Bitcoin bulls are trying to start a Santa Claus rally by pushing the price back above the psychological level of $100,000, but higher levels may attract sellers. Bitcoin has gained nearly 2% in December, but it will have to do more work to catch up with the previous year’s 12.18% rise in December, per CoinGlass data.
CryptoQuant contributor Joo Hyun Ryu said in a Quicktake blog post that Bitcoin demand has increased from speculative short-term holders (STH) and Korean investors. The share of STH increased by 3% within a week, and the “Kimchi Premium,” the aggregate difference in price between South Korean exchanges and others, reached a local high of 5.12.
However, Bitcoin’s up move is not a given because United States-based spot Bitcoin exchange‑traded funds (ETFs) continue to bleed. CoinGlass data shows net outflows of roughly $1.52 billion from the ETFs since Dec. 19.
What are the crucial support and resistance levels to watch out for in Bitcoin and the altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin turned up sharply from the 50-day simple moving average ($94,608) on Dec. 24, indicating that the bulls continue to defend the level with vigor.
Buyers are trying to push the price above the 20-day exponential moving average ($98,387). If they manage to do that, it will suggest that the correction is over. The BTC/USDT pair could rally toward the all‑time high of $108,353.
Contrary to this assumption, if the price turns down sharply from the 20-day EMA, it will indicate that the bears continue to sell on rallies. The pair could then drop to $90,000, where the buyers are expected to step in.
Ether price analysis
Ether’s relief rally is facing stiff resistance from the bears near the 20‑day EMA ($3,584).
If the price maintains below the 50‑day SMA ($3,478), the bears will attempt to sink the ETH/USDT pair below $3,200. If they succeed, the pair may collapse to $3,000 and subsequently to $2,850. Buyers are expected to aggressively defend the $2,850 to $3,000 zone.
On the upside, a break and close above the 20‑day EMA will suggest that the bears are losing their grip. The pair may rally toward $4,094, where the bears are expected to mount a strong defense.
XRP price analysis
XRP is trading inside a symmetrical triangle pattern, indicating indecision between the bulls and the bears.
The flattening 20-day EMA ($2.25) and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears. If the price maintains above the 20‑day EMA, the XRP/USDT pair could rise to the triangle’s resistance line.
Alternatively, if the price slips below the 20‑day EMA, it will signal that the bears are selling on every minor rally. That clears the path for a drop to the triangle’s support line. The next trending move is expected to begin on a break above or below the triangle.
Solana price analysis
Solana rebounded off the uptrend line, signaling that the bulls are trying to start a relief rally.
The downsloping 20-day EMA ($207) and the RSI in the negative territory indicate advantage to sellers. If the price turns down sharply from the 20‑day EMA, it increases the likelihood of a break below the moving average.
This negative view will be invalidated in the near term if the price continues higher and breaks above the moving averages.
BNB price analysis
BNB rebounded off the $635 support on Dec. 23, indicating that the bulls are defending the level with vigor.
The flattish 20-day EMA ($689) and the RSI just above the midpoint indicate a possible range‑bound action in the near term. The BNB/USDT pair could swing between $635 and $722 for some time.
If buyers shove the price above $722, it will signal the start of an up‑move toward $760, where the bears are expected to mount a strong defense.
Dogecoin price analysis
Dogecoin is trading inside a symmetrical triangle pattern, indicating indecision between the bulls and the bears.
The flattening 20-day EMA and the RSI just above the midpoint indicate advantage to sellers. If the price turns down sharply from the 20-day EMA, it will indicate that the bears continue to sell on rallies. On the upside, a break above the 20-day EMA will suggest that the bears are losing their grip.
Cardano price analysis
Cardano is trading inside a symmetrical triangle pattern, indicating indecision between the bulls and the bears.
This suggests that the bears are the stronger force at lower levels. If the price turns down sharply from the 20-day EMA, the pair will become bearish and could drop to $2,850.
Conversely, a break and close above $2,850 could propel the pair to the $3,000 resistance.
Related: Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January
Avalanche price analysis
Avalanche is trading inside a symmetrical triangle pattern, indicating indecision between the bulls and the bears.
The flattening 20-day EMA and the RSI in the negative territory indicate advantage to sellers. If the price turns down sharply from the 20-day EMA, it may slide below the support level and drop to the all‑time low of $4.72.
On the upside, a break and close above the 20-day EMA will suggest that the bears are losing their grip. The pair may rally toward $6.50 and then to $7, where the bears are expected to mount a strong defense.
Chainlink price analysis
Chainlink turned up sharply from the 50-day simple moving average ($24,20) on Dec. 24, indicating that the bulls continue to defend the level with vigor.
Buyers are trying to push the price above the 20-day exponential moving average ($98,387). If they manage to do that, it will suggest that the correction is over. The BTC/USDT pair could rally toward the all‑time high of $108,353.
Contrary to this assumption, if the price turns down sharply from the 20-day EMA, it will indicate that the bears continue to sell on rallies. The pair could then drop to $90,000, where the buyers are expected to step in.