By Frank Martin (MoneyAmped.com)
Bitcoin is ending December with a 3.5% loss. Nonetheless, it is up 119% this year. While some analysts anticipate a massive rally leading into the inauguration day of President-elect Donald Trump on January 20th, others are bearish. Earlier this month, BitMEX founder Arthur Hayes said cryptocurrencies will likely witness a sell-off ahead of Trump’s inauguration. However, he remains bullish that Bitcoin will post significant gains in 2025.
As short-term traders continue to book profits, long-term holders like MicroStrategy are accumulating more Bitcoin. The software company bought 2,138 BTC between December 23rd and December 29th at $97,837 per coin.
So, what barriers on the upside must we monitor if the bulls start mounting pressure on Bitcoin and other top digital currencies? Let’s study the charts to find out.
Bitcoin Price Analysis
Increased profit booking since the start of the week pulled Bitcoin near the $90,109 support on December 30th. While the coin has risen to $93,953 at press time, the bearish crossover between the 20-day Exponential Moving Average and the 50-day Simple Moving Average signals that the sellers still hold the advantage. If they succeed in pulling BTC below $90,109, then a dip to $85,000 could happen.
Meanwhile, Bitcoin must cross the $96,352 resistance for the advantage to shift to the buyers’ side. As such, a rally to $100,318 and eventually to $108,163 becomes possible.
Ethereum Price Analysis
Ethereum’s price has been below the 20-day Exponential Moving Average of $3,493.86 for several days. That means the bears are holding their ground and aiming to tug the token to lower levels, starting with the $3,000.19 support. If this level collapses, ETH is at risk of plunging to $2,858.
On the contrary, if the bulls drive the second-largest coin by market cap above $3,493.86, they will regain dominance. In this scenario, we foresee Ethereum rallying to $4,095.02.
XRP Price Analysis
The buyers have defended the support line of the ascending triangle pattern in the past 24 hours. However, if they give up and let the sellers pull XRP below that line, the coin could dump to the 50-day Simple Moving Average of $1.88 and later to the support at $1.63. Conversely, if XRP rallies above the 20-day Exponential Moving Average of $2.18, it may grow toward $2.33. Furthermore, a break above the resistance line of the ascending triangle pattern makes a surge to $2.60 and then to $2.90 possible.
BNB Price Analysis
Since Tuesday, the bulls have blocked the bears’ attempts to drag BNB below the 20-day Exponential Moving Average of $691.84. On the other hand, the bears continue to defend the $722.84 resistance, meaning the Binance Coin is currently trading within a very tight range. However, if a breakout at $722.84 happens, BNB could rise toward the $762 resistance. We anticipate a rally to $793 if that level gives way. On the downside, a breakout at $691.84 could lead to a drop toward the $634.82 support.
Cardano Price Analysis
Cardano has trended downward since completing a head and shoulder pattern earlier this month. It is priced near the $0.802 support as of this writing. If it reaches there and the bears manage to pull it lower, a move to the $0.50 support, where aggressive buying is expected, could occur.
Meanwhile, if the bulls want to regain control of the ADA market, they need to push the coin above the 20-day Exponential Moving Average of $0.935. As such, the 50-day Simple Moving Average of $0.952 may give way, with Cardano rallying to $1.
Avalanche Price Analysis
The bulls’ failure to fuel a rebound at key support levels in the past few days suggests that AVAX topped out at $56 in the short term. If the bears continue selling, they could pull the token to the $33.48 support and later to $30.10. Our bullish view is that Avalanche could retest $56 if the buyers push and keep it above the 20-day Exponential Moving Average of $40.54.
