“Bitcoin Resisting a Fall Below $35,000´´
Bitcoin has been holding steady above $35,000 for a few days, but it’s been unable to push past $38,000, indicating some hesitation among buyers. According to BitGo CEO Mike Belshe via Bloomberg, it’s likely that Bitcoin ETF applications will be rejected a few more times before gaining approval. Analysts foresee a possible correction for Bitcoin in the near future, with the worst-case scenario seeing a drop to $30,000, though this won’t necessarily lead to a bear market. On-chain data also suggests that Bitcoin is still in the early stages of its bull market, without any significant FOMO yet.
Altcoins, on the other hand, are experiencing some pullback, but a few appear ready to resume their uptrends, such as Ether, indicated by Fidelity and BlackRock’s applications for a spot Ether ETF. With all of this in mind, observers are looking at whether Bitcoin can hold above $35,000 and if altcoins can kick off the next stage of their upward movement.
“Bitcoin Price Analysis´´
With Bitcoin facing resistance around $38,000, it’s noteworthy that the price hasn’t dropped below the 20-day EMA. Both upsloping moving averages and the RSI in the positive zone indicate that the bulls are currently in control. A rebound off the 20-day EMA would allow the bulls to make another attempt at overcoming the $38,000 level. If successful, Bitcoin might reach $40,000 or possibly $48,000.
“Bitcoin Overwiew´´
The first sign of weakness in this scenario will be a close below the 20-day EMA, indicating potential range-bound action in the near term. The pair may stay between $34,800 and $38,000 for a while, but a break below $34,800 could lead to further declines.
“Solana Price Analysis´´
Solana fell below the breakout level of $59 on Nov. 16. However, this wasn’t enough for the bears to capitalize and the price has rallied back above $59. If the pair is able to surpass this level, Solana may reach levels of $68.20 and eventually $77 and $95. A downturn and drop below $48 would invalidate this bullish move.
“Chainlink Price Analysis´´
Chainlink’s pullback has been met with support at the 20-day EMA, suggesting that lower levels continue to attract buyers. Link/USDT pair is likely to push towards the local high of $16.60, but this resistance could draw bears to sell on rallies. If the resistance is overcome, it could lead to an uptrend up to $20. On the contrary, a drop may push the pair down to the 50-day SMA.
“Near Protocol Price Analysis´´
Near Protocol has been attempting to sustain above the breakout level of $1.72. Should the bears pull the price down below this threshold, it may drop to $1.60 and eventually $1.45 and $1.28. Alternatively, a push above $1.95 could propel Near Protocol upward, reaching $2.40.
“Theta Network Price Analysis´´
After going through a correction, Theta Network is finding support at the 20-day EMA, with the potential to rise to $1.33 if it can surpass $1.20. A drop below the 20-day EMA, however, may start a deeper correction towards the 50-day SMA. Theta Network has been correcting inside a falling wedge, implying a potential bullish setup.
#### Hot Take
“Bitcoin Holds Steady as Altcoins Show Uptrend Potential”
Bitcoin’s struggle to push past $38,000 continues while analysts foresee potential corrections and altcoins, including Solana, Chainlink, Near Protocol, and Theta Network, show signs of momentum.
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