Key points:
-
Bitcoin is facing significant selling at the start of the new week, with some analysts expecting a drop as low as $50,000.
-
Several altcoins have rejected their overhead resistance and are threatening to fall below their support levels.
Bitcoin (BTC) started December on a weak note, signaling that the bears are not willing to give up their advantage. Trader Peter Brandt said in an article on X that the BTC chart shows support in the sub-$70,000 to mid-$40,000 zone.
Another cautious short-term analyst is network economist Timothy Peterson. According to data released by Peterson on
A minor positive for bulls is that exchange-traded crypto products attracted $1.07 billion in inflows last week, ending their four-week losing streak, according to CoinShares data. This shows demand at lower levels.
Could BTC and major altcoins maintain their support levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index Price Prediction
The S&P 500 Index (SPX) broke above the moving averages on Tuesday and extended the rally above the resistance line on Friday.
The bulls are likely to encounter significant selling at the 6920 level. If the price moves down from the resistance at 6920 and breaks below the moving averages, it suggests a range formation. The index could then consolidate between 6,550 and 6,920 for some time. Sellers will regain control if they drop the price below the 6,550 level.
Conversely, a break and close above the resistance at 6920 indicates the resumption of the uptrend. The index could reach the level of 7,000, then that of 7,300.
US Dollar Index Price Prediction
The US Dollar Index (DXY) declined from resistance at 100.50 and fell below the 20-day exponential moving average (EMA) (99.57) on Wednesday.
Immediate support on the downside lies at the 50-day simple moving average (SMA) (99.05). If the price rebounds from the 50-day SMA, the bulls will once again attempt to breach the resistance at 100.50. If they succeed, the index could rise to level 102.
Alternatively, a breakout and close below the 50-day SMA suggests the bulls are losing their grip. The index could then fall to level 98. This suggests a possible consolidation between 96.21 and 100.50 for some time.
Bitcoin Price Prediction
BTC declined sharply on Monday after failing to break above the 20-day EMA ($91,999) over the past few days.
If Bitcoin price closes below $84,000, the BTC/USDT pair could collapse to $80,600. Buyers should aggressively defend the $80,600-$73,777 zone. On the upside, bulls will need to push and sustain price above the 20-day EMA to signal strength. The pair could then rebound to the 50-day SMA ($101,438).
Contrary to this assumption, if the support at $73,777 gives way, the selling could intensify and the pair risks plunging to $54,000.
Ether Price Prediction
Ether (ETH) declined from the 20-day EMA ($3,052) on Sunday, indicating that sentiment remains negative and traders are selling on rallies.
The bears will attempt to push the price of Ether below the $2,623 level, beginning the next leg of the downtrend. If they do, the ETH/USDT pair could plunge to $2,400 and then to the $2,111 level.
The bulls will need to push and sustain the price above the 20-day EMA to signal strength. The pair could then rally back to the breakout level of $3,350, which is a crucial level for bears to defend.
XRP Price Prediction
XRP (XRP) declined from the 20-day EMA ($2.18) on Sunday, indicating that the bulls have given up.
The XRP/USDT pair could fall to the support line of the descending channel pattern, where buyers are expected to step in. If XRP price rises sharply from the support line and breaks above the 20-day EMA, it suggests that the pair could remain inside the channel for some time to come.
On the other hand, a breakout and close below the support line opens the door for a fall to the $1.61 support. Buyers should defend the $1.61 level with all their might, as a break below could send the pair tumbling to $1.25.
BNB Price Prediction
BNB’s (BNB) rally collapsed at the 20-day EMA ($894), signaling that the bears remain active at higher levels.
Sellers are attempting to push the BNB price below the November 21 low of $790. If they succeed, the BNB/USDT pair could resume its downtrend towards the next target objective of $730.
Instead, if the price rises and breaks above the 20-day EMA, it suggests that the bulls are buying at lower levels. The pair could then bounce towards the 50-day SMA ($999), where bears are expected to renew their selling.
Solana Price Prediction
Solana (SOL) refused the 20-day EMA ($140) on Sunday and threatens to slide below the $126 support.
If the price holds below $126, the SOL/USDT pair could move down to $110 and, after that, to the strong support of $95.
This negative view will be invalidated in the short term if the price rises sharply and exceeds the 20-day EMA. Solana price could then rise to the 50-day SMA ($163), where the bears should once again mount a strong defense. A close above the 50-day SMA signals the start of a new upward move.
Related: BTC price falls below $84,000 as Bitcoin faces ‘pivotal’ week for 2025 candle
Dogecoin Price Prediction
Dogecoin’s (DOGE) failure to break above the 20-day EMA ($0.15) over the past few days shows that bears remain in control.
Sellers are attempting to strengthen their position by pulling Dogecoin price below the $0.13 support. If they succeed, the DOGE/USDT pair could fall towards the October 10 low of $0.10.
Time is running out for the bulls. They will need to quickly push the price above the 20-day EMA to signal a return. The wide range of $0.14 to $0.29 will be back in play once buyers push the pair above the 50-day SMA ($0.17).
Cardano Price Prediction
The bears are attempting to begin the next leg of the decline below the $0.38 support in Cardano (ADA).
If the price closes below $0.38, the ADA/USDT pair could fall to the October 10 low of $0.27. Buyers should fiercely defend the $0.27 level, as a break below could send the pair tumbling to $0.23.
The 20-day EMA ($0.45) remains the key resistance level to watch in the near term. A breakout and close above the 20-day EMA suggests selling pressure is easing. Buyers will need to push Cardano price above the 50-day SMA ($0.55) to signal that the downtrend may be over.
Bitcoin Cash Price Prediction
Buyers attempted to push Bitcoin Cash (BCH) above $568 resistance on Sunday, but bears held firm.
Repeated failure to eliminate overhead resistance increases the risk of a breakdown below the 50-day SMA ($514). If this happens, the BCH/USDT pair could slide towards the strong support at $443.
The flattening of the moving averages and the RSI just below the midpoint suggest possible consolidation in the near term. Buyers will need to push the Bitcoin Cash price above the $568 level to maintain the advantage. The pair could then rebound up to $615.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
