major turning point for the region.

South Korea saw political turmoil on 3 December when President Yoon Suk Yeol declared martial law, later repealed following mass protests and parliamentary opposition.

The situation left the government paralysed, exposing deep divisions within the ruling party. While the South Korean government still stands, it is on shaky ground.