Originally published on: December 04, 2024
Bitcoin has been hovering around the $100,000 mark, showing signs of strong consolidation as data reveals continuous buying pressure on minor dips. Inflows of $676 million in United States-based spot Bitcoin exchange-traded funds on Dec. 3 signal growing institutional demand for BTC.
According to Capriole Investments founder Charles Edwards, institutional ownership of Bitcoin has surged to 13.5%, reflecting a bullish sentiment in the market.
As Bitcoin consolidates near a crucial overhead resistance, traders remain cautious of potential profit-taking scenarios that could lead to a swift drop in prices.
Analyzing the charts of the top 10 cryptocurrencies provides insights into possible future price movements:
Bitcoin (BTC) is showing signs of indecision between bulls and bears, forming a symmetrical triangle pattern. A breakout above the triangle could lead to a rally towards $100,000 and beyond.
Ethereum (ETH) has turned up from a downtrend line, with the path of least resistance pointing towards further upside. A break above $4,000 could push ETH towards $4,094.
Ripple (XRP) has encountered resistance at $2.91, with support levels at $2.28 and $2.09. A breakout above $2.91 could pave the way for a surge towards $3.84.
Solana (SOL) has found strong support at $210, with a potential range formation in the near term. A rally above $248 could lead to further gains for SOL.
Binance Coin (BNB) saw a sharp uptrend from the 50-day SMA, with a rally towards $810 possible if bulls maintain control above $722.
Dogecoin (DOGE) bounced off support levels, indicating bullish momentum. A break above resistance could lead to a push towards higher price levels.
Cardano (ADA) faces resistance at $1.33, with a break above signaling potential gains towards $1.50. Strong support lies at the 20-day EMA.
Avalanche (AVAX) surged above $51, with a rally towards $60 and $65 possible if bulls defend support levels.
TON Coin (TON) is on an upward trajectory towards the $8.29 resistance level, with potential support at the 20-day EMA.
Shiba Inu (SHIB) held support levels, indicating positive sentiment with resistance at $0.000033 and potential upside towards $0.000039.
The cryptocurrency market remains dynamic, with various factors influencing price movements. Traders and investors should stay informed and conduct thorough research before making any investment decisions.
