Originally published on: December 06, 2024
Bitcoin reached a significant milestone on December 5, hitting $100,000 only to dip back to $90,000 before climbing over $100,000 again on December 6. The question on every trader’s mind is whether buying the dip is still a viable strategy or if Bitcoin has hit its short-term peak.
Cathie Wood, founder and CEO of ARK Invest, believes that Bitcoin is just getting started even after surpassing $100,000, emphasizing that it’s a much bigger idea than gold. While many analysts remain optimistic about Bitcoin’s long-term prospects, there are concerns about a potential short-term consolidation phase.
As Bitcoin attempts to break free from the $104,088 resistance level, attention is turning to altcoins. Let’s dive into the charts of the top 10 cryptocurrencies to gain insights into their potential movements.
Bitcoin (BTC) continues to show resilience, with a breakout above $100,000 paving the way for a challenge of the $104,088 all-time high. On the other hand, Ethereum (ETH) eyes the $4,000 range while facing resistance near $4,094. Ripple (XRP) is experiencing profit-taking around $3, hinting at a potential correction.
Meanwhile, Solana (SOL) battles to break above $248, with support near $231. Binance Coin (BNB) struggles to maintain levels above $722, while Dogecoin (DOGE) trades within an ascending channel pattern. Cardano (ADA) faces profit booking near $1.33, while Avalanche (AVAX) grapples with resistance at $51.
Elsewhere, TON finds itself testing the $7 resistance, and Shiba Inu (SHIB) looks to overcome hurdles at $0.000033.
As the crypto market continues to evolve, identifying trends and patterns becomes crucial for traders looking to capitalize on opportunities and manage risks effectively. Stay informed and adapt your strategies to navigate the ever-changing landscape of cryptocurrencies.
