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Bitcoin attempted a recovery on Monday, but renewed selling pressure threatens to pull the price to $84,000.
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Several altcoins are attempting to hold above their support levels, but the bounce lacks strength.
Bitcoin (BTC) attempted a recovery on Monday, but the bears continue to exert pressure. Trader CrypNuevo said in a thread on X that BTC could range between $80,000 and $99,000, and a break below $80,000 may sink the price to $73,000.
On similar lines, analyst Aksel Kibar said that BTC could start a directional move soon following the “extreme low volatility setup.” On the upside, Kibar expects a move to $100,000 if the $94,600 level is taken out, and on the downside, he anticipates BTC to bottom out in the $73,700 to $76,500 range.
Analysts are keeping an eye on the Bank of Japan (BoJ), which is expected to hike interest rates on Dec. 19. Previous instances of BoJ rate hikes since 2024 have resulted in a drawdown of more than 20% in BTC, according to data shared by AndrewBTC.
Could BTC and the major altcoins start a relief rally, or will the bears pull the price lower? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) turned down from the 6,920 resistance on Friday, indicating that the bears are aggressively defending the level.
If the price breaks below the moving averages, it suggests that the index could range between 6,550 and 6,920 for a few more days. A close below 6,550 will form a double-top pattern, opening the doors for a drop to the pattern target of 6,180.
Conversely, if the price rises above the moving averages and breaks above 6,920, it signals the resumption of the uptrend. The index could then surge toward the target objective at 7,290.
US Dollar Index price prediction
The US Dollar Index (DXY) attempted to rise above the 20-day exponential moving average (99.04) on Tuesday, but the bears held their ground.
The moving averages have completed a bearish crossover, and the relative strength index (RSI) is in the negative zone, suggesting that the bears hold the edge in the near term. There is minor support at the 98 level, but if the sellers pull the price below it, the index could drop to 97.20 and then to 96.21.
The first sign of strength will be a break and close above the 20-day EMA. Buyers will be back in the driver’s seat on a close above the 100.54 resistance.
Bitcoin price prediction
BTC bounced off the uptrend line on Monday, but the bulls could not clear the 20-day EMA ($90,720) hurdle.
The 20-day EMA has started to turn down, and the RSI is in the negative territory, indicating advantage to bears. If the price closes below the uptrend line, the BTC/USDT pair could nosedive to $84,000 and eventually to the Nov. 21 low of $80,600.
Instead, if the price turns up sharply and closes above the 20-day EMA, it shows buying at lower levels. The pair may then rally to the 50-day simple moving average ($95,985). Sellers are expected to defend the zone between the 50-day SMA and $100,000, as a break above it suggests that the corrective phase is over.
Ether price prediction
Buyers pushed Ether (ETH) above the 20-day EMA ($3,106) on Monday, but the long wick on the candlestick shows selling at higher levels.
The bears will strive to pull the Ether price below the $2,907 level. If they manage to do that, the ETH/USDT pair could descend to the $2,716 to $2,623 support zone.
This negative view will be invalidated in the near term if the price turns up from the current level and breaks above the breakdown level of $3,350. That suggests the pair may have bottomed out in the near term. The pair could rally to $3,658 and, after that, to $3,918.
BNB price prediction
The tight range trading in BNB (BNB) has resolved to the downside, signaling a slight advantage to the bears.
The sellers will attempt to pull the price to the $791 level, which is a critical support to watch out for. If the level gives way, the BNB/USDT pair will resume the downtrend toward the next support at $730.
Alternatively, if the BNB price rebounds sharply off the $791 support and breaks above the 20-day EMA ($888), it suggests that the pair may form a range. The price could swing between $791 and $1,020 for a few days.
XRP price prediction
XRP (XRP) remains stuck below the 20-day EMA ($2.06), indicating a lack of aggressive buying by the bulls.
The bears will attempt to sink the XRP price to the support line of the descending channel pattern and then to the $1.61 level. Buyers are expected to defend the $1.61 level with all their might, as a break below…
cointelegraph.com