Bitcoin on the Rise: An Analysis of Today’s Cryptocurrency Market
Bitcoin (BTC) is making strides in the investment world, having broken through the daunting resistance of $38,000 recently and is pushing closer towards $40,000. This upwards trajectory indicates a bullish stance in the market. Market participants hope to see the trajectory continue in this direction, to create a strong end-of-year closing. Expectedly, pessimists are hoping for a price drop as the year ends.
An exciting development that might serve as a thrust for Bitcoin is the approaching decision from the United States Securities and Exchange Commission (SEC). The SEC is predicted to greenlight a spot Bitcoin exchange-traded fund in early January. Swan Bitcoin CEO, Cory Klippsten shared in a Bloomberg interview that the decision is likely to occur around the 8th, 9th or 10th of January.
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Bitcoin Price Analysis
On December 1st, Bitcoin made significant progress by closing above the overhead resistance of $37,980. This marked the conclusion of the bullish ascending triangle pattern, setting a target objective of $41,160.
Market experts still expect a trend of selling into strength following this kind of event, a phenomenon typical of legacy markets, summarized in the adage “buy the rumor, sell the news”.
In usual circumstances, after a price breaks from a pattern, it retests the breakout level. With the bulls’ aim to transform this level into support, the likelihood of a rally above $41,160 increases. However, the bears are anticipated to put up a significant battle at $40,000. A drop below $38,000 may trigger stops for short-term traders.
Altcoin Analysis
As Bitcoin approaches this tantalizing $40,000 mark, there are potential ripples for altcoins investors to watch out for and take advantage of. A handful of cryptocurrencies like Kaspa (KAS), THORChain (RUNE), Mantle (MNT), and Render (RNDR) have shown intriguing patterns that may attract investors.
1. Kaspa (KAS) is consolidating in an upward trend, indicating the bulls are holding the fort for now. With the price heading towards the overhead resistance of $0.16, the bulls may resume the pattern towards a target objective of $0.20.
2. THORChain (RUNE) has demonstrated a robust uptrend. The price broke above the short-term barrier at $6.68 on Dec. 2, showing the strength of the bulls, who now aim to keep the price above that level.
3. Mantle (MNT) surged past the near-term resistance of $0.54 on Nov. 30, showing a successful uptrend.
4. Render (RNDR) rebounded off from a 20-day EMA ($3.21) on Nov. 30, showing positive sentiment and traders buying on dips.
Closing thoughts
All these predictions build anticipation for how the crypto market will wrap up the year. Remember, every investment and trading move involve risk, and potential investors should conduct their own research before making a final decision.
