Bitcoin’s price has been on the rise this week, jumping 15%. This suggests that investors and traders are in a hurry to buy the coin in anticipation of a further rally over the coming days. A recent report released by CoinShares indicates that investors have injected approximately $1.40 billion into Bitcoin investment products over the last two months.
The digital asset manager expects more funds to be channeled toward crypto investments when the United States Securities and Commission (SEC) approves a Bitcoin spot ETF next year.
While delivering his speech at the Next Block Expo conference held in Berlin on Tuesday, Animoca Brands boss Robby Yung said there was a huge probability that issuers of Bitcoin ETFs could yield $10 billion in revenue.
Meanwhile, short-term Bitcoin holders (those holding BTC for 150 days or less) appear not to be concerned about the expected rally next year. Instead, they have been booking profits since the start of this month. According to CryptoSlate’s crypto analyst James Straten, Short-term holders transferred nearly $5 billion in BTC to various crypto exchanges from the 1st to the 4th of December.
With that said, let’s find out whether BTC will hit $48K or the selling pressure will pull the coin to critical support levels.
Bitcoin Price Analysis
After the bulls cleared the hurdle at $40,000, the bullish momentum immediately picked up, causing Bitcoin to reach $43,744 as of this writing. The latest rally has pushed the Relative Strength Index into an overbought zone. In most cases, this usually leads to consolidation or price correction. Nonetheless, if the buyers manage to cause another rally, Bitcoin could touch $48,000. On the other hand, any reversal from the current price might prompt BTC to collapse to the 20-day Exponential Moving Average (EMA) of $39,102.23.
Ethereum Price Analysis
After buyers successfully protected $2,001 on Tuesday, Ethereum began an upward trend, reaching $2,301 as of this writing. The Relative Strength Index (72.43) and the growing 20-day EMA show that the bulls control the Ethereum market. If they thrust and sustain ETH above $2,449.89, the crypto asset might rise to hit $2,953.
Conversely, If Ethereum plummets below $2,001, it will mean that the latest rally was a bull trap. If it happens, there is a chance ETH will fall and hit the 20-day Exponential Moving Average of $2,105.45.
BNB Price Analysis
BNB has now crossed above the 20-day EMA of $232.10. However, the bears seem to be defending the 50-day Simple Moving Average of $234.06. But if the bulls defeat them at that level, BNB could reach $238.99. A downturn from $238.99 would mean that the crypto asset will continue trading between $226 and $238.99 for longer.
On the positive side, crossing above $238.99 will allow BNB to rally toward the $264.73 major resistance.
XRP Price Analysis
Sellers managed to drop XRP below the 20-day Exponential Moving Average of $0.6292023 on December 5th. However, they couldn’t build a bearish momentum, thus allowing the bulls to thrust the Ripple-issued token above $0.6292023. XRP is now changing hands for $0.6370993. The buyers’ immediate goal is to kick the token above $0.6700324. If this is achieved, XRP could rally to $0.7399221.
On the contrary, if the bears drag and sustain the crypto asset below $0.6292023, a downward move to $0.5692029 is possible.
Cardano Price Analysis
ADA’s value has continued to appreciate since the buyers cleared the hurdle at $0.4009782 on Monday. The token is valued at $0.4409325 as of this writing. The bulls will try to push Cardano above $0.4633891. However, if the price reverses from there, the digital currency might drop below $0.4009782 and even touch $0.3409122.
Avalanche Price Analysis
AVAX is one of the top performers this week. The token has recorded 7-day gains of 27%. It started rallying on Sunday after crossing above the 20-day Exponential Moving Average of $20.98. Avalanche is currently priced at $26.87. If it clears the hurdle at $28.48, it may rise to retest the $30.96 resistance. On the negative side, a fall below $20.98 might cause AVAX to hit $16.88.
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