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Bitcoin is witnessing profit-booking by short-term holders, but institutional investors continue to put money into BTC investment products.

Bitcoin (BTC) has been on a tear, rising more than 10% this week. This shows that traders are urgently scrambling to buy Bitcoin as they anticipate the price to rally further. CoinShares data shows that investors have pumped in more than $1.44 billion into Bitcoin investment products in the past ten weeks.

The expectation is that the approval of a spot Bitcoin exchange-traded fund (ETF) will attract huge investments. Animoca Brands CEO Robby Yung, while speaking at the Next Block Expo conference in Berlin, said that Bitcoin ETFs could generate a potential income of “$10 to $12 billion.”

While long-term investors have been accumulating Bitcoin, the short-term holders (STHs) holding coins for 155 days or less have been busy booking profits in December. CryptoSlate research and data analyst James Van Straten, while sharing a Glassnode chart on X (formerly Twitter), said that STHs in profit sent roughly $5 billion worth of Bitcoin to exchanges in the first four days of December.

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Bitcoin price hit a new 2023 high on Dec.1 and multiple altcoins are following suit. Is the crypto market preparing for a Santa Claus rally?

Bitcoin (BTC) rallied about 9% in November, with $38,000 proving to be a difficult obstacle to cross. Coinglass data shows that in the past five years, Bitcoin rose only in 2020, but the extent of the rise at 46.92% was impressive.

Entering into the new year, several analysts are bullish on Bitcoin. 28 research note, Standard Chartered said that the possibility of the earlier-than-expected approval of spot Bitcoin exchange-traded funds could boost the price of Bitcoin to $100,000 before end-2024.

Galaxy Digital CEO Mike Novogratz also sounded upbeat about Bitcoin while speaking to Bloomberg on Nov. Additionally, the Federal Reserve cutting rates may act as a further trigger that could send Bitcoin’s price near the all-time high by this time next year.

Could Bitcoin sustain above $38,000 and clear the path for a rally to $40,000, or will bears again play spoilsport?

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Bitcoin is struggling to sustain above $38,000, but the bulls have not given up much ground, which some analysts say increases the chance of a rally to $40,000.

Bitcoin (BTC) is trying to sustain above the overhead resistance of $38,000 for the second consecutive day and start the next leg of the uptrend. The excitement among market observers may have increased after the United States Securities and Exchange Commission (SEC) delayed its decision on the applications of Franklin Templeton and Hashdex exchange-traded funds.

Bloomberg ETF analyst James Seyffart speculated in a X (formerly Twitter) post that the SEC may have taken this step “to line every applicant up for potential approval by the Jan. 10, 2024 deadline.”

While many analysts believe that the ETF listing will be a watershed moment for Bitcoin, Genesis Trading head of derivatives Joshua Lim cautioned in a X post that traditional finance investors have already bought the rumor and may exit the trade close to the ETF announcement when retail tries to get in.

However, the macroeconomic conditions in early 2024 may limit the downside. Pershing Square Capital Management CEO and founder Bill Ackman said in an interview with Bloomberg that the U.S. Federal Reserve will cut rates sooner than people expect. He anticipates rate cuts to start in Q1 instead of the market expectations of the middle of the year.

Could Bitcoin and altcoins witness a shallow correction before resuming their uptrend?

Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin again rose above the $37,980 resistance on Nov. 28, but the bulls could not achieve a close above it. This shows that the bears are fiercely defending the level.

The repeated retest of a resistance level tends to weaken it. If bulls sustain the price above the 20-day exponential moving average ($36,820), the possibility of a rally to $40,000 improves. This level may act as a significant hurdle.

If bears want to prevent the up-move, they will have to quickly pull the price below the 20-day EMA and the uptrend line. That could start a decline to the solid support at 34,800. A strong bounce off this level may keep the BTC/USDT pair inside the large range between $34,800 and $38,000 for a while longer.

Ether price analysis

Ether (ETH) again found support at the 20-day EMA ($2,006) on Nov. 27 and 28, indicating that the bulls view the dips as a buying opportunity.

The bulls are expected to face stiff resistance in the zone between $2,137 and $2,200, but if buyers do not give up much ground, it will increase the possibility of a rally above $2,200. If that happens, the ETH/USDT pair will complete a large ascending triangle pattern. That could start a new uptrend, with a pattern target of $3,400.

Instead, if the price turns down and breaks below the 20-day EMA, it will signal that the bears are trying to get back in the game. The pair may then slump to the 50-day SMA ($1,853).

BNB price analysis

The bears tried to yank BNB (BNB) below the $223 support on Nov. 27, but the bulls did not relent. This suggests demand at lower levels.

The bulls will have to force the price above the 20-day EMA ($235) to start a meaningful recovery. The BNB/USDT pair could then attempt a rally to $265, where the bears may again offer a stiff resistance.

If the price again turns down from the 20-day EMA, it will suggest that the bears are trying to flip the level into resistance. That will enhance the prospects of a fall below $223. If this level gives way, the pair may collapse to $203.

XRP price analysis

XRP (XRP) has been stuck between the moving averages for the past few days, indicating indecision among the bulls and the bears.

The slightly downsloping 20-day EMA ($0.61) and the RSI near the midpoint do not indicate an advantage either to the bulls or the bears.

If buyers kick the price above the 20-day EMA, the XRP/USDT pair may rise to $0.67. Instead, if the price turns down sharply from the 20-day EMA and skids below the 50-day SMA ($0.58), it will signal that bears are trying to seize control. The selling could accelerate further if the pair plunges below $0.56.

Solana price analysis

Solana (SOL) snapped back from the 20-day EMA ($54.71) on Nov. 28, indicating that the sentiment remains positive.

The bulls will try to push the price above the immediate resistance at $62.10. If they succeed, the SOL/USDT pair could climb to the local high at $68. The bulls will have to overcome this obstacle to invalidate the head-and-shoulders pattern. The failure of a bearish pattern is a bullish sign. That may start a sharp rally in the pair to $85.

The $51 level remains the key support on the downside. A break and close below this level could start a deeper correction toward the 50-day SMA ($42.25).

Cardano price analysis

Cardano (ADA) slid to the 20-day EMA ($0.38) on Nov. 27, but the bulls held their ground. This suggests that lower levels are being aggressively bought.

The higher lows of the past few days improves the prospects of an upside breakout. If the bulls shove the price above $0.40, the ADA/USDT pair could pick up momentum and climb to $0.42 and later to $0.46.

Time is running out for the bears. If they want to make a comeback, they will have to tug the price below the 20-day EMA. That may hit stops of short-term traders and the pair may fall to the solid support at $0.34.

Dogecoin price analysis

Dogecoin (DOGE) has been repeatedly taking support at the 20-day EMA ($0.08), indicating that lower levels are being purchased.

The upsloping moving averages and the RSI in the positive territory indicate that the path of least resistance is to the upside. Buyers will try to propel the price to $0.09 and next to $0.10, where they are likely to encounter selling by the bears.

On the downside, the 20-day EMA remains the key level to watch out for. If this level crumbles, the DOGE/USDT pair may drop to the 50-day SMA ($0.07) and subsequently to the crucial support at $0.06.

Related: SoFi Technologies to cease crypto services by Dec. 19

Toncoin price analysis

Toncoin (TON) has been trading above the 20-day EMA ($2.37) for the past few days, but the bulls are struggling to push the price to $2.59. This suggests that demand dries up at higher levels.

The bears will try to gain the upper hand by yanking the price below the moving averages. If they manage to do that, the TON/USDT pair could decline to the psychological level of $2 and then to $1.89.

On the upside, the first hurdle is at $2.59. If buyers surmount this resistance, the pair could rally to $2.77. Sellers may offer stiff opposition in the zone between $2.77 and $2.90, but if bulls do not allow the price to dip below $2.59, a new uptrend to $4.03 could begin.

Chainlink price analysis

Chainlink (LINK) again found support at the 20-day EMA ($14.07) on Nov. 28, indicating that the bulls are vigorously guarding this level.

The LINK/USDT pair is likely to face selling at the $15.40 mark as the bears have successfully held this resistance during three previous attempts. If the price turns down from $15.40, it will increase the likelihood of a drop to $12.83.

On the contrary, if bulls drive the price above $15.40, the pair may challenge the local high at $16.60. The up-move could resume, and the pair may reach $18.30 if this level is surpassed.

Avalanche price analysis

Avalanche (AVAX) rebounded off the 20-day EMA ($19.35) on Nov. 28, indicating that the sentiment remains positive and traders are buying on dips.

The bulls will have to overcome the resistance at $22 to strengthen their position. The AVAX/USDT pair may then rise to $24.69. Sellers are likely to mount a strong defense at this level because if this resistance is taken out, the pair could travel to $28.50 as there is no major resistance in between.

Contrary to this assumption, if the price turns down from $22, it will suggest that bears remain active at higher levels. The advantage will tilt in favor of the bears if they sink the pair below $18.90.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin has risen above $38,000, clearing the path for a rally higher. Will altcoins follow?

Bitcoin (BTC) broke above the overhead resistance of $38,000 on Nov. 24, indicating that the sentiment is positive and bulls have kept up the pressure. Independent Reserve CEO Adrian Przelozny told Cointelegraph that the “next two years are going to be good,” and market activity is likely to pick up in early 2024.

The major catalysts for next year is the Bitcoin halving in April and applications for a spot Bitcoin exchange-traded fund, some of which have a deadline for a decision in January. With two main events on the horizon, Bitcoin is likely to find buyers on dips.

Analysts expect a retracement from $40,000 in the near term. That could be one of the reasons why Cathie Wood’s investment firm, ARK Invest, has been gradually selling into strength. The firm sold about 700,000 shares of the Grayscale Bitcoin Trust (GBTC) over the past month, but it is worth noting that ARK still holds more than 4.3 million GBTC shares.

Could crypto traders bulldoze their way through the overhead resistance levels in Bitcoin and major altcoins? What are the important levels to watch out for?

Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin pierced the stiff resistance of $37,980 on Nov. 24, but the bulls are struggling to sustain the breakout. This suggests that the bears are vigorously guarding the level.

Both moving averages are sloping up, and the relative strength index (RSI) is above 61, indicating that the path of least resistance is to the upside. If buyers maintain the price above $37,980, the BTC/USDT pair could reach $40,000.

This level may again witness a tough battle between the bulls and the bears, but if the buyers prevail, the pair could skyrocket to $48,000. Time is running out for the bears. If they want to weaken the momentum, they will have to sink the price below the 20-day EMA. The short-term trend will turn negative below $34,800.

Ether price analysis

The bulls pushed Ether (ETH) above the resistance line on Nov. 22, suggesting the start of the next leg of the up-move.

The bears tried to pull the price back below the resistance line on Nov. 23, but the bulls held their ground. This suggests that the bulls are trying to flip the resistance line into support. If they succeed, the ETH/USDT pair could start a northward march toward $2,200.

This level may again act as a formidable resistance, but if bulls overcome it, the pair will complete a large ascending triangle pattern. That could open the gates for a potential rally to the pattern target of $3,400.

This bullish view will be invalidated in the near term if the price turns down and plummets below the vital support at $1,900.

BNB price analysis

BNB (BNB) jumped above $235 on Nov. 22, but the bulls could not overcome the obstacle at the 20-day EMA ($239). This suggests that bears are trying to take control.

The 20-day EMA has started to turn down, and the RSI is just below the midpoint, indicating a minor advantage to the bears. The short-term trend will turn negative on a break and close below the crucial support at $223. That could clear the path for a fall to $203.

If bulls want to prevent the downside, they will have to push and sustain the price above the 20-day EMA. The BNB/USDT pair may then spend some more time inside the large range between $223 and $265.

XRP price analysis

The bulls are trying to shove XRP (XRP) above the 20-day EMA ($0.62), which suggests strong buying at lower levels.

The 20-day EMA has flattened out, and the RSI is near the midpoint, indicating range-bound action in the short term. The XRP/USDT pair may swing between $0.56 and $0.74 for a few days.

If the price rises and sustains above the 20-day EMA, the pair could gradually climb to $0.67 and thereafter to $0.74. Buyers will have to overcome this hurdle to indicate the start of a new up-move.

Conversely, if the price turns down from the current level and breaks below $0.56, it will signal the start of a sharper correction to $0.46.

Solana price analysis

Solana (SOL) has been trying to break above the $59 resistance for the past two days, but the bears have held their ground. A minor positive in favor of the bulls is that they have not ceded ground to the bears.

The rising 20-day EMA ($52.80) and the RSI in the positive territory suggest that bulls have the upper hand. That enhances the prospects of a rally above the overhead resistance. If that happens, the SOL/USDT pair could ascend to $68.

Contrary to this assumption, if the price turns down from the current level, the bears will strive to tug the pair below the 20-day EMA. If they can pull it off, the pair may drop to $48, where buyers are likely to step in.

Cardano price analysis

Cardano (ADA) has been swinging above and below the $0.38 level for the past few days. This shows uncertainty about the next directional move between the bulls and the bears .

The upsloping moving averages and the RSI in the positive territory indicate that the bulls have a slight edge. If the price rises above $0.40, it will signal the start of a new up-move to $0.42 and later to $0.46.

If bears want to trap the aggressive bulls, they will have to yank the price below $0.34. That may result in a fall to the 50-day SMA ($0.31). The ADA/USDT pair may then oscillate between $0.24 and $0.38 for a while longer.

Dogecoin price analysis

Dogecoin (DOGE) has been maintaining above the 20-day EMA ($0.08) for the past two days, but the rise lacks momentum. This indicates that bulls are cautious at higher levels.

Buyers will have to propel the price above $0.08 to signal strength. The DOGE/USDT pair could then surge toward the target objective of $0.10. This level may again witness a tough battle between the bulls and the bears.

If the price turns down from $0.08, it will suggest that bears remain active at higher levels. The pair may then drop to the immediate support at $0.07. The flattish 20-day EMA and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears.

Related: ‘Enjoy sub-$40K Bitcoin’ — PlanB stresses $100K average BTC price from 2024

Toncoin price analysis

Buyers are trying to push Toncoin (TON) to the overhead resistance of $2.59. The repeated retest of a resistance level tends to weaken it.

If bulls drive and sustain the price above the $2.59 to $2.77 resistance zone, it will complete a cup-and-handle pattern. That could start a new uptrend to $3.28 and thereafter to the pattern target of $4.03.

Alternatively, if the TON/USDT pair turns down from the overhead resistance, it will suggest that bears are fiercely protecting the level. That could result in a move down to the 50-day SMA ($2.20). A slide below this level will open the doors for a fall to $2 and subsequently to $1.89.

Chainlink price analysis

Chainlink (LINK) is facing selling at the downtrend line, as seen from the long wick on the Nov. 23 candlestick.

However, the bulls have not given up and have again pushed the price to the downtrend line. The price is stuck between the downtrend line and the 61.8% Fibonacci retracement level of $12.83. This has resulted in a squeeze, likely resolving with a sharp move on either side.

If the price surges above the downtrend line, the LINK/USDT pair may climb to $16.60 and then to $18.30. Instead, if the price turns down and plunges below $12.83, the decline could extend to the 50-day SMA ($11.21).

Avalanche price analysis

Avalanche (AVAX) has reached the overhead resistance at $22, which is an important level to watch out for. The bears are expected to defend this level with vigor.

However, if bulls do not give up much ground from the current level, it will increase the likelihood of a break above $22. The pair may then climb to $25 where the bears are likely to mount a strong defense.

On the downside, the 20-day EMA ($18.40) remains the key level to keep an eye on. If the price turns down and slips below this level, it will suggest the start of a deeper correction to $16. Such a move will indicate that the AVAX/USDT pair may spend some more time inside the large range between $10.50 and $22.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.