Bitcoin (BTC) found support near $94,000 on December 10, and bulls began a solid recovery on December 11. BTC price soared back above the psychologically significant level of $100,000 after the November inflation report met economists' expectations. According to the FedWatch Tool, the chance of a 25 basis point rate cut in the next meeting has risen to over 96%. This could prove to be a bullish move for risk assets.
Bitwise's Chief Investment Officer, Matt Hougan, mentioned in a report that Bitcoin could surpass $200,000 by the end of 2025. Alongside Bitcoin, he is also optimistic about Ether (ETH) and Solana (SOL), expecting them to rise to $7,000 and $750, respectively.
Bitcoin's strong rally is expected to face selling pressure near the all-time high of $104,088. Failing to overcome the upper barrier could attract another round of selling from investors in the short term. This suggests that Bitcoin may remain volatile in the near term, leading to the liquidation of leveraged positions.
Will Bitcoin maintain above the $100,000 level, or will higher levels attract sellers? Can altcoins recover after the recent pullback? Let's analyze the charts of the top 10 cryptocurrencies to find out.
Technical analysis of BTC
Bitcoin has rebounded strongly from the 20-day exponential moving average ($96,133), indicating that the uptrend remains intact.
Daily BTC/USDT chart | Source: TradingView
Bulls will need to push the BTC/USDT pair above the resistance zone from $101,351 to $104,088 to signal the continuation of the uptrend. This pair could then rise to $113,331 and then to $125,000.
In contrast to this assumption, if the price drops and breaks below the 20-day EMA line, this indicates that bulls are taking profits. This pair could drop to $90,000, a key support level to watch.
Technical analysis of ETH
Ether bounced from the downtrend line on December 10, indicating that bulls have reversed this level into support.
Daily ETH/USDT chart | Source: TradingView
Bulls will try to push the price to $4,000, but higher levels are likely to attract sellers. If the price drops from the high resistance level, this will indicate the potential for forming a range in the near term. The ETH/USDT pair may remain stuck between $4,000 and the downtrend line for some time.
A breakout and close above $4,000 could initiate the next phase of the uptrend. This pair could rise to $4,500. This positive outlook will be invalidated if the price drops and breaks below the downtrend line.
Technical analysis of XRP
XRP (XRP) is adjusting in a bullish trend. The pullback found support at the 61.8% Fib retracement level of $1.90.
Daily XRP/USDT chart | Source: TradingView
A solid recovery from lower levels indicates strong buying power from bulls. The XRP/USDT pair could reach $2.65 then $2.91, where bears will try to halt the recovery. If the price sharply declines from the high resistance, this pair may enter a consolidation phase for a few days.
The next trend move could start when the price breaks above $2.91 or below $1.90. If the $2.91 level is broken, this pair could surge to $3.50. Below $1.90, this pair could drop to the 78.6% Fib retracement level of $1.63.
Technical analysis of SOL
Solana has adjusted within a descending channel pattern, indicating that bears are selling during price increases.
Daily SOL/USDT chart | Source: TradingView
The SOL/USDT pair has bounced from the channel's support line, signaling strong buying power as the price drops. The relief rally is likely to face selling pressure at the 20-day EMA line ($229) and then at the resistance line. If the price drops from the high resistance level, this pair may remain within the channel for some time.
The next trend move is expected to begin when the price breaks above or below the channel. If buyers push the price above the resistance line, this pair could surge to $248 and then to $264.
Technical analysis of BNB
BNB (BNB) plunged below the breakout level of $722 and the 20-day EMA line ($682) on December 9, indicating strong profit-taking from bulls.
Daily BNB/USDT chart | Source: TradingView
A small consolation for buyers is that the BNB/USDT pair bounced back from the 50-day simple moving average ($631) and is back above the 20-day EMA line. Bulls will try to push the price to $722, where bears are expected to defend vigorously.
The 20-day EMA line is flat and the relative strength index (RSI) is just above the midpoint, indicating limited range-bound action in the near term. This pair could fluctuate between $722 and $635 for a few days before starting the next trending move.
Technical analysis of DOGE
Dogecoin (DOGE) broke and closed below the support line of the ascending channel pattern on December 10, but bears are struggling to keep the price low.
Daily DOGE/USDT chart | Source: TradingView
Bulls are trying to push the price back into the channel. If successful, it will indicate that the breakdown could be a bear trap. The DOGE/USDT pair may rise to $0.42 and then to $0.48.
This optimistic outlook will be negated if the price drops and breaks below $0.36. That increases the likelihood of a drop to the 50-day SMA ($0.31), an important level that bulls must protect.
Technical analysis of ADA
Selling pressure has intensified after Cardano's (ADA) price dropped below the nearest support level of $1.11 on December 9.
Daily ADA/USDT chart | Source: TradingView
The ADA/USDT pair bounced from $0.91 on December 10, but this slight recovery is expected to face selling pressure at the 61.8% Fib retracement level of $1.16. If the price sharply declines from $1.16 and breaks below the 20-day EMA line, this will indicate the formation of a range.
If bulls push the price above $1.16, the likelihood of a rise to $1.24 and then to $1.33 will increase. Conversely, bears will regain the lead if they push this pair below the $0.90 support level.
Technical analysis of AVAX
Avalanche (AVAX) sharply declined and broke below the 20-day EMA line ($45.69) on December 9, but bears are struggling to maintain lower levels.
Daily AVAX/USDT chart | Source: TradingView
Bulls have pushed the price above the 20-day EMA line, indicating strength. If buyers maintain the price above the 20-day EMA line, the AVAX/USDT pair could rise to the higher resistance zone from $51 to $56.
Conversely, if the price does not maintain above the 20-day EMA line, this will indicate that bears are selling as the price rises. This increases the risk of a drop to the 50-day SMA ($36.15). Such a move would indicate that the breakout above $51 could be a bull trap.
Technical analysis of TON
Toncoin (TON) experienced a sharp decline on December 9, dropping near the support zone of $4.72 to $4.44, indicating that bulls are taking profits.
Daily TON/USDT chart | Source: TradingView
The 20-day EMA line ($6.28) has started to decline and the RSI is near the midpoint, indicating that bears are in control. If the price drops from the 20-day EMA line, the likelihood of breaking below the 50-day SMA ($5.64) will increase.
Conversely, a breakout and close above the 20-day EMA will indicate demand at lower levels. The TON/USDT pair could rise to $7.20, where bears are expected to engage.
Technical analysis of SHIB
Shiba Inu (SHIB) dropped from $0.000033 on December 8 and fell below the 20-day EMA line ($0.000028) on December 9.
Daily SHIB/USDT chart | Source: TradingView
Bulls are trying to push the price back above the 20-day EMA line but are likely to face strong resistance from bears. If the price drops from the 20-day EMA line, bears will again try to push the SHIB/USDT pair below the 50-day SMA. If that happens, this pair could drop to $0.000020.
If bulls want to stop the decline, they must quickly push the price back above $0.000028. After that, this pair could rise to $0.000033, which is expected to pose a significant challenge.
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