Bitcoin (BTC) is down about 8% on the week, but one positive sign is that bulls have aggressively bought the weekly lows. After the bounce, analysts remain divided on the next directional move. Some expect the correction to deepen, while others anticipate the uptrend to resume.

Bitcoin's rally on December 20 failed to attract investors to US spot Bitcoin exchange-traded funds. Data from Farside Investors shows outflows of $617.9 million on December 19 and $277 million on December 20 from ETFs, suggesting profit booking by traders.

The coming days are likely to witness a tough battle between the bulls and the bears near the $100,000 level. If Bitcoin remains above $100,000, the crypto sentiment is expected to improve, pulling select altcoins higher.

On the other hand, Bitcoin’s failure to rally and sustain above $100,000 could tempt short-term buyers to book profits. This could initiate a deeper correction in Bitcoin, triggering a sell-off in select altcoins.

Let’s take a look at the charts of the top 5 cryptocurrencies that could outperform in the short term.

Bitcoin Price Analysis

Bitcoin recovered from the 50-day simple moving average ($92,901) on December 20, but the recovery is facing selling at the 20-day exponential moving average ($98,758).

The BTC/USDT pair could consolidate between the moving averages as both the bulls and bears attempt to gain the upper hand. If the price breaks above the 20-day EMA, it will suggest that the correction may be over. The pair may then retest the all-time high at $108,353. A break and close above this resistance could start the next leg of the uptrend towards $113,331 and after that towards $125,000.

On the contrary, a break and close below the 50-day SMA could start a deeper correction towards $85,000. This is an important level for the bulls to defend because a break below it could open the doors for a drop to $73,777.

Both moving averages are sloping down on the 4-hour chart, and the RSI is in negative territory, indicating an advantage for the bears. A break and close below the $90,000 support could signal the start of a deeper correction towards $85,000.

The first sign of strength will be a break and close above $100,000. The pair could rally to $105,000 and then to $108,353. Sellers are expected to defend this level with all their might because if they fail in their effort, the pair could resume its uptrend.

Auto Price Analysis

Sui (SUI) dipped below the 20-day EMA ($4.22) on Dec. 19 but the bears failed to break the 50-day SMA ($3.61) support on Dec. 20.

The sharp bounce off the 50-day SMA signals aggressive buying at lower levels. The bulls attempted to resume the uptrend on December 21, but the bears held their ground. While the rising moving averages indicate an advantage to the buyers, the negative divergence on the RSI suggests weakening momentum.

If the price rises from the current level, the bulls will again try to resume the uptrend. If the $5 level is crossed, the SUI/USDT pair could rise to $5.50 and then to $6.50.

Conversely, a break and close below the 20-day EMA will suggest that the bulls are booking profits. The selling may accelerate if the 50-day SMA gives way. The pair may drop to $3.

The moving averages on the 4-hour chart are gradually sloping down, and the RSI is just below the midpoint, suggesting a possible range-bound action in the near term. If the price sustains below $4.20, the pair could drop to $4 and then to $3.50. Buyers are expected to vigorously defend the $3.50 level.

If buyers push and sustain the price above the 50 SMA, the pair could rally to $5. This remains the key resistance to watch out for because a break above it could propel the pair to $5.50.

Bitget Token Price Analysis

Bitget Token (BGB) dropped from $4.90 on Dec. 19 and fell near the 20-day EMA ($3.29) on Dec. 20, but the long tail on the day's candle shows solid buying at lower levels.

After the volatility of the last few days, the BGB/USDT pair may consolidate between $4.90 and the 20-day EMA for some time. If buyers push the price above $4.90, the pair could rise to $5.38 and then $6.

On the downside, a break below $4.05 could pull the pair towards $3.83 and subsequently the 20-day EMA. Buyers are expected to defend the 20-day EMA because a break below it will suggest that the pair has topped out in the near term.

The bulls are trying to push the price back above the 20-EMA, indicating demand at lower levels. The pair might reach the downtrend line, which is likely to act as a stiff resistance. If the bulls pierce the downtrend line, the pair could rise to $4.90.

On the downside, the bears will have to sink and sustain the price below the 50 SMA to signal the start of a deeper pullback. The pair could drop to $3.38 and then to $2.90.

Related: Bitcoin Social Sentiment Drops to Lowest Level of the Year, Signaling BTC Breakout

Ethena Price Analysis

Ethena (ENA) fell below the 20-day EMA ($1.00) on December 19, but bulls quickly reclaimed the level on December 20.

The rising 20-day EMA and the RSI just above the midpoint signal a slight upside for buyers. Bulls will try to push the price to $1.23 and then $1.33. Sellers are expected to defend this area with all their might, but if the bulls prevail, the ENA/USDT pair could rise to $1.52.

This positive view will be invalidated in the short term if the price turns down and breaks below the 20-day EMA. The pair may then drop to the 50-day SMA ($0.76).

The flattened moving averages and the RSI near the midpoint on the 4-hour chart suggest a balance between supply and demand. The pair could range between $1.23 and $1 for some time.

Buyers will have to push the price above $1.23 to get back into the driver’s seat. The pair could rally to $1.33 and then to $1.52.

Conversely, a drop below $1 could sink the pair to $0.84. This is a crucial short-term support to keep an eye on because a break below it will signal a short-term trend change.

Virtuals Protocol (VIRTUAL) is correcting in an uptrend, but a small positive is that it is finding support at the 20-day EMA ($2.14).

The upsloping 20-day EMA and the RSI in the positive zone signal that buyers have the upper hand. If the price rises above $2.85, the VIRTUAL/USDT pair could rally to $3.32. A break and close above this resistance could push the pair to $4.

Contrary to this assumption, if the price continues lower and breaks below the 20-day EMA, it will suggest that the bulls are booking profits. There is another solid support at $2, but if the level breaks, the pair could enter a deeper pullback towards $1.50.

The pair has dipped below the moving averages, but the bears are finding it difficult to pull the price down to $2. This suggests that selling dries up at lower levels. The buyers will try to push the price above the moving averages, opening the doors for a rally to $3 and then to $3.32.