Price Predictions 12/10: Btc, Eth, Xrp, Bnb, Sol, Doge, Ada, Bch,...
Bitcoin is attempting a recovery, but the short-term trend depends on the Federal Reserve’s upcoming interest rate decision. Meanwhile, ETH leads the altcoin recovery.
Buyers will have to drive Bitcoin above $94,589 to open the gates for a retest of the psychological level of $100,000.
Ether is showing strength, but several other major altcoins are struggling to sustain their rebound.
Bitcoin (BTC) pulled back from $94,589 on Tuesday, but the bulls are striving to maintain the price above $92,000. Market participants will closely watch Fed Chair Jerome Powell’s news conference, as well as the dot plot of individual Fed officials’ rate expectations, on Wednesday.
While some analysts say that a bottom is in, others say the current relief rally is a dead-cat bounce, which is likely to be sold into. Pseudonymous analyst Colin Talks Crypto said in a post on X that BTC could plunge to the $74,000-$77,000 zone.
The near-term uncertainty in BTC’s price action has not deterred Michael Saylor’s Strategy from expanding its BTC treasury. Strategy purchased 10,624 BTC for about $962.7 million at an average price of $90,615 last week. That boosted Strategy’s total holding to 660,624 BTC bought at an average price of $74,696.
What are the crucial support levels to watch out for in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
BTC closed above the 20-day exponential moving average (EMA) ($91,583) on Tuesday, but the bulls failed to sustain the price above the $94,150 resistance.
If the Bitcoin price turns up from the 20-day EMA and closes above $94,589, it signals the possibility of a rally to the breakdown level of $100,000. Sellers are expected to defend the $100,000 level with all their might, as a close above it could catapult the BTC/USDT pair to $107,000. Such a move suggests that the corrective phase may be over.
Instead, if the price turns down sharply and breaks below $87,719, it indicates that the bears continue to sell on rallies. The pair may then slide to $83,822.
Source: CoinTelegraph
