After peaking at $93,109 on November 13th, Bitcoin has cooled down, with its price correcting to $88,904 as of this writing. Despite the latest downturn, investors have continued to pour money into US spot Bitcoin ETFs, according to Farside Investors’ data, which shows over $6.5 billion worth of inflows in the past four days.
The rising institutional interest in crypto has made more analysts bullish on Bitcoin. Earlier this week, head of research at Copper.co, Fadi Aboualfa, told crypto-focused news house Cointelegraph that BTC could hit $100,000 before Donald Trump officially assumes office on January 20th.
However, the founder of the company, Keith Alan, has cautioned traders against taking long positions with high leverage now, arguing that Bitcoin is likely to take a breather before it rallies towards $100k.
That said, which support levels must we monitor should BTC and altcoins continue correcting in the coming days? Let’s explore the charts to find out.
Bitcoin Price Analysis
The latest price correction has pulled the Relative Strength Index out of the overbought zone, enhancing the possibility of the continuation of the uptrend. If Bitcoin turns up now and crosses $90,000, it is likely to break above $93,109 and begin its journey toward $100,000, where selling is anticipated.
On the other hand, a break below the $85,558 support could fuel a massive downtrend toward the 20-day Exponential Moving Average of $76,692.
Ethereum Price Analysis
ETH couldn’t stay above $3,440 on November 12th, indicating aggressive profit booking at higher levels. It has, as of this writing, plummeted to $3,183. We anticipate that the bulls will guard the $3,029 strong support and start a rally. If that’s the case, Ethereum could cross $3,440 and then rally to $3,890. If the bears can’t defend $3,890, the token could climb to $4,098.
Conversely, Ethereum’s price will likely go lower if the bulls fail to purchase the dip at $3,029. We predict a drop to the $2,900.30 support if ETH trades below $3,000.
Solana Price Analysis
SOL bulls have kept the asset above the $210.48 resistance since Monday, signaling their intentions to push its price higher. If they thrust and maintain Solana above $225.20, the chance of a move to the $260.15 barrier will improve.
As for the bears, $210.48 has to collapse to gain the advantage. If this happens, SOL could plunge below $200 and then move toward the 20-day Exponential Moving Average of $189.07. Aggressively selling there could lead to a further correction to the 50-day Simple Moving Average of $165.19.
BNB Price Analysis
Although BNB crossed above $634.98, a vital resistance level, earlier this week, the bulls couldn’t keep up with the selling pressure, thus letting the token drop to $623 at press time. If selling intensifies and causes the Binance Coin to hit the 20-day Exponential Moving Average of $603, a reversal from this key level could indicate the bulls’ intention to fuel a pump to $665.
Meanwhile, a break below $603 will be a signal that BNB is losing its bullish momentum. In that case, a drop to the 50-day Simple Moving Average of $587.04 is expected.
Dogecoin Price Analysis
DOGE’s rally has cooled down in the past 24 hours. On Monday, Dogecoin entered a territory ($0.40) it hadn’t seen in three years following a seven-day surge of 153%. However, it has dipped to $0.374 as of this writing. If it reaches $0.351 and the bulls buy the dip, the $0.439 hurdle will likely be crossed, with the next stop being $0.486. On the contrary, DOGE could head to the $0.294 support level if $0.351 gives way.
XRP Price Analysis
XRP has performed tremendously in the last 24 hours. It has broken the $0.741 hurdle to reach $0.817 at press time. The bulls are now focused on fueling a rally to the $0.903 resistance. If they achieve this and keep the asset above that level, the path to $1 will be cleared. On the bearish side, a journey to $0.643 could start if $0.741 collapses.
