The cryptocurrency market continues to wait for the promised bull market that was to come following the spot Bitcoin ETF approval. However, it seems the market will continue consolidating as it awaits bullish cues.

Some macro cues could help the sector recover, such as anticipating a possible rate cut by the Federal Reserve in March 2024. Furthermore, the Bitcoin halving event, due in April 2024, might see Bitcoin price launch a price rally that would buoy the wider market as well.

The Financial Accounting Standards Board (FASB) updated the accounting standards to adopt fair value accounting for Bitcoin for fiscal years beginning after Dec.15, 2024.

The move is significant as it establishes Bitcoin’s legitimacy as a treasury reserve asset for corporations globally and paves the way for more adoption.

1. Bitcoin Price Crosses Above $40k

Despite the general optimism around BTC prices following the spot BTC ETF launch, the Mt. Gox repayment plans can potentially force BTC prices to drop to the $30,000 price tag. The prime crypto dropped 2% to a daily low near $39,531 on Jan. 25 before recovering later in the day.

The BTC price rally had an encouraging morning on Jan. 26, with the digital asset crossing above $40,000. However, bearish pressure threatens to ruin the party for Bitcoin.

BTCUSD daily price chart with RSI.

If BTC price fails to hold above the $40,000 price level, the token could drop to the support near $38,500. Moreover, breaching the immediate support might force bulls to defend the 200-day EMA (green wave) support near $35,660.

On the other hand, increased investor confidence could help BTC price rally to its 50-day EMA (purple wave) resistance near $41,760. Breaching the immediate resistance would likely help the prime cryptocurrency token reach the resistance near $45,150 before correcting.

The RSI for BTC remained neutral, with a score of 39.84 on the daily charts.

2. Ethereum Seeks To Break Bear Run

Ethereum price has painted six consecutive bearish candles on its daily price chart since Jan. 20. Although trading began positively on Jan. 26, the long upper wicks on ETH’s recent daily candles highlight the bearish pressure against the token.

However, the anticipation of the upcoming Dencun upgrade, set to launch in late Feb. 2024 or early March 2024, could help attract buyers to ETH, helping propel the token’s price rally.

A key aspect of the Dencun upgrade is the proto-danksharding feature. Ethereum developers claim that the feature would drastically reduce transaction costs on layer 2s and offer more affordable data storage on the blockchain.

ETHUSD daily price chart with RSI.

If ETH price starts rallying, the token could rise to its 50-day EMA (purple wave) resistance near $2,300. Moreover, flipping the immediate resistance would help the Ethereum token price rise to the resistance near $2,400 before retreating.

On the other hand, if ETH price fails to cope with the bearish pressure, the token could drop to the support near $2,140. Failure of the immediate support might see ETH price testing the 200-day EMA (green wave) support near $2,020.

The RSI for ETH remained neutral, reading 39.42 on the daily charts.

3. XRP Bulls Fighting Back

XRP price has been on a downtrend since Jan. 14, with the bearish pressure forcing the Ripple token to levels XRP price last reached in Oct. 2023.

Ripple expanded its operation through multiple partnerships in 2023, with the favorable court ruling helping XRP get relisted on major US exchanges for trading. Long lower wicks on the recent daily candles highlight the bulls’ efforts to start a rally, but the bearish pressure against the token remains strong.

XRPUSD daily price chart with RSI.

An increase in the selling pressure could see XRP price test the support near $0.5. Moreover, breaching the immediate support could see the XRP crypto token drop to the support near $0.476 before recovering.

Conversely, a rally from here would bring XRP cryptocurrency price to the resistance near $0.54. Moreover, breaking and consolidating above the immediate resistance could help the Ripple token rise to the 200-day EMA (green wave) resistance near $0.57.

The RSI for XRP remained neutral, scoring a borderline oversold 30.12 on the daily charts.

4. Shiba Inu Trying To Flip EMA Resistance

Shiba Inu fans continued to shill the memecoin over achievements like a spike in 24-hour burn rate or something equally inconsequential. Yet, hype and shilling seem to have done their job, with SHIB price painting a healthier price action than even ETH.

The memecoin’s price rally has been in a holding pattern since Jan. 24, struggling to break past the 200-day EMA (green wave) trendline to challenge the resistance near $0.0000092.

SHIBUSD daily price chart with RSI.

Once Shiba Inu price flips the immediate resistance, the memecoin’s price might rally to the resistance near $0.0000098.

SHIB seems to benefit from traders’ renewed interest in memecoins after the BTC price failed to take off in Jan. 2024. However, if the token continues to drop, short sellers could enter the market, booking trades once SHIB price confirms a breakdown below the immediate support near $0.0000084.

Breaching the immediate support could force the Shiba Inu token to test the support near $0.00000778 before recovering.

The RSI for SHIB remained neutral, with a score of 40.70 on the daily charts.

5. Pi Network Token Continues Crabbing

The Pi Network team’s promise of an open mainnet launch in 2024, under certain conditions, failed to attract buyers to the market. Given the platform’s past history with launch delays, it seems traders are not taking the Pi Network team at face value.

PIUSDT daily price chart with RSI.

However, if buyers enter the market following the recent hackathon announcement, the token’s price could rally to its 100-day EMA (blue wave) resistance near $32.13. Moreover, flipping the immediate resistance could help the PI coin price rally to the resistance near $34 before correcting.

However, further delays in the KYC approvals or open mainnet launch could be bearish for the token. As such, events like the Pi Commerce hackathon might not be enough to sustain a rally, forcing PI coin price to test the support near $28.

Failure of immediate support might see the token dropping to the support near $26.

The RSI for PI coin remained neutral, with a score of 46.72 on the daily charts.