BTC had a significant uptick on Tuesday, surging from $93,400 to $99,400. The apex coin led the crypto market in a flurry of notable increases.
The global cryptocurrency saw a notable surge, returning to $3.45 trillion. Although trading activities decreased, the buyer maintained buying pressure as the bears appear exhausted.
Justin Sun allayed fears of Buthub liquidating its Ethereum bag. The firm transferred 110,000 ETH from one of its wallet to another. The transaction raised huge speculation as to who made the transfer, and what they intend to do with it. Sun’s statement comes as many feared further decline for the largest altcoin.
Russia announced its banning crypto mining in 10 regions. The ban, which will start on January 1, 2025 and end in 2031 will affect Dagestan, Chechnya and eight regions. Officials cited a strain on the local power grid as the reason for the action.
The crypto market remains fairly quiet on the morning of Christmas with a slight decline. It remains to be seen if the trend will continue. Nonetheless, let’s examine the state of crypto top 10s.
BTC/USD
Bitcoin is yet to fully recover from it massive decline as it lost over 6% in the last 7%. Recovery is underway and it trades a little below $98k.
However, BTC is yet to fully return to its previous state due to the festivities. It sees lesser trading volume and lower pressure. Key regions like the US and South Korea see very low buying pressure as the Coinbase premium and Korea premium remain negative.
Exchange-traded funds and other products register significant outflows at the time of writing. In response, the funds premium is negative.
The BTC/USD pair saw significant resistance at $99k on Tuesday. The asset sees slight profit-taking at the time of writing. Exchange reserves increase by 0.14% over the last 24 hours.
The pair failed to above bollinger’s middle band during the previous intraday session, with significant resistance resulting in the ongoing price drop. The relative strength index arched downward as selling volume increased.
The BTC/USD pair trades above the 23% Fibonacci retracement level, placing $96k as a support.
ETH/USD
Ethereum is on the verge of another breakout as it experiences more aggressive accumulation. Onchain data point to decreasing exchange reserves as a possible trigger for a rally. However, it experiences lower trading volume at the time of writing.
The largest altcoin continues struggling to break above the whales are yet to resume buying. The Korea Premium is negative, showing low buying from the region. It also reveals a high concentration of retail buying. This is the same sentiment as the Coinbase premium.
ETFs and other products register more outflows at the time of writing, resulting in a negative fund premium. Onchain RSI and Stochastic remain neutral due to these conditions.
The one-day chart shows the ETH/USD pair struggling to maintain trading above $3,500 It peaked at $3,537 during the previous intraday session but faced notable corrections. The relative strength index points to the bulls soaking up the growing supply. It trends on a straight line at the time of writing.
Bollinger bands hint at further surge. The pair sank below the lower band on Friday but rebounded. It edges closer to the middle band.
XRP/USD
The XRP/USD pair bounced off the lower bollinger SMA on Monday. It dipped to a low of $2.20 but rebounded. The bullish sentiment continued into the previous intraday session, seeing it peak at $2.34.
Current price suggests that the growing bearish sentiment due to selling pressure. The relative strength index is at slightly arched downward in response to the trend. The pair failed to above bollinger’s middle band during the previous intraday session, with significant resistance resulting in the ongoing price drop.
Nonetheless, it trades close to the 23% fib level. The bulls will look to reclaim this critical level before the week runs out.
BNB/USD
Binance coin is having notable increases at time of writing. It peaked at $712 a few hours ago as it now trades between the upper and middle bollinger bands. Since surging above the midline, it will look to retest the upper SMA.
The average directional index is slowing it descent, indicating the selling pressure is losing its trajectory. The accumulation and distribution chart is on rise as buying volume increases.
The Fibonacci retracement level points to BNB reclaiming the 23% mark at $712. A decisive flip will result in the pair finding a new barrier.
SOL/USD
The SOL/USD pair slipped below the bollinger bands on Monday. The lower SMA served as a critical support and rebound level for the pair during this period. A trend reversal is underway but has slowed due to a drop in trading volume.
It will look to retest the Bollinger’s middle band close to $220. The moving average convergence divergence hints at the uptrend continuing. The 12-day EMA arched upwards as it starts its bullish convergence.
Solana is currently trading above the 61% Fibonacci retracement at $189. The SOL/USD pair may continue holding this price mark as trading conditions improve
DOGE/USD
The DOGE/USD pair trades at $0.32 after it opened the day at $0.33. Currently down by over 2% in the last 24 hours. It almost fully erase the previous day’s gains as it succumbed to notable profit taking on Christmas Day.
The pair bounced off the lower bollinger SMA on Monday. The lower SMA served as a critical support and rebound level for the pair during this period. It slowed down, increasing risk of retracements.
It will look to retest the Bollinger’s middle band close to $0.38. The moving average convergence divergence hints at the uptrend continuing. The 12-day EMA arched upwards as it starts its bullish convergence.
