BTC breaks through $90,000, mainstream cryptocurrencies rise together, XRP approaches the key resistance level of $2

Source: BlockMedia Original Title: [New York Coin Market/Closing] BTC Breaks $90,000, Altcoin Rally Ignited… XRP Near $2 Original Link: https://www.blockmedia.co.kr/archives/1027729

Digital Asset Market Rebounds Strongly

The digital asset market experienced a comprehensive strong rebound on the 2nd. Bitcoin (BTC) recovered the $90,000 level during trading, signaling a reversal from recent weakness. Mainstream altcoins such as Ethereum (ETH), Solana (SOL), and XRP also rose accordingly. Notably, the weak pattern that repeatedly appeared during the US market opening period at the end of last year has reversed.

According to CoinMarketCap data, the total market capitalization of digital assets reached $3.05 trillion, an increase of approximately 2.33% from the previous day. Bitcoin dominance index reached 58.6%. The average RSI (Relative Strength Index) was 62.76, entering the “overbought” zone, suggesting the possibility of short-term price correction. The Fear and Greed Index stood at 34, still in the “fear” zone, indicating that investor sentiment has not fully shifted.

Bitcoin Leads the Rally, Related Assets Follow

Bitcoin, the largest by market cap, broke through $90,000 during trading. The current trading price is $89,685, up 1.84% from the previous day. Unlike the repeated sell-offs during the New York stock market opening period at the end of last year, the first trading day of the new year showed an upward trend, with traders’ expectations of a pattern change clearly increasing. Driven by Bitcoin’s strength, related stocks such as a compliant platform’s stock, MicroStrategy (MSTR), and Galaxy Digital (GLXY) also recorded gains of 3-7%, demonstrating synchronized strength.

Altcoins Perform Strongly

Ethereum rose 4.14% from the previous day to $3,108. XRP surged 5.88% to nearly $1.97. Since the low point of $1.80 at the end of December, XRP has maintained a stable rebound, and market analysis suggests that if it breaks through $2, it could be interpreted as a signal of breaking a long-term resistance level.

Dogecoin surged 10.90% during the same period, rising to $0.138. Cardano (ADA) increased 8.61% to $0.381. Solana rose 4.45%, with a trading price of $130.71.

Expert Opinions and Analysis

Driven by the market rebound, some experts expect the upward trend to continue for a period. Analyst Joao Wedson pointed out on social media: “Bitcoin has significantly liquidated short positions, showing a strong trend, which can be used as a scalp strategy after short-term highs.” He emphasized, “Caution is needed when entering new short positions around the high area after a large number of short liquidations.”

The RSI value entering the “overheated” zone also suggests the possibility of technical adjustments. Typically, RSI approaching 70 is seen as a sign of overbought conditions. The current average of 62.76 indicates it is nearing the overbought zone.

Market experts do not see the recent rebound as merely a short-term phenomenon. James Alpha Asset Management Research Director stated: “The downward pattern that repeatedly appeared during the New York market opening at the end of last year has changed in the new year, indicating a possible shift in market structure. Especially if Bitcoin maintains $90,000 as support, the medium-term upward trend could restart.”

He added: “For assets like XRP, which repeatedly face selling pressure near long-term resistance levels, whether they break through in the short term could influence the overall market risk appetite. Whether XRP breaks $2 is not only related to short-term technical trends but also to changes in investor psychology.”