Originally published on: December 11, 2024
Bitcoin made a solid recovery after finding support near $94,000 on Dec. 10, surging back above the key level of $100,000. The recent rally has economists predicting a 25-basis point rate cut in the next meeting, which could bode well for risky assets.
According to Bitwise investment chief Matt Hougan and research head Ryan Rasmussen, Bitcoin could reach $200,000 by the end of 2025. Their bullish outlook extends to Ether and Solana, with expectations for prices to hit $7,000 and $750, respectively.
Crypto market data daily view shows Bitcoin’s sharp rally facing strong selling near its all-time high of $104,088. Failure to clear this hurdle could lead to another round of selling, resulting in volatility and liquidations of leveraged positions.
Bitcoin’s rebound off the 20-day exponential moving average ($96,133) indicates the uptrend remains intact. To resume the uptrend, the BTC/USDT pair must break above the $101,351 to $104,088 resistance zone, targeting $113,331 and $125,000. Failure to do so may lead to a drop to $90,000.
Ether bounced off the downtrend line, with bulls targeting $4,000. However, higher levels could attract sellers, potentially leading to a range-bound market between $4,000 and the downtrend line. A break above $4,000 could signal a rally to $4,500.
XRP is correcting in an uptrend, finding support at the 61.8% Fibonacci retracement level of $1.90. The XRP/USDT pair could rally to $2.65 and $2.91 before a possible consolidation phase.
Solana’s correction inside a descending channel pattern suggests rallies are being sold into. The SOL/USDT pair could rally above $248 if buyers overcome resistance levels.
BNB nosedived but bounced off key support levels, indicating short-term consolidation. Dogecoin broke below support but may see a bullish reversal if it re-enters the channel. Cardano faced selling pressure but may rally above $1.16. Avalanche turned down sharply but could rally if it remains above the 20-day EMA.
Toncoin and Shiba Inu faced selling pressure but could see bullish reversal if key support levels hold. Bulls will need to break above resistance levels to confirm further upside.
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