Bitcoin’s Trajectory Remains Up
Bitcoin (BTC) has broken above the resistance of $38,000 and is moving closer to $40,000. This indicates that Bitcoin’s trajectory is still upward. The bulls will aim to maintain momentum and end the year on a strong note, while the bears will try to push the price down.
Spot Bitcoin ETF Approval Expected
The major tailwind for Bitcoin is the expectation that the United States Securities and Exchange Commission (SEC) will approve a spot Bitcoin exchange-traded fund (ETF) in January. Swan Bitcoin CEO Cory Klippsten believes that approval may come as early as January 8th, 9th, or 10th.
Potential Sell-Off After ETF Approval
Analysts anticipate that Bitcoin’s price will surge once one or more spot Bitcoin ETFs are approved. However, traders should be cautious of a sell-off after the initial excitement. Selling into strength after a major event is a common occurrence in traditional markets.
Bitcoin Price Analysis
Bitcoin has completed a bullish ascending triangle pattern by rising above the overhead resistance of $37,980. The target objective for this pattern is $41,160. A potential retest of the breakout level at $38,000 could occur before a rally to higher levels. However, a drop below $38,000 may trigger selling pressure and test the uptrend line.
Kaspa Price Analysis
Kaspa has been consolidating in an uptrend and showing resilience as buyers push towards the resistance at $0.16. If this level is overcome, Kaspa could resume its upward movement towards the target objective of $0.20. However, a turn down from the current level could indicate selling pressure and a potential trend change in the short term.
THORChain Price Analysis
THORChain is in a strong uptrend, with bulls pushing the price above the short-term barrier at $6.68. Sustaining above this level would indicate that every minor dip is being bought and could lead to further upside towards $8.60 and $10. However, a drop below $6.68 would challenge the bullish momentum and potentially lead to a deeper correction.
Mantle Price Analysis
Mantle remains in an uptrend after breaking above the near-term resistance of $0.54. The critical level to watch is the 20-day EMA at $0.50, as a rebound from this level would confirm the uptrend’s continuation. Bulls will aim to drive the price towards the overhead resistance at $0.60, while bears will target a decline towards the 50-SMA.
Render Price Analysis
Render has rebounded off the 20-day EMA, indicating positive sentiment and buying on dips. The path of least resistance is still upward, but there is negative divergence on the RSI, suggesting weakening bullish momentum. Breaking above $3.78 would give buyers control and push the price towards $4.64, while a sharp downturn could signal bearish pressure and potential range-bound action.
Hot Take: Altcoins May Attract Investors
As Bitcoin approaches $40,000, there is speculation that its rise could boost buying interest in altcoins. Traders should closely monitor the charts of the top 5 cryptocurrencies for potential investment opportunities.
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