Price Analysis December 5th, 2024 – BTC, XRP, BNB, ETH, SOL, and AVAX
Bitcoin breached the $100k resistance earlier today following Donald Trump’s announcement on Wednesday regarding the nomination of Paul Atkins as the next US Securities and Exchange Commission (SEC) Chair. If Congress approves him, the pro-crypto nominee will replace Gary Gensler, who has been accused of attempting to kill the blockchain sector by leveling ‘unfair’ enforcement actions against industry players.
In other news, the latest rally has boosted the performance of Bitcoin ETFs. According to SoSoValue data, these investment vehicles have seen $676.48 million worth of inflows over the past 24 hours. Furthermore, the data shows that institutional investors now own about 13% of Bitcoin’s circulating supply.
Will institutional demand help push Bitcoin’s price higher, or should traders prepare for a pullback? And if BTC trends upward, what resistance areas should the market participants watch closely? Let us identify them by analyzing the charts.
Bitcoin Price Analysis
Bitcoin broke out of the ascending channel pattern on December 4th, with the bulls successfully pushing the coin to $104,087 the following day. If $100,000 becomes solid support, BTC could begin the journey to $113,350 and later to $124,000.
However, if the bears manage to cause a pullback below $100,000, the 20-day Exponential Moving Average of $92,789 could be the next stop for Bitcoin. Moreover, the coin may hit the $90,524 support if the bulls fail to buy the dip at $92,789.
Ethereum Price Analysis
ETH has now crossed $3,900 for the first time since May. The Relative Strength Index (64.39) is rising, suggesting more room for an upward movement. If the coin hits and closes above $4,000, it could head toward $4,102, where we anticipate intense profit booking. On the downside, if Ethereum corrects to $3,700.37 and the buyers fail to apply pressure, it could depreciate to the 20-day Exponential Moving Average of $3,429 or even to the 50-day Simple Moving Average of $2,967.
XRP Price Analysis
After rallying to $2.90 earlier this week, thanks to positive developments announced by Ripple Labs, XRP is currently experiencing a pullback. It has plunged below $2.50 to $2.36 at press time. If the bearish trend continues, the $2.29 support will become a key level for the bulls to protect. If that doesn’t happen, XRP could dip to $2.08 and then to $1.92, where solid buying is expected.
From a bullish point of view, bouncing off $2.29 could allow XRP to surge above $2.90 and move toward $3.83.
Solana Price Analysis
The buyers fiercely defended the $214.86 support on December 3rd, pushing Solana to $241.38 as of this writing. The 20-day Exponential Moving Average ($231.05) and the Relative Strength Index (56.28) have been rising in the past 24 hours, indicating that the bears are losing their grip as the advantage shifts to the bulls’ side.
The next possible stop for Solana is $248.71. And if the bears don’t exert pressure, the token could rally to its new all-time high ($264.18). Conversely, if the $214.86 support is breached, then the $210.55 breakout level is likely to give way, prompting a move to $200.
BNB Price Analysis
Since turning up from the 50-day Simple Moving Average of $615.32 on December 3rd, BNB has rallied, reaching $774 earlier today before correcting to $729. If it dips to the $722.10 support and the bulls intensify buying, it could cross $790 and rally to $815, setting a new all-time high. Contrary to this assumption, BNB risks sliding to the $681 support or to the 20-day Exponential Moving Average of $655.39 if a solid break below $722 happens.
Avalanche Price Analysis
AVAX went above the $50.04 resistance earlier this week, signaling that the bulls were now in command. Keeping the token above that critical level could boost their chances of triggering a rally to $60.40 and later to $66. However, a pullback below $50.04 enhances the possibility of a dip to the 20-day Exponential Moving Average of $41.97.
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