This Week's Highlights
- MicroStrategy announced plans to issue more shares next year to purchase Bitcoin, which boosted market sentiment and led to a rebound in Bitcoin on Thursday. As of December 23, 2024, MicroStrategy has accumulated 444,262 Bitcoins.
- An analysis report states that Binance's Bitcoin reserves recently fell below 570,000 BTC, the lowest level since January of this year. Typically, when an exchange's reserves decrease, it means that investors are transferring Bitcoin to cold wallets, which is generally seen as a bullish signal for investors regarding Bitcoin's long-term price prospects.
- On December 24, the total inflow of the U.S. spot Ethereum ETF exceeded $2.5 billion, with a cumulative net inflow of $53 million. This indicates a bullish sentiment in the market. Institutions like VanEck predict that Ethereum's price will reach a cyclical peak of $6,000 by 2025.
Market Analysis
Bitcoin (BTC)
Bitcoin rebounded strongly from the 50-day simple moving average ($94,608) on December 24, demonstrating the bulls' strong defense of this key support level. This morning, the price successfully broke through the 20-day exponential moving average ($98,387), indicating that the recent adjustment may have ended. With the strengthening of bullish momentum, the BTC/USDT trading pair is expected to rise further, targeting the historical high of $108,353.
Historically, Bitcoin tends to show a significant price increase trend after Christmas in election years, reaching a peak in January. If this pattern continues, the current upward momentum may further strengthen, making the coming weeks a key window period for market attention.
Ethereum (ETH)
Affected by news, $3,000 has become an important support level recently. After ETH fell to $3,100 on the evening of the 20th, it quickly rebounded and retested the upper box area of $3,550, which basically indicates that this week's market will mainly be characterized by range fluctuations. Currently, ETH's rebound is encountering significant resistance near the 20-day exponential moving average (EMA, $3,584), with bears actively applying pressure to strengthen their control over the price.
If the price can break through and stabilize above $3,584, it will indicate that the bearish pressure is weakening, and market sentiment may begin to shift towards a bullish dominance. Looking further, the key resistance level above is at $4,094, and this area is expected to become a major defense point for bears, with bulls likely facing strong selling pressure challenges at this position.
Disclaimer
The above content is for market analysis and opinion only and does not constitute any investment advice. Investing in digital assets carries high risks. Please fully assess your risk tolerance before making any investment decisions and consult a professional financial advisor.
