On Wednesday, December 18th, the US Fed made another 0.25% interest rate cut, but its 2025 hawkish projection triggered a sell-off in the crypto market. Since December 12th, Bitcoin bulls have defended the $100,000 level. The recent FOMC meeting sell-off eased at the psychological level, confirming it as a support.
Interestingly, the 100-day EMA, which stopped past Bitcoin dumps since October, aligned with the channel lows, making the $98,000-$100,000 range a strong short-term support for Bitcoin. On the flip side, a breach below this support could escalate further carnage and embolden bears, potentially leading to $90,000 and $85,000 levels. The recent decline was also driven by a liquidity hunt, currently concentrated at $102.5K, $105K, and $108K levels. The upside liquidity made a Bitcoin rebound the most likely unless low trading volume during the Christmas holiday triggers more sell-offs. For Ethereum, the king altcoin has consolidated between $3,500 and $4,000 since the beginning of December. Like Bitcoin, it dropped from $4,100 but bounced at the $3,500 range-lows as of this writing. A move higher to $3,700 and $4,000 could be feasible if the range-low holds. A decisive move above the trendline support (white) could confirm a reclaim of the uptrend that began in November. Interestingly, XRP’s chart looked solid amongst the big 3. Despite the 10% drop, XRP held above its Q4 trendline support and could be the key level to watch for the rest of 2024. Bulls could eye a $2.8 level or push higher to the 2021 cycle high of $3.3 using the support as a springboard. This bullish leaning is supported by the recent stablecoin RLUSD launch and ETF expectations in 2025. In conclusion, the top cryptocurrencies, Bitcoin, Ethereum, and XRP defended key levels, suggesting a potential market trend reversal to the upside
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