Bitcoin is up 2.98% in the past 24 hours. The rally has allowed the coin to cross the $92,100 resistance after the bears spent several days guarding the level. But what’s fueling the latest surge? News that options trading for BlackRock’s spot Exchange-Traded Fund IBIT was live has been the main catalyst of Bitcoin’s surge today.
As BTC traded sideways on Monday, several investors were busy accumulating. For example, MicroStrategy, the largest institutional Bitcoin holder, bought over 51,000 BTC for $4.6 billion. Billionaire investor Paul Tudor Jones, on the other hand, purchased IBIT shares worth $130 million, increasing his shareholding to $161 million.
Meanwhile, ARK Invest CEO Cathie Wood says regulatory clarity under Donald Trump will enable Bitcoin to rally to new levels in the coming months. Like many other crypto enthusiasts, she expects the coin to close the year trading above $100k.
So, which is the possible destination for Bitcoin if the coin crosses above the all-time high of $93,298? Let’s analyze the price charts to get the answers.
Bitcoin Price Analysis
The bulls’ successful attempts to push Bitcoin above $92,100 suggest the resumption of the uptrend. However, the coin has to break above $93,298 for the bulls to gain maximum advantage over the bears. As such, BTC could start a journey to $100,000 and later to $113,000.
On the other hand, the bears could regain control if the $89,036 support is violated. If this happens, a bearish move to $85,184 and then to the 20-day Exponential Moving Average of $81,883 is likely.
Ethereum Price Analysis
The bulls’ determination to guard $3,029.40 in the past few days signals their desire to keep Ethereum’s price at higher levels. Two factors now favor an upward move: the rising 20-day Exponential Moving Average of $2,961 and the Relative Strength Index, which has entered a positive zone.
If the bulls push ETH above $3,218 in the coming days, the next destination will be the $3,400.69 barrier. While we anticipate a tough battle there, the coin could head toward $3,900.24 if the bears are defeated.
Conversely, the bears could regain the advantage if $2,961 isn’t protected. In that case, it’ll be safe to say the bullish momentum is weakening, and a drop to $2,867 could happen.
Solana Price Analysis
Solana has outperformed almost all the top ten cryptocurrencies by market cap since Monday. The improved odds of Solana spot ETF entering the US market have boosted the token’s value in the last few days.
As of this writing, SOL is trading at $240.98. It retested the $246 resistance earlier today. If this barrier eventually breaks, Solana could cross the all-time high of $259.98 and rally to $300.50.
However, the bullish momentum could weaken if the bears drag the coin below $210.82. If this becomes a reality, a downtrend to the 50-day Simple Moving Average of $172 seems likely.
BNB Price Analysis
While BNB bulls haven’t succeeded in keeping the digital asset above the $634.74 resistance level, they have prevented the $600.19 support from breaking, suggesting they are determined to push the coin higher.
That said, a close above $634.74 could allow the bulls to trigger a massive move to $668.25, where resistance is anticipated. However, if that level collapses, BNB may climb to $717.45 for the first time in five months.
Contrary to our bullish assumption, the Binance Coin could fall to the 50-day Simple Moving Average if the bulls fail to purchase dips at $600.19.
XRP Price Analysis
XRP has surged 66% in the past seven days, becoming the best-performing asset among the top 20 cryptocurrencies by market valuation. After rallying to $1.26 on November 17th, it has now retraced to $1.08. The bulls must defend the $0.98 support to keep the positive momentum alive. If they do this, we may witness a surge to $1.42. On the contrary, XRP could head toward the $0.74 support if $0.97 breaks.
