Originally published on: December 06, 2024
Bitcoin made headlines on December 5 by surpassing the psychologically critical level of $100,000. Although bears attempted to push the price back to $90,000, bullish momentum prevailed, driving Bitcoin above $100,000 on December 6.
The burning question on traders’ minds now is whether Bitcoin has topped out in the short term or if every dip remains a buying opportunity. Cathie Wood, founder and CEO of ARK Invest, believes Bitcoin is still in the early stages of its growth, stating that “Bitcoin is a much bigger idea than gold.”
While most analysts remain bullish on Bitcoin long-term, some are adopting a cautious stance in the short term. With a potential consolidation phase on the horizon, the focus may shift to altcoins in the near future.
Let’s delve into the charts of the top 10 cryptocurrencies to uncover potential price movements:
Bitcoin (BTC):
Bitcoin’s daily chart shows signs of support at $100,000, with a possible challenge at the all-time high of $104,088. A breakout above this level could propel Bitcoin to $113,331 and $125,000. Conversely, a sharp decline may lead to a potential range formation between $104,088 and $90,500.
Ethereum (ETH):
Ethereum is eyeing the $4,000 resistance zone, with critical support at the 20-day EMA ($3,523). A bullish rebound from this level could trigger a rally above $4,094 towards $4,500. However, a break below the 20-day EMA could negate this optimistic view.
XRP:
XRP is experiencing a pullback near the $3 level, testing support between key Fibonacci retracement levels. A successful push towards $2.91 may face significant selling pressure, potentially leading to a drop to the 20-day EMA ($1.79).
Solana (SOL):
Solana is locked in a battle near the $248 resistance level, with a potential surge to $264 and $300 on the horizon if buyers succeed. A slide below the 20-day EMA could signal a bearish trend towards $210.
Stay tuned for further updates on Binance Coin (BNB), Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), TON Coin (TON), and Shiba Inu (SHIB) as the crypto market continues to evolve. Subscribe to our Markets Outlook newsletter for exclusive insights and trading strategies to navigate the volatile cryptocurrency landscape.
