NAIROBI (CoinChapter.com)—Bitcoin (BTC), Cardano (ADA), and Ondo Finance (ONDO) are navigating critical price levels as the broader crypto market faces increasing volatility. With traders anticipating the release of U.S. Consumer Price Index (CPI) data, these assets reflect the market’s cautious stance amid macroeconomic uncertainty.
Bitcoin Defends $94K, Faces Critical Macro Test
Bitcoin’s price held steady above $94,000 on Jan. 14, recovering from an earlier plunge below $90,600. Bullish traders stepped up with $1.04 billion in long positions against $568 million in shorts, data from Coinglass shows. This defensive maneuver highlights efforts to maintain key support ahead of the Jan. 15 U.S. Consumer Price Index (CPI) report, a critical macroeconomic event.
Bitcoin recently rebounded from the 0.5 Fibonacci retracement level at $90,900, which aligns with the lower boundary of a parallel ascending channel visible on the daily chart. This zone marks a vital accumulation area that traders continue to defend.
However, Keith Alan, co-founder of Material Indicators, pointed to $86,000 and $76,000 as essential support levels, coinciding with the 100-day moving average.
Meanwhile, veteran trader Peter Brandt flagged a bearish head-and-shoulders pattern that could drag prices to $69,000.
BTC’s RSI hovers at 47, signaling neutrality, while the MACD line remains below the signal line, suggesting persistent bearish pressure. A sustained recovery above $96,000 could pave the way for a retest of the 0.618 Fibonacci level near $101,000.
Bitcoin’s trajectory now hinges on the CPI data release, which could define market sentiment in the near term.
Cardano Battles Profit-Taking Near $0.90 Support
Cardano (ADA) faced a sharp 10% correction on Monday, sliding to $0.91 from an opening price of $0.99. The sell-off follows a 17.8% rally last week, as traders locked in profits amid broader market uncertainty. Open interest in ADA derivatives remained steady at $1.16 billion, signaling continued speculative activity despite the downturn.
The $0.90 level stands as a key support for ADA, backed by the ascending trendline on the daily chart. The RSI at 49.85 indicates neutral momentum, while the Chaikin Oscillator at 51.98 reflects a balance between buyers and sellers.
The MACD line on lower time frames shows narrowing divergence, hinting at a potential bullish crossover. This supports expectations of a rebound if ADA sustains its position above the $0.90 support.
Rising inflation fears, fueled by strong U.S. jobs data, weigh on ADA’s short-term outlook. Still, hopes for crypto-friendly tax reforms keep long-term traders interested.
For ADA to regain its bullish momentum, it must clear immediate resistance near $0.97, with the next key level at $1.24.
Ondo Finance Faces Volatility Ahead of Token Unlock
Ondo Finance’s ONDO token traded at $1.17 on Jan. 14, losing 4% in a day and 15% this month. The Jan. 18 unlock of 1.94 billion tokens, valued at $2.13 billion, poses risks of increased volatility. This release accounts for over 130% of ONDO’s circulating supply and dwarfs its daily trading volume.
The price is consolidating near $1.10 support, forming a descending triangle—a bearish indicator. Key resistance lies at the $1.35 Fibonacci retracement level, while the RSI at 36.17 suggests oversold conditions, hinting at potential short-term relief.
On-chain data reveals daily active addresses dropped to 1,929 from 3,691 last month, reflecting reduced activity. A negative funding rate of -0.047% further highlights bearish sentiment as shorts dominate.
Analyst Ali Martinez predicts ONDO could recover to $1.49 by mid-Jan. if market conditions improve. However, past large token unlocks often lead to increased selling pressure, leaving ONDO’s outlook uncertain after the event.
BTC, ADA, and Ondo Finance face pivotal moments, with the upcoming CPI report and macroeconomic shifts set to influence their paths. BTC’s stability and Cardano’s speculative appeal show potential, while Ondo Finance’s token unlock highlights crypto market risks.
