BTC holds steady on Monday amidst growing bullish sentiment. The apex coin hit a high of $94,500 after it had another massive decline a few hours ago.
The crypto market came alive as the trading volume increased by over 5% in the last 24 hours. The global cryptocurrency market slightly increased during this period. Nonetheless, it still grapples with low trading volume.
Fundamentals are picking up, with most being positive. One such is the announcement from Hong Kong of its plans to incorporate a Bitcoin reserve. One of the country’s lawmakers stated the need for the nation to harness the potential the cryptocurrency provides.
MicroStrategy went shopping again. The publicly traded company announced its latest purchase of 2,138 BTC earlier, marking its second purchase since its listing on Nasdaq100.
Other assets are on the rise as trading sentiment improves. One of the top gainers is SUI. It opened trading at $4 but sank to a low of $3.94, trading 4% higher than its opening price.
Let’s see how some assets will perform following the positive start to the week.
Top Five Cryptocurrencies
BTC/USD
Bitcoin sank a few hours ago. As with previous sessions, the Microstrategy buy caused a bearish reaction. The apex coin retraced after the announcement, hitting its thirty-day low at $91,315. Nonetheless, the asset met a buyback following the decline, causing it to trade above its opening price.
Onchain indicators reveal that the asset is experiencing stronger buying pressure than the previous day. Although the Coinbase premium remains negative, the metric shows notable improvements. US investors may be planning a New Year’s rally. The same reading is present in the Korea premium. However, exchange-traded funds see more outflows.
Exchange reserves are rising as more traders resume dumping. It is up by 0.16% over the last 24 hours despite the large purchase from Microstrategy. Investors are moving more assets from cold storage to these trading platforms. CryptoQuant’s data suggest the amount of transferred assets is almost ten times higher than Sunday’s.
There is still notable fear, uncertainty, and doubt about the next price action. Indicators on the one-day chart are most bearish. The moving average convergence divergence continues to decline despite small increases. Nonetheless, the relative strength index suggests that the bulls are building momentum. It slightly increased over the last 24 hours.
Since retracing to $91k and rebounding, the dip may be the last for 2024. The apex coin may surge, breaking above the 23% fib level at $96k.
ETH/USD
The Ethereum ecosystem remains active, with more investorss invets in several aspects. The total locked value has slightly reduced over the last 24 hours. However, the number of transactions and revenue increased increased.
Onchain data shows that it grapples with notable bearish actions. One such is the growing exchange reserve. It increased by 0.11%, and assets moved from off-exchange reserve into these trading platforms doubled. Nonetheless, it sees more substantial buying pressure as indicated by price actions.
Traders from several regions are becoming increasingly positive. US traders exhibited more substantial buying pressure than the previous day, and the Korea premium also showed the same reading.
The one-day chart’s moving average convergence divergence shows the ETH/USD pair gearing up for a positive move. The 12-day EMA’s descent is slowing as the altcoin experiences more buying pressure. The pair may reclaim the $3,500 barrier if the bullish trend continues.
SOL/USD
Solana ecosystem see more inflow on Monday. The inflows exceed 7.55 million SOL, and revenues hit 8,430 SOL. The total locked value slightly increased in the last 24 hours, hitting 45.2 SOL.
The SOL/USD pair slipped below the $190 support but rebounded at $185. It then shot up, reclaiming the lost level and peaking at $196. The pair returned to the previous day’s high and showed more signs of a breakout from its seven-day high.
At the time of writing, MACD is printing positive signals. The 12-day EMA is in contact with the 26-day EMA. The metric will start a bullish divergence in the coming days, which may mean more uptrends for the asset. The RSI is at 44, which is slightly higher than the previous day’s.
Currently trading above the 61% Fib level, it may continue upwards, testing the 50% C Fib level at $203. Previous price movement suggests that it may attempt the $220 barrier this week after flipping the highlighted mark.
WIF/USD
Dogwifhat is on the verge of another breakout. Its trading volume surged by 60% over the last 24 hours. Prices show a notable recovery from the previous day’s decline. The memecoin retraced from $1.92 to a low of $1.81. It lost almost 5% during this period.
Although the asset grappled with notable selling pressure earlier in the day, it recovered from a dip to $1.77 and now trades at $1.89. Up by over 3%, several indicators flipped bullish, hinting at further price increases.
At the time of writing, the moving average convergence divergence prints positive signals. The 12-day EMA is in contact with the 26-day EMA. The metric will start a bullish divergence in the coming days, which may mean more uptrends for the asset. The RSI is at 44, a little higher than the previous days’.
Other metrics, such as Bollinger bands, show the WIF/USD pair trading around a key level. The pair may surge, breaking its seven-day high at $2. A further increase may see the pair test the $2.20 barrier.
HBAR/USD
Hedera lost over 5% during the previous intraday session. It retraced from $0.30 to a low of $0.27, erasing Saturday’s gains. The asset sees more trading volume at the time of writing. It increased by over 20% in the last 24 hours.
The current price shows that most of the volume is from the bulls. The HBAR/USD pair recovered from a dip to $0.26 earlier on Monday and now trades above its opening price. It surged to a high of $0.29 but trades at $0.28. The relative strength index reveals more buying pressure as it trends at 54.
Previous price movements suggest that the pair will see more increases following its rebound from the highlighted barrier. Its constant attempt at the $0.30 hints at a possible flip this week. It may retest the $0.34 resistance in the coming days.
