“ Bitcoin (BTC) Resisting a Fall Below $35,000´´
Bitcoin (BTC) has been holding steady over $35,000 for a few days, but it’s been unable to push past $38,000, indicating some hesitation between buyers. According to BitGo CEO Mike Belshe via Bloomberg, it’s likely that Bitcoin (BTC) ETF applications will be rejected a few more times before gaining approval. Analysts foresee a possible correction for Bitcoin (BTC) in the near future, with the worst-case scenario seeing a fall to $30,000, though this won’t necessarily lead to a bear market. On-chain data likewise implies that Bitcoin (BTC) is still in the early stages of its bull market, without any whole lot of 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 (BTC) can hold over $35,000 and if altcoins can kick off the next stage of their upward movement.
“ Bitcoin (BTC) Price Analysis´´
With Bitcoin (BTC) 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 as of now 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 (BTC) might reach $40,000 or possibly $48,000.
“ Bitcoin (BTC) Overwiew´´
The first sign of weakness in this scenario will be a close below the 20-day EMA, indicating probable range-bound action in the near term. The pair may stay between $34,800 and $38,000 for a time, but a break below $34,800 could lead to further declines.
“ Solana (SOL) Price Analysis´´
Solana (SOL) fell below the breakout level of $59 on Nov. 16. Nonetheless, this wasn’t enough for the bears to capitalize and the price has rallied back over $59. If the pair is able to surpass this level, Solana (SOL) may reach levels of $68.20 and sooner or later $77 and $95. A downturn and fall below $48 would invalidate this positive trend 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 very likely push towards the local high of $16.60, but this resistance could draw bears to sell on rallies. If the resistance is overcome, it might lead to an uptrend up to $20. On the contrary, a fall may push the pair down to the 50-day SMA.
“Near Protocol Price Analysis´´
Near Protocol has been trying to maintain over the breakout level of $1.72. Should the bears pull the price down below this threshold, it may fall to $1.60 and sooner or later $1.45 and $1.28. Alternatively, a push over $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 capacity to rise to $1.33 if it can surpass $1.20. A fall below the 20-day EMA, on the other hand, may start a deeper correction towards the 50-day SMA. Theta Network has been correcting inside a sliding wedge, implying a probable positive trend setup.
#### Hot Take
” Bitcoin (BTC) Holds Steady as Altcoins Show Uptrend Potential”
BTC’s struggle to push past $38,000 continues while analysts foresee probable corrections and altcoins, including Solana (SOL) Chainlink, Near Protocol, and Theta Network, show indications of momentum.
Coinan Porter stands as a notable crypto analyst, accomplished researcher, and adept editor, carving a significant niche in the realm of cryptocurrency. As a skilled crypto analyst and researcher, Coinan’s insights delve deep into the intricacies of digital assets, resonating with a wide audience. His analytical prowess is complemented by his editorial finesse, allowing him to transform complex crypto information into digestible formats.
