Bitcoin has decreased by about 8% in the past week, but a positive sign is that the bulls have been buying strongly at the week’s lowest prices. After this recovery, analysts remain divided on the next direction. Some predict a deeper correction, while others expect the uptrend to continue.
Bitcoin's recovery on December 20 did not attract investor interest in Bitcoin spot ETFs in the US. Data from Farside Investors shows that these ETFs had a net outflow of $617.9 million on December 19 and $277 million on December 20, indicating that traders are taking profits.
In the coming days, a fierce battle is expected between the bulls and bears around the $100,000 level. If Bitcoin holds above this level, market sentiment for cryptocurrencies may improve, leading to some altcoins rising.
Conversely, if Bitcoin cannot hold above $100,000, this may cause short-term investors to take profits, leading to a deeper correction for Bitcoin and sell-offs in some altcoins.
Let's take a look at the charts of the top 5 cryptocurrencies that may perform well in the near future.
Technical analysis of BTC
Bitcoin bounced from the 50-day simple moving average (SMA) at $92,901 on December 20, but the recovery is facing strong selling pressure at the 20-day exponential moving average (EMA) at $98,758.
BTC/USDT daily chart | Source: TradingView
The BTC/USDT pair may consolidate between the moving averages as both the bulls and bears try to gain control. If the price breaks above the 20-day EMA, this would indicate that the correction may have ended. At that point, this pair could retest the all-time high of $108,353. If it breaks and closes above this resistance level, the next uptrend could begin with targets of $113,331 and then $125,000.
Conversely, if the price breaks and closes below the 50-day SMA, this could initiate a deeper correction down to $85,000. This is a crucial level that the bulls need to defend because if this level is broken, the price could fall further down to $73,777.
BTC/USDT 4-hour chart | Source: TradingView
Both moving averages are sloping down on the 4-hour chart and the RSI is in the negative zone, indicating an advantage for the bears. A break and close below the $90,000 support level could signal the beginning of a deeper correction down to $85,000.
The first sign of strength would be a breakout and close above $100,000. This pair could rise to $105,000 and then to $108,353. Sellers are expected to protect this level with all their strength because if they fail in their efforts, this pair could continue the uptrend.
Technical analysis of SUI
Sui (SUI) dropped below the 20-day EMA ($4.22) on December 19, but the bears could not break below the support at the 50-day SMA ($3.61) on December 20.
SUI/USDT daily chart | Source: TradingView
The bulls attempted to continue the uptrend on December 21, but the bears held their ground. Although the moving averages are rising, indicating an advantage for buyers, the negative divergence on the RSI shows that the upward momentum is weakening.
If the price rebounds from the current level, the bulls will attempt to break above $5. If successful, the SUI/USDT pair could rise to $5.50 and then to $6.50.
Conversely, if the price breaks and closes below the 20-day EMA, this will indicate that the bulls are taking profits. Selling pressure could accelerate if the 50-day SMA is broken, pulling the price down to $3.
SUI/USDT 4-hour chart | Source: TradingView
The moving average on the 4-hour chart is gradually sloping down and the RSI is just below the midpoint, indicating limited range potential in the near future. If the price stays below $4.20, this pair could drop to $4 and then to $3.50. Buyers are expected to strongly protect the $3.50 level.
If buyers push and maintain the price above the 50-SMA, this pair could rise to $5. This remains the main resistance level to watch because if it breaks above this level, this pair could rise to $5.50.
Technical analysis of BGB
Bitget Token (BGB) has dropped from $4.90 on December 19, close to the 20-day EMA ($3.29) on December 20. However, the long candle wick on the daily chart indicates strong buying at lower price levels.
BGB/USDT daily chart | Source: TradingView
After the fluctuations in the past few days, the BGB/USDT pair may maintain a range between $4.90 and the 20-day EMA for a while. If buyers push the price above $4.90, the pair could rise to $5.38 and then reach $6.
On the downside, if the price breaks below $4.05, the pair may drop to $3.83 and then to the 20-day EMA. Buyers are expected to protect the 20-day EMA because if the price breaks below this level, it indicates that the pair has peaked in the short term.
BGB/USDT 4-hour chart | Source: TradingView
The bulls are trying to push the price back above the 20-day EMA, indicating demand at lower price levels. The pair may reach the downtrend line, which is a strong resistance level. If the bulls get past the downtrend line, the pair may rise to $4.90.
On the downside, the bears need to pull the price below the 50-day SMA to signal the beginning of a deeper correction. This pair could drop to $3.38 and then to $2.90.
Technical analysis of ENA
Ethena (ENA) dropped below the 20-day EMA ($1.00) on December 19, but the bulls quickly reclaimed this level on December 20.
ENA/USDT daily chart | Source: TradingView
The 20-day EMA is sloping upwards and the RSI is just above the average, indicating a slight advantage for buyers. The bulls will try to push the price up to $1.23 and then to $1.33. The bears are expected to defend this area strongly, but if the bulls prevail, the ENA/USDT pair could rise to $1.52.
This positive outlook will lose its validity in the short term if the price reverses and breaks below the 20-day EMA. Then, the pair may drop to the 50-day SMA ($0.76).
ENA/USDT 4-hour chart | Source: TradingView
On the 4-hour chart, the flat moving averages and RSI near the average indicate a balance between supply and demand. This pair could fluctuate between $1.23 and $1 for a while.
The bulls need to push the price above $1.23 to regain an advantage. At that point, the pair could rise to $1.33 and then to $1.52.
Conversely, if the price drops below $1, the pair could fall to $0.84. This is an important support level to watch because if it is broken, the short-term trend will change.
Technical analysis of VIRTUAL
Virtuals Protocol (VIRTUAL) is adjusting in an uptrend, but a small positive point is that the price is finding support at the 20-day EMA ($2.14).
VIRTUAL/USDT daily chart | Source: TradingView
The 20-day EMA is sloping upwards and the RSI is in the positive zone, indicating that the bulls are in control. If the price breaks above $2.85, the VIRTUAL/USDT pair could rise to $3.32. A breakout and close above this resistance level could push the price up to $4.
Conversely, if the price continues to decline and breaks below the 20-day EMA, this indicates that the bulls are taking profits. Another strong support level is at $2, but if this level is broken, the pair may enter a deeper correction down to $1.50.
VIRTUAL/USDT 4-hour chart | Source: TradingView
The pair has dropped below the moving averages, but the bears are struggling to pull the price down to $2. This indicates that selling pressure is decreasing at lower price levels. The bulls will try to push the price above the moving averages, opening up opportunities to rise to $3 and then to $3.32.
Conversely, if the price reverses from the moving averages, it indicates that the bears are selling as the price rises. This could pull the pair down to the strong support level at $2. If this support level is broken, the pair may drop to $1.50.
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