The crypto market has continued buzzing as expectations that Bitcoin spot ETF will hit the market next month keep growing. Analysts at K33 Research said on Wednesday that the recent meeting between asset manager BlackRock and the Securities and Exchange Commission signaled that an ETF approval was imminent.
Michael Saylor, CEO of the largest institutional Bitcoin holder, Microstrategy, told Bloomberg earlier this week that January’s approval of a Bitcoin spot ETF might be the most significant development in traditional finance in over 30 years.
With the ETF now seeming likely to be approved, many expect that this milestone and the Bitcoin halving in April would lay the foundation for a massive bull run next year. Grayscale CEO Michael Sonnenshein anticipates the crypto market cap to grow by $1 trillion in the next two years.
The long-term view of crypto is clearly bullish, but which support and resistance levels should we monitor over the next few days? Let’s explore the charts to find out.
Bitcoin Price Analysis
Bears dragged BTC below the 20-day EMA (Exponential Moving Average) of $41,715 on December 18, but they couldn’t sustain the coin below that level, suggesting that the bulls were buying the dip. The buyers have continued mounting buying pressure, pushing Bitcoin above the $43,657 major resistance to $44,989 as of this writing. With the bears defeated at $43,657, the chances of BTC crossing above $44,765 are now high. If this is achieved, a rally to $50,035 looks likely.
On the contrary, if Bitcoin’s price hits $44,765 and reverses, it will suggest that the bears are still active and may pull the coin below the 20-day Exponential Moving Average to the support at $37,890.
Ethereum Price Analysis
The bulls managed to defeat the bears at the $2,202.59 support level on Wednesday and pushed Ethereum above the 20-day EMA of $2,228 to $2,288 at press time. The Relative Strength Index (65.52) suggests more room for an upward move. The buyers will attempt to propel ETH to $2,331 and later to $2,418, where we expect the sellers to resist a further move. If Ethereum reverses from there, the 50-day Simple Moving Average of $2,100 will be a key point to monitor. If the token breaks below that level, a fall to $1,901.56 could be a reality.
BNB Price Analysis
BNB bulls bought the dip on December 18 when the token dropped below the 20-day EMA ($243.09) and 50-day SMA ($240.17). Since then, BNB has been rallying, crossing above the $260.98 resistance level to $265.89 at the time of publishing. We should now watch what happens at the neckline near $278.09. A break above this point would form a bullish setup, which could lead to BNB reaching $333.89.
XRP Price Analysis
The buyers bought the dip near the $0.5698402 strong support on Monday, pushing XRP to $0.6183182 as of Friday morning. The main target for the bulls now is to thrust the token above the 20-day Exponential Moving Average of $0.6228716. Achieving this opens the possibility of a rally to the $0.6700093 resistance level. But it is unlikely that XRP will cross this point. Meanwhile, a reversal from $0.6228716 could cause the crypto asset to plummet below $0.5698402 to $0.4690832.
Solana Price Analysis
SOL continues to lead other altcoins in posting massive gains. The token has now surpassed XRP in terms of market cap, taking up the fifth position. Solana’s latest rally began at the 20-day Exponential Moving Average of $69.57 on December 18, when the bulls leveled significant buying pressure, pushing SOL to $94.3 as of this writing. With the hurdle at $80.60 now cleared, Solana may trade above $100 over the coming days. On the other hand, if the crypto asset drops below $69.57, it may hit the 50-day SMA of $59.49.
Avalanche Price Analysis
Like SOL, AVAX has posted massive performance over the past few weeks. In December alone, the token is up 138.79%. Earlier this week, Avalanche crossed above the $38.79 resistance level to $45.89 at press time. More buying pressure could drive the token to $51.02. Conversely, intense selling activity could pull AVAX to the 20-day EMA of $34.69.
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