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Solid buying in Bitcoin ETFs last week helped propel the price to a new all-time high on Sunday, with buyers attempting to extend the rally on Monday.
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Several altcoins are showing strength and are striving to rise above their overhead resistance.
Bitcoin (BTC) pulled back after hitting a new all-time high of $125,708 on Sunday, but the bulls did not cede much ground to the bears. That shows the bulls are not rushing the exit as they anticipate the rally to continue. The bulls have again pushed the price to a new all-time high on Monday.
The recent rally has been backed by solid buying in the spot BTC exchange-traded funds, which recorded $3.24 billion in inflows last week. That was the second-best week of inflows into BTC ETFs, just short of the record $3.38 billion in inflows in the week ending Nov. 22, 2024, according to SoSoValue data.
Several top Wall Street banks expect BTC to extend its rally by the end of the year, boosted by sustained BTC ETF inflows and the correlation with gold. Citigroup anticipates a modest year-end target of about $133,000, but Standard Chartered analysts expect BTC to soar to $200,000 by December.
Can BTC continue its up move, or will it experience a short-term dip? How are the altcoins placed? 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) continued its scintillating run last week, indicating that the bulls are firmly in the driver’s seat.
The first sign of weakness will be a break and close below the 20-day exponential moving average (6,637). If that happens, the index could descend to the 50-day simple moving average (6,503). Buyers are expected to defend the 50-day SMA with all their might because a break below it could start a deeper correction to 6,147.
On the contrary, if buyers maintain the price above the moving averages, it signals that the positive sentiment remains intact. The index may then attempt a rally to the psychological level of 7,000.
US Dollar Index price prediction
The bulls successfully thwarted attempts by the bears to pull the US Dollar Index (DXY) below the moving averages, but are finding it difficult to clear the overhead resistance at 99.
If the price remains above the moving averages, the buyers will again attempt to thrust the index above the overhead resistance. If they can pull it off, the index could surge to the 100.50 level. Sellers are expected to pose a strong challenge at 100.50, but if the bulls overcome this obstacle, the next stop is likely to be the 102 resistance level.
The zone between 97 and 96.21 is likely to act as a strong support on any dips. The bears will have to pull the price below the 96.21 support to signal the resumption of the downward move.
Bitcoin price prediction
The bears sold the rally to $125,708 on Sunday but failed to retain the price below the breakout level of $124,474 on Monday.
If the price turns down sharply from the current level, it signals that the bears are active at higher levels. Sellers will then try to pull the Bitcoin price to the 20-day EMA ($117,291). If the price rebounds off the 20-day EMA with strength, the bulls will strive to drive the BTC/USDT pair toward $141,948.
Alternatively, if the price turns down and breaks below the 20-day EMA, it suggests that the pair may continue to oscillate between $107,000 and $126,000 for a few more days. A bearish double-top pattern will be triggered if the pair plunges below $107,000.
Ether price prediction
Ether (ETH) broke above the resistance line on Monday, indicating that the buyers are attempting to seize control.
A close above the resistance line signals that the corrective phase may be over. The Ether price could rally to $4,769 and then to $4,957. Sellers are expected to vigorously defend the $4,957 level, but if the buyers prevail, the Ether price may surge to $5,500.
Instead, if the price turns down sharply and breaks below the 20-day EMA ($4,375), it may trap the aggressive bulls. That could sink the ETH/USDT pair to the $4,060 to $3,745 support zone.
XRP price prediction
XRP (XRP) is witnessing a tough battle between the buyers and sellers at the downtrend line.
The 20-day EMA ($2.94) has started to turn up gradually, and the RSI is just above the midpoint, indicating a slight edge to the bulls. The descending triangle pattern will be invalidated on a close above the downtrend line. That may result in a short squeeze, pushing the XRP price to $3.40 and later to $3.66.
Conversely, if the price turns down sharply and breaks below the moving averages, it suggests that the XRP/USDT pair may spend some more time inside the triangle.
BNB price prediction
Sellers tried…
cointelegraph.com