Bitcoin (BTC) has pulled back after making a new all-time high above $108,000 on Dec. 17, indicating that the bears have not given up and are selling on rallies. BitMEX co-founder Arthur Hayes wrote in his “Trump Truth” blog post that the crypto markets are likely to dump following United States President-elect Donald Trump’s inauguration in January 2025. Hayes said that selling will occur after market participants realize that any crypto policy changes will take about a year to enact.
In contrast, Bitfinex analysts expect the dips in Bitcoin’s uptrend to be short-lived in 2025 due to institutional demand. They estimate Bitcoin to reach $145,000 by mid-2025 and potentially stretch to “$200,000 under favorable conditions.”
Crypto market data daily view. Source: Coin360
Sustained buying by institutional investors boosted collective net assets in US Bitcoin exchange-traded funds (ETFs) to more than $129 billion on Dec. 16, a tad higher than US gold ETFs, according to a post on X by Vetle Lund, K33 Research’s head of research.
Bloomberg ETF analyst Eric Balchunas said in a post on X that it was “unreal” that Bitcoin ETFs were competing so closely with gold funds just 11 months after launch.
Could Bitcoin enter a consolidation in the near term, or will the uptrend resume? How will the altcoins behave? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin bulls pushed the price above the resistance line of the ascending channel pattern on Dec. 16 and Dec. 17 but could not sustain the higher levels.
BTC/USDT daily chart. Source: Cointelegraph/TradingView
While the rising moving averages indicate an advantage to buyers, the negative divergence on the relative strength index (RSI) suggests that the uptrend is losing steam. That increases the possibility of a consolidation in the near term.
The 20-day exponential moving average ($99,974) is the critical support to watch out for. If the price rebounds off the 20-day EMA with strength, the likelihood of a break above the resistance line increases. That could push the BTC/USDT pair to $113,331 and later to $125,000.
This positive view will be invalidated in the near term if the price turns down and breaks below the support line. That could pull the price to the 50-day simple moving average ($90,839).
Ether price analysis
Ether (ETH) again turned down from the overhead resistance of $4,094 on Dec. 16, indicating that the bears are aggressively defending the level.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
The ETH/USDT pair has pulled back to the 20-day EMA ($3,775), which is an important level to watch out for. If the price rebounds off the 20-day EMA with force, it will improve the prospects of a rally above $4,094. If that happens, the pair may soar toward $4,500.
On the contrary, a break and close below the 20-day EMA will signal that the bulls are losing their grip. The pair may plunge to the downtrend line, which is expected to attract strong buying by the bulls.
XRP price analysis
XRP’s (XRP) relief rally rose above the near-term resistance of $2.65 on Dec. 17, but the bulls could not sustain the higher levels.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
If buyers do not give up much ground from the current level, the XRP/USDT pair could again rise above $2.65 and challenge the crucial overhead resistance of $2.91. A break and close above $2.91 could clear the path for a rally to $3.50.
If bears want to make a comeback, they will have to quickly tug the price below the 20-day EMA ($2.25). If they do that, the pair could plunge to the 61.8% Fibonacci retracement level of $1.90.
Solana price analysis
Solana (SOL) dipped below the 50-day SMA ($218) on Dec. 16, but the bulls defended the $210 support on Dec. 17.
SOL/USDT daily chart. Source: Cointelegraph/TradingView
However, the bulls failed to maintain the price above the 20-day EMA ($225), which has again pulled the SOL/USDT pair to $210. The repeated retest of a support level tends to weaken it. If the $210 support cracks, the pair could plunge to the support line of the descending channel pattern.
This negative view will be invalidated in the near term if the price turns up from $210 and rises above the channel’s resistance line. The pair may then attempt a rally to $248.
BNB price analysis
BNB (BNB) remains stuck inside a tight range between $722 and the 20-day EMA ($700), indicating a tough battle between the bulls and the bears.
BNB/USDT daily chart. Source: Cointelegraph/TradingView
If the price turns down and breaks below the 20-day EMA, it will suggest advantage to the bears. The BNB/USDT pair could then tumble to the 50-day SMA ($649), which is likely to attract buyers.
Contrary to this assumption, if the bulls pierce and maintain the price above the $722 resistance, it will signal a positive sentiment. The pair may climb to $761 and subsequently to $794.
Dogecoin price analysis
The bears did not allow Dogecoin (DOGE) to remain above the 20-day EMA ($0.40) on Dec. 16, which may have tempted short-term buyers to book profits.
DOGE/USDT daily chart. Source: Cointelegraph/TradingView
That has pulled the DOGE/USDT pair toward the 50-day SMA ($0.35), which is a critical near-term support. Buyers are expected to vigorously defend the 50-day SMA, but the relief rally is likely to face strong selling at the 20-day EMA.
If the price turns down from the 20-day EMA, it will signal that bears are selling on rallies. That increases the possibility of a break below the 50-day SMA. The pair may then drop to $0.30. If bulls want to prevent the downside, they will have to push and maintain the price above $0.43.
Cardano price analysis
Cardano (ADA) has slipped below the 20-day EMA ($1.05), indicating that the bulls are rushing to the exit.
ADA/USDT daily chart. Source: Cointelegraph/TradingView
The 20-day EMA is flattening out, and the RSI is near the midpoint, suggesting a possible range-bound action in the near term. Sellers will try to pull the price to $0.90, which is expected to act as a strong support.
The bulls will be back in the driver’s seat after they push and maintain the price above $1.20. The ADA/USDT pair could rise to $1.24 and eventually to $1.33, where the bears are likely to mount a strong defense.
Avalanche price analysis
Avalanche (AVAX) has broken below the 20-day EMA ($47.71), indicating a lack of demand from the bulls.
AVAX/USDT daily chart. Source: Cointelegraph/TradingView
If the price sustains below the 20-day EMA, the AVAX/USDT pair could drop to the 50-day SMA ($39.52). This is a critical level for the buyers to defend because a break below it will suggest that the breakout above $51 may have been a bull trap.
Instead, if the price turns up and rises above the 20-day EMA, it will signal buying at lower levels. The bulls will try to strengthen their position by pushing the price above $51 and then $56. If they manage to do that, the pair may travel toward $65.
Chainlink price analysis
Chainlink (LINK) is correcting in an uptrend, suggesting that the short-term buyers are booking profits.
LINK/USDT daily chart. Source: Cointelegraph/TradingView
The negative divergence on the RSI suggests that the bullish momentum is weakening. If the price sustains below $27.41, the LINK/USDT pair could slump to the 20-day EMA ($24.85). This is a crucial level for the bulls to defend because a break below it may sink the pair to the breakout level of $23.
Conversely, if the price turns up and maintains above $27.41, it will suggest solid buying on dips. The pair could then retest the overhead resistance at $31.
Shiba Inu price analysis
The bulls failed to push Shiba Inu (SHIB) back above the 20-day EMA ($0.000027) on Dec. 16, attracting selling by the bears.
SHIB/USDT daily chart. Source: Cointelegraph/TradingView
That has pulled the price to the 50-day SMA ($0.000025), which is an important support to keep an eye on. The 20-day EMA has started to turn down, and the RSI has slipped into negative territory, indicating that the bulls are losing their grip. If the 50-day SMA cracks, the SHIB/USDT pair could descend to $0.000022 and later to $0.000020.
Contrarily, if the price rebounds off the 50-day SMA with force, it will signal demand at lower levels. The bulls will then try to push the price above the 20-day EMA, opening the doors for a recovery to $0.000030.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
