The price of Bitcoin (BTC)
The price of Bitcoin (BTC) has experienced a decrease of approximately 8% during the past week, however, it’s worth noting that the bulls have been actively purchasing the weekly lows. Despite this, analysts remain divided on the direction of the market’s next move, with some expecting further corrections while others predicting a continuation of the uptrend.
Following the recent rebound on
Following the recent rebound on December 20th, data from Farside Investors indicates that there was a significant outflow of $617.9 million on December 19th and $277 million on December 20th from U.S. spot Bitcoin exchange-traded funds (ETFs), suggesting that traders were profiting from these positions.
Looking at the broader crypto
Looking at the broader crypto market, the coming days are expected to see a tough battle between the bulls and bears around the $100,000 level. If Bitcoin manages to stay above this mark, optimism towards the industry may increase, potentially leading to gains in select altcoins. However, if Bitcoin fails to rise and maintain above $100,000, we may see a deeper correction in both Bitcoin and certain altcoins.
To provide more insight into
To provide more insight into potential opportunities within the crypto space, let’s take a closer look at the top five cryptocurrencies that may perform well in the near future based on their technical analysis. Bitcoin (BTC): The price of Bitcoin has rebounded from its recent dip below the 50-day simple moving average (SMA) at $92,901, however, it still faces resistance around the 20-day exponential moving average (EMA) at $98,758.
Breaking through this resistance could
Breaking through this resistance could see BTC test its all-time high at $108,353. Failure to do so could lead to further corrections towards $85,000. Sui (SUI): Despite briefly dipping below its 20-day EMA at $4.22 on December 19th, Sui managed to hold onto gains and bounce back strongly. The bullish momentum appears to be intact, with the 20-day EMA currently acting as support.
A successful break above the
A successful break above the $5 level could see SUI test $5.50 and potentially even $6.50 in the coming days. Athena (ENA): Athena also experienced a brief dip below its 20-day EMA at $1.00 on December 19th but managed to recover quickly. The upsloping 20-day EMA and RSI near the midpoint suggest a slight advantage to buyers.
Breaking through resistance around $1.23
Breaking through resistance around $1.23 could see ENA rally towards $1.33 in the near future. Virtuals Protocol (VIRTUAL): Despite being in an uptrend, Virtuals Protocol is currently experiencing a minor correction. However, the bullish momentum appears to be holding steady, with the 20-day EMA currently providing support around $2.14.
Breaking above resistance around $2.85
Breaking above resistance around $2.85 could see VIRTUAL test $3.32 in the coming days. Other cryptocurrencies mentioned in the original content may also perform well in the near future based on their technical analysis. It’s important to note that the crypto market can be highly volatile and unpredictable, so investors should always conduct thorough research and consult with financial advisors before making any investment decisions.
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