Price Analysis December 10th, 2024 – BTC, ETH, XRP, and SOL
The bears have dragged Bitcoin below the $98,000 resistance level, signaling their determination to guard $100,000. CryptoQuant analyst Maartuun has attributed the latest downtrend to profit booking by long-term Bitcoin holders, who have cashed out over 820,000 coins in the past 21 days.
While some analysts are calling the top amid the latest Bitcoin price fall, MicroStrategy’s Michael Saylor sees an opportunity to buy the dip. On Monday evening, the Bitcoin advocate announced that his company had purchased 21,550 BTC for $2.1 billion, bringing its Bitcoin holdings to 402,218.
Speaking to a journalist from Yahoo Finance, Saylor said he would “buy the top forever” in response to those urging him to stop acquiring more Bitcoin and instead book profits.
MicroStrategy isn’t the only company taking advantage of the price corrections to accumulate more BTC. On Tuesday morning, crypto mining firm Marathon Digital announced buying over 11,000 Bitcoin for $1.1 billion.
As Bitcoin sees its price plummet, spot ETFs, on the other hand, continue to perform exceptionally. According to CoinShares data, these ETFs have recorded inflows worth $3.86 billion since the start of the month.
That said, will the growing interest in Bitcoin ETFs push BTC above $100,000? And if that’s the case, what hurdles on the upper side should traders monitor? We now explore the price charts to find answers.
Bitcoin Price Analysis
With Bitcoin failing to stay above $100,000 in the past two days, chances of a move to the 20-day Exponential Moving Average ($95,532) have increased significantly. If a rebound happens there, it will mean that the buyers are still in command, purchasing every minor dip. As such, BTC could hit the all-time high of $104,102 and later rally to $113,330.
On the other hand, tugging Bitcoin below $95,532 enhances bears’ chances of causing a correction below the $90,189 support. If a move to the 50-day Simple Moving Average of $84,637 happens, we expect the buyers to exert pressure and start a strong recovery rally.
Ethereum Price Analysis
Ethereum has seen a solid downtrend since retesting the $4,092 resistance on December 4th. It’s down to $3,692 as of this writing. The sellers are looking to drag it to the 20-day Exponential Moving Average of $3,632.70, a vital support that buyers need to protect.
However, if this level gives way, it could mean that sentiment around ETH is turning bearish. In this case, sellers may continue booking profits until the price reaches the 50-day Simple Moving Average of $3,120.18, where intense dip acquisition is anticipated.
On the bullish side, if $3,632.70 is protected and the buyers begin a recovery rally, $4,092 could crumble, allowing Ethereum to rise toward $4,489.28.
XRP Price Analysis
XRP is one of the biggest losers in the past 24 hours, plunging 12.8% to $2.13 at press time. The latest price action suggests a continuation of profit booking by short traders. With key support levels now violated, the sellers could drag the Ripple-issued to the 20-dy Exponential Moving Average of $1.98. A strong rebound from there could put $2.91, a newly formed resistance, at risk of collapsing. If it eventually crashes, XRP is expected to rally to $3.19.
Conversely, if the sellers overcome the buyers at $1.98, the token could descend to $1.92 and then to $1.67.
Solana Price Analysis
The bullish momentum fueled by the hype around the possibility of a Solana ETF entering the market in the coming months appears to be weakening based on SOL’s latest price performance. According to CoinGecko data, SOL is down 7% in the last 24 hours to $212 at press time.
The current price is slightly above the $210.47 breakdown level. The buyers must apply pressure when SOL reaches there; otherwise, a journey to the $190 support will start. However, if a recovery rally begins from $210.47, the first test for the buyers will be at the 20-day Exponential Moving Average of $232.19. Defeating the sellers there could enable them to cause a surge to the $248.31 resistance.
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