Highlights:
Bitcoin sought a recovery on Monday, but renewed selling pressure could drag the price to $84,000.
Multiple altcoins are striving to maintain their support levels, though the bounce is weak.
Bitcoin (BTC) attempted to recover on Monday, but bearish sentiment persists. Trader CrypNuevo mentioned in a thread on X that BTC may fluctuate between $80,000 and $99,000, with a break below $80,000 potentially plunging the price to $73,000.
In a similar fashion, analyst Aksel Kibar noted that BTC might soon initiate a directional move due to the “extreme low volatility setup.” He anticipates an upswing to $100,000 if the $94,600 level is breached, while he expects BTC to settle in the $73,700 to $76,500 range on the downside.
Analysts are closely monitoring the Bank of Japan (BoJ), which is anticipated to raise interest rates on Dec. 19. Historical data suggests that BoJ rate hikes since 2024 have led to BTC drawdowns exceeding 20%, as noted by AndrewBTC.
Will BTC and major altcoins embark on a relief rally, or will bearish trends continue to push prices lower? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index Forecast
The S&P 500 Index (SPX) declined from the 6,920 resistance on Friday, indicating strong bearish defense at this level.
A drop below the moving averages implies the index might range between 6,550 and 6,920 for a few more days. A close beneath 6,550 would confirm a double-top setup, paving the way for a decline towards 6,180.
On the other hand, if the price surpasses the moving averages and topples the 6,920 level, it would indicate a resurgence of the uptrend. The index could then ascend toward the target level of 7,290.
US Dollar Index Forecast
The US Dollar Index (DXY) tried to rise above the 20-day exponential moving average (99.04) on Tuesday, but the bearish resistance remained firm.
The moving averages have executed a bearish crossover, and the relative strength index (RSI) is in negative territory, suggesting short-term bearish dominance. There is minor support at the 98 level; however, a drop below this could lead the index to 97.20 and eventually to 96.21.
Strength will emerge with a break and close above the 20-day EMA. Buyers regain control with a close above the 100.54 resistance level.
Bitcoin Price Prediction
BTC bounced off the uptrend line on Monday, but bulls failed to overcome the 20-day EMA ($90,720) resistance.
The 20-day EMA is trending downward, and the RSI is in negative territory, indicating a bearish advantage. If the price closes below the uptrend line, the BTC/USDT pair could drop to $84,000 and eventually to the Nov. 21 low of $80,600.
Conversely, if the price sharply rises and closes above the 20-day EMA, it would indicate buying interest at lower levels. This could lead the pair to rally to the 50-day simple moving average ($95,985). Sellers are likely to defend the area between the 50-day SMA and $100,000, as a breach above this level may signal the end of the corrective phase.
Ether Price Prediction
Buyers pushed Ether (ETH) above the 20-day EMA ($3,106) on Monday, but the long wick on the candlestick indicates selling at higher price levels.
Bears will attempt to drive the Ether price below the $2,907 level. If they succeed, the ETH/USDT pair could decline to the support zone between $2,716 and $2,623.
This bearish outlook could be overturned if the price rebounds and breaks above the resistance level of $3,350. It would imply that a bottom may have formed, with potential rallies to $3,658 and subsequently to $3,918.
BNB Price Prediction
The limited range trading in BNB (BNB) has shifted to the downside, indicating a slight edge for bears.
Sellers will aim to bring the price down to the $791 level, which is a significant support to monitor. If this level fails, the BNB/USDT pair will likely continue its downtrend towards the next support at $730.
Alternatively, if the BNB price rebounds sharply from the $791 support and surpasses the 20-day EMA ($888), it could indicate the formation of a range. The price might fluctuate between $791 and $1,020 for several days.
XRP Price Prediction
XRP (XRP) is currently below the 20-day EMA ($2.06), showing insufficient buying interest from the bulls.
The bears will strive to push the XRP price down to the descending channel’s support line and further to the $1.61 level. Buyers are expected to defend the $1.61 level vigorously, as a breach below could drop the XRP/USDT pair to the Oct. 10 low of $1.25.
To signal strength, bulls need to push the price above the 50-day SMA ($2.21). The pair could then rally toward the downtrend line, where strong bearish resistance is anticipated.
Solana Price Prediction
Solana (SOL) exhibits a symmetrical triangle pattern, reflective of indecision between buyers and sellers.
If the price declines and breaches the triangle’s support line, it would indicate that bears are gaining an upper hand. The SOL/USDT pair could then plunge towards strong support at $95.
In contrast, a breakout and close above the triangle’s resistance line would signify a bullish comeback attempt by the bulls, potentially leading to a rally to $172 and later to $189.
Related: Strategy adds nearly $1B in Bitcoin as market downturn pressures MSTR stock
Dogecoin Price Prediction
Sellers are trying to fortify their position by pushing Dogecoin (DOGE) below the $0.13 support.
If successful, the Dogecoin price may resume its downtrend, potentially plunging toward the Oct. 10 low of $0.10, which could attract notable buying from bulls.
Bulls need to propel the Dogecoin price above the 20-day EMA ($0.14) to showcase strength. If achieved, the pair could rally towards $0.19, suggesting that the drop below $0.14 might have been a bear trap.
Cardano Price Prediction
Cardano (ADA) continues its descent toward the $0.37 level, which is a key support to monitor.
If bears manage to pull the Cardano price below the $0.37 level, it may indicate the start of a new downward leg. The ADA/USDT pair could plunge to the Oct. 10 low of $0.27.
Conversely, if the price turns up and breaks above the 20-day EMA ($0.42), it may suggest that the pair could consolidate between $0.37 and $0.50 for a while. Buyers need to push the pair above the $0.50 level to indicate a possible trend change.
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) has fallen below the 20-day EMA ($560), indicating that bullish momentum is waning.
The next support on the downside stands at the 50-day SMA ($534), followed by $508. This shift hints that Bitcoin Cash may oscillate within the $443 to $615 range for a period.
Buyers need to elevate and maintain the price above the $615 level to signal potential recovery. The BCH/USDT pair could then challenge significant overhead resistance at $651.
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