Key points:
Bitcoin made an effort to recover on Monday, but new selling pressure is pushing the price towards $84,000.
Various altcoins are trying to maintain their positions above support levels, yet the bounce seems weak.
Bitcoin (BTC) made a recovery attempt on Monday, yet bearish forces are still strong. Trader CrypNuevo mentioned in a thread on X that BTC could fluctuate between $80,000 and $99,000, and a drop below $80,000 may lead to a plunge to $73,000.
Analyst Aksel Kibar noted that BTC may soon initiate a directional movement following an “extreme low volatility setup.” On the upside, Kibar anticipates a rise to $100,000 if the $94,600 mark is surpassed, while on the downside, he foresees BTC bottoming out in the $73,700 to $76,500 region.
Analysts are observing the Bank of Japan (BoJ), which is predicted to raise interest rates on Dec. 19. Historical data shared by AndrewBTC shows that past BoJ rate hikes since 2024 have led to more than a 20% decrease in BTC.
Will BTC and the major altcoins initiate a relief rally, or will bearish sentiment drive prices lower? 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) fell from the 6,920 resistance on Friday, indicating that bears are fiercely defending this level.
If the price drops below the moving averages, it suggests the index may oscillate between 6,550 and 6,920 for several more days. A close below 6,550 will form a double-top pattern, opening the door for a decline to the pattern target of 6,180.
Conversely, if the price rises above the moving averages and surpasses 6,920, it signifies the resumption of the uptrend. The index could then advance towards the target of 7,290.
US Dollar Index price prediction
The US Dollar Index (DXY) attempted to rise above the 20-day exponential moving average (99.04) on Tuesday, but bears maintained their grip.
The moving averages have produced a bearish crossover, and the relative strength index (RSI) is in the negative zone, implying that bears are in control in the short term. There is minor support at the 98 level, but if sellers push the price below it, the index could drop to 97.20 and then to 96.21.
A break and close above the 20-day EMA would be the first indicator of strength. Buyers will reclaim control with a close above the 100.54 resistance.
Bitcoin price prediction
BTC rebounded off the uptrend line on Monday, but bulls failed to clear the 20-day EMA ($90,720) barrier.
The 20-day EMA has begun to decline, and the RSI is in the negative zone, suggesting an advantage for bears. If the price closes below the uptrend line, the BTC/USDT pair could tumble to $84,000 and eventually to the Nov. 21 low of $80,600.
Alternatively, if the price sharply increases and closes above the 20-day EMA, it indicates buying pressure at lower levels. The pair may then rally towards 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 break above this level signifies 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 levels.
The bears will attempt to bring down the Ether price below the $2,907 mark. If successful, the ETH/USDT pair could fall to the $2,716 to $2,623 support zone.
This negative outlook will be invalidated soon if the price bounces from the current level and breaches the breakdown level of $3,350, suggesting that the pair may have reached a short-term bottom. The pair could then rise to $3,658 and further to $3,918.
BNB price prediction
The narrow trading range in BNB (BNB) has been resolved downward, indicating a slight edge for the bears.
Sellers will aim to push the price to the $791 level, which is a crucial support to monitor. If this level fails, the BNB/USDT pair will continue its downtrend towards the next support at $730.
Alternatively, if the BNB price rebounds sharply off the $791 support and surpasses the 20-day EMA ($888), it suggests the pair may form a range. The price could fluctuate between $791 and $1,020 for a while.
XRP price prediction
XRP (XRP) remains below the 20-day EMA ($2.06), demonstrating a lack of strong buying from bulls.
The bears may try to drive the XRP price to the support line of the descending channel pattern and subsequently to the $1.61 level. Buyers are expected to defend the $1.61 level vigorously, as a drop below it could drag the XRP/USDT pair down to the Oct. 10 low of $1.25.
Bulls must push the price above the 50-day SMA ($2.21) to signal strength. The pair could then rise to the downtrend line, where bears are predicted to mount a strong defense.
Solana price prediction
Solana (SOL) has formed a symmetrical triangle, showcasing indecision between buyers and sellers.
If the price declines and breaks below the support line of the triangle, it indicates that bears have taken control. The SOL/USDT pair could then plummet towards the significant support at $95.
Conversely, a break and close above the resistance line of the triangle suggests that bulls are making a comeback. The price of Solana could then rise to $172 and later to $189.
Related: Strategy adds nearly $1B in Bitcoin as market slump pressures MSTR stock
Dogecoin price prediction
Sellers are trying to solidify their position by pushing Dogecoin (DOGE) below the $0.13 support level.
If successful, the Dogecoin price could continue its downward trend. The DOGE/USDT pair may then plunge toward the Oct. 10 low of $0.10, which is likely to attract significant buying from bulls.
To indicate strength, bulls need to push the Dogecoin price above the 20-day EMA ($0.14). If they succeed, the pair may rally towards $0.19, suggesting that a drop below $0.14 might have been a bear trap.
Cardano price prediction
Cardano (ADA) continues to drift toward the $0.37 level, which is an essential support to monitor in the near term.
If bears manage to pull the Cardano price below the $0.37 level, it suggests the beginning of the next phase of the downward move. The ADA/USDT pair could then drop to the Oct. 10 low of $0.27.
Conversely, if the price rises and breaks above the 20-day EMA ($0.42), it indicates that the pair may consolidate between $0.37 and $0.50 for some time. Buyers must elevate the pair above the $0.50 mark to signal a potential trend reversal.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) has fallen below the 20-day EMA ($560), indicating that bulls are losing their grip.
The next downside support is the 50-day SMA ($534) followed by $508. This suggests that the Bitcoin Cash price may remain within the $443 to $615 range for some time.
Buyers need to maintain the price above the $615 level to indicate the resumption of the upward trend. The BCH/USDT pair may then challenge the key overhead resistance at $651.
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