Bitcoin Bull Run: Will Sellers Halt the Upward Momentum?
As we approach the end of December, Bitcoin (BTC) has seen a nearly 2% gain in price, but it still needs to do more work to catch up with its previous highs. The question on everyone’s mind is whether sellers will halt the upward momentum or not.
Current Market Conditions
The current market conditions are showing a mix of both bullish and bearish signals. On one hand, the relief rally has broken above the moving averages for most cryptocurrencies, indicating sustained buying by the bulls. On the other hand, the bears are still strong in their resolve to pull the price down.
BTC Price Analysis
The BTC price analysis shows that it is currently trading at a crucial juncture. If buyers push and maintain the price above the 20-day EMA ($24.20), it will signal that the markets have rejected the breakdown, and the pair may rise to $51 to $56 overhead resistance zone.
Alternative Scenarios
However, if the price turns down from the moving averages, it will suggest a negative sentiment, and the bears will try to sink the AVAX/USDT pair below the $36 support. If they do that, the pair may slide to $30.50.
Cryptocurrency Analysis
Here’s a brief analysis of some popular cryptocurrencies:
- Cardano (ADA): ADA has been staying below the neckline of the head-and-shoulders pattern, but the bears are struggling to pull the price below $0.80. This suggests that the bears have not given up and are buying the dips.
- Avalanche (AVAX): AVAX is attempting to start a recovery, which is expected to face stiff resistance at the moving averages. If the price turns down from the moving averages, it will suggest a negative sentiment, and the bears will try to sink the AVAX/USDT pair below the $36 support.
- Chainlink (LINK): LINK turned up sharply and broke above the 20-day EMA ($24.20) on Dec. 23, indicating buying on dips. The flattening 20-day EMA and the RSI just above the midpoint indicate a balance between supply and demand.
Toncoin Price Analysis
The Toncoin (TON) price analysis shows that it has rebounded off the $4.72 support on Dec. 20, indicating that the bulls are active at lower levels. The relief rally has broken above the moving averages, indicating sustained buying by the bulls. The TON/USDT pair could rally to $6.50 and then to $7, where the bears are expected to mount a strong defense.
Conclusion
In conclusion, the current market conditions are showing a mix of both bullish and bearish signals. If buyers push and maintain the price above the 20-day EMA ($24.20), it will signal that the markets have rejected the breakdown, and the pair may rise to $51 to $56 overhead resistance zone.
Investment Advice
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.