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Bitcoin (BTC) bulls are currently navigating a precarious market landscape, with potential retracement risks looming around the $90,000 mark. Despite a brief rally that saw Bitcoin (BTC) reclaim the $100,000 threshold after U.S. President Donald Trump momentarily halted tariffs on Canada and Mexico, subsequent geopolitical developments have exerted downward pressure on Bitcoin’s price.Impact of Global Trade Tensions on BitcoinThe market's brief relief was overturned as China announced retaliatory tariffs on U.S. products, including significant tariffs on coal, liquefied natural gas, and additional tariffs on crude oil and agricultural machinery. This development sent Bitcoin’s price spiraling down to $98,000, dampening the renewed bullish sentiment in the crypto market.Critical Bitcoin Price Levels to MonitorAs the market continues to react to the unfolding trade wars, several key price levels have come into focus:Immediate Support Levels: According to trader George in a recent post, the optimal trade entry (OTE) area lies between $93,000 and $95,000, contingent on the support levels holding firm.Fibonacci Retracement Levels: Analyst Mark Cullen has identified the 38.2% Fibonacci retracement level at $98,000 as a likely spot for a shallow retrace and continuation. He also noted a "bullish order block and the golden zone" around $95,000, which could be pivotal if Bitcoin aims to shake out late longs.Prospects for Bitcoin's Near FutureMichael van de Poppe, founder of MN Capital, suggested that Bitcoin might achieve new all-time highs in February if it maintains a price above $93,000, pointing to a typical market correction following a strong price bounce as a normal part of its trading cycle.Technical Analysis and Market SentimentThe Unspent Transaction Output (UTXO) Realized Price Distribution (URPD) offers insights into Bitcoin’s cost basis and potential support and resistance areas. Notable support levels to monitor include $97,500, $96,450, and $94,300, which align with significant transactional activities according to Glassnode data.Moreover, the immediate support just above $97,000 is critical, as highlighted by the Bitcoin liquidation heatmap from CoinGlass, which shows a building wall of bid liquidity at this level, indicating that a retest of this support and a liquidity grab could be increasingly likely in the short term.As the market braces for potential further volatility, the key levels outlined by experts provide a roadmap for traders navigating the uncertain waters of Bitcoin trading amidst geopolitical tensions. The ongoing situation underscores the influence of global economic factors on cryptocurrency markets and the need for investors to stay informed and agile.

Bitcoin (BTC) dropped below $98,000 on Jan. 27, but the price has since recovered to trade near the psychological level of $100,000. The fall was triggered by the rapid rise of China-based AI app DeepSeek, which stoked fears of rising competition in the AI sector. Although cryptocurrencies are not directly related, the flight to safety led to $864 million in liquidations in the cryptocurrency markets within 24 hours.

BitMEX co-founder Arthur Hayes cautioned his X followers of a sharp correction in Bitcoin but said that the price could recover and end the year at $250,000 on the resumption of money printing.

Market participants will closely watch the outcome of the Federal Open Market Committee meeting on Jan. 28 and Jan. 29, where the Fed is expected to pause rate cuts. 

Daily cryptocurrency market performance. Source: Coin360

Although Bitcoin is struggling to break out to a new all-time high, MicroStrategy continued its buying spree for the 12th successive week. The world’s largest corporate Bitcoin holder acquired 10,107 Bitcoin at an average price of $105,596 between Jan. 21 and Jan. 26.

Could Bitcoin stay above $100,000, or will bears pull the price lower? How are the altcoins positioned? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) gapped down sharply on Jan. 27, indicating that the markets rejected the breakout above 6,100.

SPX daily chart. Source: Cointelegraph/TradingView

The 20-day exponential moving average (5,985) is the crucial support to watch out for. If the price rebounds off this support, it will signal that the sentiment remains positive and traders are buying on dips. The bulls will again try to push the price above 6,100, starting the journey toward the target objective of 6,347.

This positive view will be invalidated in the near term if the price closes below the moving averages. That may trap the aggressive bulls, resulting in a drop to the 5,853 to 5,773 support zone.

US Dollar Index price analysis

The US Dollar Index (DXY) has pulled below the 50-day simple moving average (107.58), indicating that the bears are trying to make a comeback.

DXY daily chart. Source: Cointelegraph/TradingView

Sellers will try to sink the price to 106.69, which is likely to act as near-term support. A bounce off 106.69 could face selling at the 20-day EMA (108.25). If the price turns down from the 20-day EMA, the index may drop to the solid support at 105.42.

If buyers want to prevent the downside, they will have to swiftly drive the price above the 20-day EMA. Such a move will signal that the correction may be over. The index may climb toward 109.46.

Bitcoin price analysis

Bitcoin plunged below the moving averages on Jan. 27, but the bulls are trying to defend the 50-day SMA ($99,382).

BTC/USDT daily chart. Source: Cointelegraph/TradingView

Both moving averages are flattening out, and the RSI is near the midpoint, indicating a balance between supply and demand. If the price rises and maintains above the 20-day EMA ($101,086), the bulls will again try to drive the BTC/USDT pair to $109,588.

Conversely, a close below the 50-day SMA will open the doors for a fall to the support of the range at $90,000. Buyers are expected to aggressively defend the $90,000 to $85,000 zone because a break below it will signal that the pair may have topped out in the short term.

Ether price analysis

Ether (ETH) slipped below the neckline of the head-and-shoulders pattern on Jan. 27. If the price closes below the neckline, the setup will be complete.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

The ETH/USDT pair could decline to $2,850, which is likely to act as a formidable support. If the price rebounds off $2,850 but turns down from the 20-day EMA ($3,308), it will indicate that bears are selling on rallies. That increases the risk of a break below $2,850. If that happens, the pair may drop to $2,400.

Time is running out for the bulls. If they want to limit the downside, they will have to quickly push the price back above the 50-day SMA ($3,455). The pair may then rally to $3,745.

XRP price analysis

XRP (XRP) continued lower and broke below the breakout level of $2.91 on Jan. 27, indicating profit booking at higher levels.

XRP/USDT daily chart. Source: Cointelegraph/TradingView

The long tail on the day’s candlestick shows solid buying near the 50-day SMA ($2.54). If the price sustains above $2.91, the bulls will try to thrust the XRP/USDT pair to the downtrend line. A break and close above the downtrend line will improve the prospects of the resumption of the uptrend.

Alternatively, if the price turns down and tumbles below the 50-day SMA, it will signal that the bulls are losing their grip. That could accelerate selling, and the pair may fall to $2.20 and, after that, to $2.

Solana price analysis

Repeated failure to maintain Solana (SOL) above $260 may have tempted short-term traders to book profits.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

The SOL/USDT pair turned down sharply on Jan. 26 and broke below the 20-day EMA ($231) on Jan. 27. The pair could drop to the 50-day SMA ($211), which is expected to act as strong support. However, the bears are unlikely to give up and will try to sell the rallies. If the 50-day SMA cracks, the pair may dive to $200 and then to $180.

This negative view will be invalidated if the price maintains above the 20-day EMA. That will indicate solid demand at lower levels. The pair may then attempt a rally to $260.

BNB price analysis

BNB (BNB) turned down and broke below the uptrend line on Jan. 27 but bounced back from the $635 support.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The relief rally is expected to face stiff resistance at the uptrend line and then again at the moving averages. If the price turns down from the overhead resistance, it will signal that the bears have the upper hand. That increases the risk of a break below $635. The pair may then drop to $593.

Contrarily, if the price rises above the moving averages, it will suggest that the BNB/USDT pair may remain range-bound between $635 and $745 for a few more days.

Dogecoin price analysis

Dogecoin (DOGE) broke below the ascending channel pattern on Jan. 27, indicating that the bears are trying to take charge.

DOGE/USDT daily chart. Source: Cointelegraph/TradingView

There is solid support at $0.30, but if the level breaks down, the DOGE/USDT pair could descend to the 61.8% Fibonacci retracement level of $0.27 and eventually to the breakout level of $0.23. Such a deep correction will suggest that the pair may have topped out in the near term.

If buyers want to make a comeback, they will have to push and sustain the price above the moving averages. The pair may ascend to $0.40 and later to $0.43.

Cardano price analysis

Cardano (ADA) closed below the uptrend line of the symmetrical triangle pattern on Jan. 26, indicating that the uncertainty resolved in favor of the bears.

ADA/USDT daily chart. Source: Cointelegraph/TradingView

The bulls are defending the support at $0.87, but the recovery is expected to face selling at the moving averages. If the price turns down sharply from the moving averages, it will suggest that bears remain in control. That increases the possibility of a drop to $0.80 and subsequently to $0.76.

The first sign of strength will be a break and close above the 20-day EMA ($0.98). The ADA/USDT pair may then attempt a rally to the resistance line.

Chainlink price analysis

Chainlink’s (LINK) failure to rise above the $27.41 overhead resistance may have attracted profit booking by short-term traders.

LINK/USDT daily chart. Source: Cointelegraph/TradingView

The LINK/USDT pair dropped below the moving averages, but the long tail on the candlestick shows buying at lower levels. If the price maintains above the moving averages, the bulls will make another attempt to propel the pair above $27.41. If they succeed, the pair could rise to $31.

On the contrary, a close below the moving averages will indicate a range-bound action between $20 and $27.41 for some more time.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.