Key Findings: BTC Technical Analysis
- According to our recent BTC And ETH Technical Analysis, Bitcoin price keeps trading between the current consolidation zone of $45,000 and $40,000.
- The current resistance at $43,676 plays a crucial role over the BTC price in choosing the upcoming market bias, jeopardizing the Christmas rally.
- The psychological threshold of $48,000 and the buyer congestion zone around $37,800 will be crucial in the upcoming days.
Bitcoin Technical Analysis – BTC Daily Price Chart
The price of Bitcoin (BTC) continues to trade with an uptrend ahead of the Christmas holiday weekend. Expectations of low trading volume abound, even as traders enjoy the holidays, which, combined with regular weekend dynamics, leave the market in a highly volatile state. The cryptocurrency king might make huge changes this weekend, especially on December 25, towards the year’s end.
Bitcoin’s (BTC) upside momentum in 2023 is jeopardized since it has been trapped under a weekly supply zone since the beginning of December. The supply barrier ranging between $40K and $45K remains as resistance, with $43,860 as the target to beat.
Turning the $43,673 level into a fresh demand zone might pave the way for the trend to continue, with Bitcoin likely challenging the $48,000 psychological barrier. However, Bitcoin price can still retrace near the current support at $42K before rebounding for the next bullish wave. In a strong uptrend scenario, gains for BTC may reach $50,000 or, in more ambitious scenarios, reach $60,000 in 2024.
See Related: Bitcoin And Ethereum Technical Analysis: BTC Price Requires One More Push To Reach The $40K Mark
Key Findings: ETH Technical Analysis
- Over the last three days, exchanges’ supply of Ethereum has grown significantly.
- Exchange platforms saw a 62% increase in the inflow of ETH tokens last week.
- Ethereum price may pull back near $2,150 support before cruising toward the upside target at $2,500.
Ethereum Technical Analysis – ETH Daily Price Chart
Between the 21st of December and Saturday, there was a noticeable increase in Ethereum supply on exchanges. Selling pressure on altcoins usually increases when the amount of Ether available for sale rises in exchange wallets.
The current selling pressure may cause the price of ETH to retrace near $2,150 support, right below the dynamic support of the 21 EMA ($2,231). Since the price keeps moving within an overall uptrend, Ethereum may plot a bullish breakout of the current consolidation range.
For a bullish outlook, ETH/USD must exceed the current resistance at $2,300 to cruise toward the long-term resistance at $2,500.
