Price Analysis December 9th – BTC, ETH, BNB, SOL, and ADA
Bitcoin has remained above $43,000 since December 5th, suggesting that the bulls are not rushing to take profits. Data from HODL Waves indicates that most investors who bought BTC between 2020 and January 2022 have not sold their coins.
According to asset management company VanEck, investors are likely holding their Bitcoins in anticipation of higher prices over the coming months. The firm argues that regulatory shifts and political events expected in the United States next year would be positive for BTC, propelling the coin’s price to a new all-time high.
VanEck is one the leading asset managers that are hopeful of launching a Bitcoin spot ETF subject to the Securities and Exchange Commission’s approval. Crypto analysts anticipate a massive rally if the Gary Gensler-led Commission approves an ETF.
Bitcoin’s current rally has caused the broader market to turn green, with altcoins like Solana, Cardano, and Ethereum performing exceptionally well. Meanwhile, research company Santiment expects BTC to hit $50,000 before the approval of an ETF in early 2024.
Will the bulls exact more buying pressure to push Bitcoin and altcoins to new levels, or will the bears cause a market downturn? Studying the price charts will help us get the answers.
Bitcoin Price Analysis
BTC reversed from $44,386 on Tuesday, touching $43,251 two days later, where the bulls bought the dips, pushing the coin to $44,289 as of this writing. It is worth mentioning that pullbacks in strong upward trends don’t last because the buyers eagerly purchase the dips.
That said, if Bitcoin crosses above the newly formed resistance at $44,386, the bulls may try to propel the coin to $47,898, where we predict the sellers will mount significant selling pressure. On the other hand, if BTC reverses from $44,386 again, the bears may attempt to pull the largest cryptocurrency to the 20-day Exponential Moving Average (EMA) of $40,983.
Ethereum Price Analysis
The bulls have continued to protect the $2,201.30 breakout level with all their might. With Ethereum now trading at $2,376.89, the buyers have successfully turned $2,201.30 to a key support level, meaning there will be intense buying activity when ETH reaches there. The current uptrend will meet strong resistance at $3,399.40. Overcoming this hurdle might help the bulls push ETH to $4,583.29. Conversely, a downturn from $3,399.40 could stop at $2,201.30, where buyers are anticipated to purchase the dip. But if they don’t, Ethereum will slide further to the 20-day EMA of $2,146.93.
BNB Price Analysis
After several days of trading within a close range ($233.45 – $239.32), BNB has witnessed a break on the upside to change hands for $243.91 at press time. If the buyers succeed in building a bullish momentum, Binance’s native token could rally to $263.89. A break above this price will lead to the formation of a bullish set-up, which will indicate the start of another upward move.
This positive view will be invalid if BNB enters the previous range and then crosses below $233.45. That’s because the crypto asset might start a downtrend, reaching the $203.72 support level in the process.
Solana Price Analysis
SOL is now trading at the same levels it was before the crash of the Terra ecosystem in May 2022. The token reached $74.28 on Saturday morning after crossing a major hurdle at $68.29 the previous day. If the bulls push Solana above $78.50, a rally to $100.21 would seem likely. On the other hand, the bears need to drag SOL below the 20-day Exponential Moving Average of $60.18 to have an advantage over the bulls. If they achieve this, the crypto asset could drop to $51.84.
Cardano Price Analysis
ADA hasn’t stopped surging since crossing above the resistance at $0.4078172 on December 4th. The bulls propelled Cardano above $0.5209816 on Friday to $0.6045109 as of this writing. Now, we should keep an eye on $0.6198208. A reversal from there would suggest a brief price correction. However, if the buyers push ADA above that critical level, the token could rise to $0.7091890. On the contrary, if Cardano starts trending down now, it may hit the $0.5300062 support level.
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