Bitcoin price extended its rally above the $43,200 resistance. BTC is now consolidating gains and might rally further toward the $45,000 zone.

Bitcoin surged further above the $42,200 and $43,200 levels.
The price is trading above $43,200 and the 100 hourly Simple moving average.
There are two bullish trend lines forming with support near $43,200 and $41,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower toward $43,200 before it starts a fresh increase.

Bitcoin Price Extends Rally

Bitcoin price remained in a steady uptrend above the $40,000 resistance zone. BTC gained over 15% in the past few days and even surged above the $42,000 zone.

The upward move gained pace above the $43,200 resistance zone.  A new multi-month high is formed near $44,465 and the price is now correcting gains. There was a move below the $44,000 level. The price is still above the 23.6% Fib retracement level of the upward move from the $39,476 swing low to the $44,465 high.

Bitcoin also trades above $43,200 and the 100 hourly Simple moving average. Besides, there are two bullish trend lines forming with support near $43,200 and $41,800 on the hourly chart of the BTC/USD pair. The second trend line is close to the 50% Fib retracement level of the upward move from the $39,476 swing low to the $44,465 high.

On the upside, immediate resistance is near the $44,200 level. The first major resistance is forming near $44,450, above which the price might rise toward the $45,000 level.

Source: BTCUSD on TradingView.com

A close above the $45,000 resistance might send the price further higher. The next key resistance could be near $46,400, above which BTC could rise toward the $48,000 level.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $44,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $43,250 level.

The next major support is near $42,800, below which the price might test the second trend line. If there is a move below $42,000, there is a risk of more downsides. In the stated case, the price could drop toward the $40,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $43,200, followed by $42,000.

Major Resistance Levels – $44,200, $44,450, and $45,000.

In the countdown to the deadline for the long-awaited Bitcoin ETF applications by major asset managers worldwide, predictions regarding the rate of approval have significantly improved. 

Inside sources from the US Securities and Exchange Commission (SEC) indicate that Bloomberg’s initial 90% chance prediction of approval has now surged beyond 99%. 

This development has heightened the excitement surrounding this investment vehicle, which has the potential to bring substantial inflows of capital into the Bitcoin market and further amplify its year-to-date gains of over 153%.

Market Sentiment Soars As Bitcoin ETF Approval Probability Surpasses 99%

Andrew, an SEC insider, shared an update on X (formerly Twitter), stating that the 99% probability of a Spot Bitcoin ETF being approved is no longer deemed high enough. 

While acknowledging that nothing is ever certain, the source emphasized that the current likelihood of approval surpasses the 99% estimate from the previous week.

The sentiment in the market is clearly reflected in the price movement of Bitcoin, as it continues to establish new yearly highs and display unwavering bullish momentum. 

Currently trading at $42,900, Bitcoin recently reached a fresh annual peak of $43,400 on Tuesday. Over the past 24 hours, the largest cryptocurrency has surged by 4%, and it has witnessed a remarkable increase of over 14% in the past seven days.

It is worth noting that the prospect of a Bitcoin ETF being approved has captured the attention of investors and industry participants alike. If approved, the ETF would provide a regulated and accessible investment vehicle for institutional and retail investors, potentially bringing significant liquidity to the cryptocurrency market. 

The spike in approval forecasts to over 99% has further fueled optimism that this milestone decision is imminent. While nothing can be guaranteed, the growing confidence in Bitcoin ETF approval and the cryptocurrency’s impressive price performance underscores the potential for a significant positive impact on the market. 

As the final deadline approaches, market participants eagerly await the SEC’s decision, anticipating a potential game-changer for the Bitcoin ecosystem and its ongoing growth.

BTC Faces Crucial Range High Resistance

Renowned crypto analyst Rekt Capital has shed light on Bitcoin’s recent price action, emphasizing the significance of key support and resistance levels within a specific price range. 

In late November, Rekt Capital identified a range between $36,120 and $43,200, highlighting the importance of the lower boundary for a potential upward move.

Bitcoin successfully tested and held the range’s lower boundary as support, resulting in a substantial rally in recent days. The primary objective now, according to Rekt, is to revisit the upper boundary, known as the black $43,900 range high resistance, as seen in the chart below.

Rekt Capital underscores the importance of the black Range High resistance as a crucial reference point for Bitcoin’s price. During the parabolic phase of the 2021 Bull Market, Bitcoin managed to break above this level relatively easily. 

On two occasions, the cryptocurrency surged beyond the black level, with the first instance followed by a retest of the level as a new support, leading to further upward momentum. 

The second instance occurred later in the year when Bitcoin successfully retested the black level as short-term support before continuing its ascent.

However, late in 2021, Bitcoin lost the black level as support (first red circle from the left) and experienced a fake breakout above it, subsequently entering a multi-week downtrend. 

Rekt Capital highlights that Bitcoin’s historical performance suggests the cryptocurrency needs to successfully retest the black $43,900 level as support to pave the way for further upward movement.

Featured image from Shutterstock, chart from TradingView.com 

On-chain data shows the dormant Bitcoin whales have been becoming active again recently in a fashion that’s reminiscent of the 2021 bull run.

Bitcoin Whales Dormant Since 10+ Years Ago Are Waking Up

In a new CryptoQuant Quicktake post, analyst Maartunn has talked about a pattern forming in Bitcoin that looks similar to what happened back in 2021, during the last bull run

The indicator of interest here is the amount of Bitcoin being moved on the blockchain that was dormant since at least ten years ago before the transaction took place.

Ten years is naturally a very long stretch of time, so whenever wallets holding BTC this old activate again, it’s always something that ignites discussion in the community.

In many cases, coins reach such an old age only because they became lost at some point. A lot of this supply would never be involved in transactions again, because of the wallets carrying them being lost to the point that they can’t be rediscovered by any means possible.

Some of the supply may simply be forgotten about, rather than lost, and might get found once more. When this happens, the finder (who may or may not be the original owner of the coins) could decide to shift the coins immediately, cashing in on them by selling, or perhaps, they may just decide to hold off a bit more, finding the appropriate price timing to offload the Bitcoin.

The below chart notes the instances where coins dormant since 10 years ago showed some movement during the past few years.

From the graph, it’s visible that the Bitcoin bull run back during the first half of 2021 saw many instances where large amounts of such dormant BTC stacks broke their silence.

Some of these whales who woke up could have been those who remembered their old BTC wallets after seeing the cryptocurrency making waves on the news, while others might have been those who had already rediscovered their old coins a while back, but had since been waiting for this profitable selling opportunity.

The 10 years old coins had mostly remained dormant in the second half of the bull run and the 2022 bear market, making only a few large moves. Among these, two in particular were quite interesting, as they coincided with bottoms in the asset’s price.

Maartunn has highlighted these instances in the chart. According to the analyst, it’s possible that these were whales who were panic selling after seeing the cryptocurrency decline to the lows.

As is apparent from the chart, dormant whale activity has heated up once again recently. “Looking at the past few months, there have been more than 13 similar transactions. It’s striking that this is happening during the uptrend, as Bitcoin is rising due to news about the emerging ETF,” notes Maartunn.

The latest of these transactions was just yesterday, when a 1,000 BTC stack more than 10 years old became involved in a move. In a post on X, the same analyst has explained that this whale is a retired miner, as many of the inputs that their wallet received came directly from the network’s block reward.

It would appear that the latest rally in the cryptocurrency is creating a similar effect as the 2021 bull run, attracting these dormant whales to finally move their coins.

BTC Price

At the time of writing, Bitcoin is trading around $42,400, up 13% in the past week.

Bitcoin is on an impressive run and finally broke above $40,000 for the first time in over a year. This run has been in the making for a few months with the climax coming between the months of October and December. As a result, Bitcoin has now recorded 8 green candles on the weekly chart and historical performance suggests that this is bullish for the price.

8 Green Candles For BTC On The Weekly Chart

In the last two months, the Bitcoin price has consistently closed in the green, a trend that seemed foreign only a few months ago. This green trend has continued through November which was expected to be a bearish month and with the start of December, Bitcoin saw another green weekly close.

During this time that the BTC price has seen consistent green closes on the weekly chart, the price has gone from as low as $27,000 to as high as $42,000. This means that the price has risen approximately 50%, adding around $15,000 to its value in this two-month period.

This comes amid a time of polarizing views between the bulls and the bears despite the bullish indicators continuously winning out. The gains of the last eight weeks have completely washed out a year of intense bearish headwinds and have seen the Bitcoin price completely recover all its losses from the FTX collapse, as well as its far-reaching contagion.

What Happens To Bitcoin The Last Time?

With Bitcoin, historical performance can often be a good pointer to future performance, especially when important trends are being repeated. For example, the last time that the digital asset confirmed 8 green candles on the weekly chart, the price exploded not too long after.

This is seen back in 2017 right at the start of the bull market where the price went from around $1,100 to $2,900 before a slight pullback. However, once the pullback was over, the price would begin another uptrend that would send Bitcoin above $10,000 for the first time ever.

If this trend were to repeat itself this time around, then a pullback from this level is likely, but not expected to last. The resulting pump from the pullback will likely be the confirmation of the bull market, leading to a new all-time high price.

Bitcoin has also done incredibly well following 8 green candles on the daily charts. As reported by NewBTC, the Bitcoin price has also risen quickly when these green candles appear. As such, it is an all-around bullish signal for Bitcoin.

In recent weeks, the Solana (SOL) blockchain has been making waves in the crypto world, with its native token SOL experiencing a remarkable uptrend of 46% over the past 30 days. Alongside this surge, Bonk Inu (BONK), the first Solana-based meme coin, has gained significant traction, solidifying its position as the third-largest dog coin by market capitalization, surpassing Floki Inu (FLOKI).

BONK Rockets To New Heights With 845% Surge In 30 Days

The staggering growth of Bonk Inu is evident in its recent performance, achieving an impressive 845% gain over the past 30 days. The meme coin’s remarkable ascent has propelled it to new yearly highs, while SOL experienced a slight pullback from its peak of $65 on December 2.

Despite the temporary setback for SOL, the bullish momentum and renewed interest in Bonk Inu have caught the attention of market participants. 

As of now, BONK is trading at $0.0000069712, outperforming the broader crypto market with a remarkable 22.4% uptrend in the past 24 hours, aligning with the positive sentiment surrounding Bitcoin (BTC) and the overall market.

With a market capitalization of approximately $430 million, Bonk Inu currently sits in third place among dog coins, trailing behind the likes of Shiba Inu (SHIB) and Dogecoin (DOGE), which boast market caps of $5 billion and $12 billion, respectively.

CoinGecko data reveals that BONK has witnessed a significant 24-hour trading volume of $65,235,205.16, indicating strong investor interest and active participation in the market.

The future trajectory of Bonk Inu’s uptrend and its potential for further gains remains uncertain. However, should BONK continue to attract investors, it has the potential to dethrone Pepecoin (PEPE) in terms of market capitalization. As of the latest update, PEPE has achieved a market cap of $592 million.

However, it is important to note that Bonk Inu still has a significant gap to bridge to catch up with the largest dog coins in the market in terms of market capitalization, namely SHIB and DOGE. SHIB and DOGE have demonstrated substantial gains and already possess staggering market capitalizations.

Dog Coins Make Strong Push For Year-End Gains

The altcoin SHIB, built on the Ethereum platform and known for its Shiba Inu mascot, continues to demonstrate consistent gains across various time frames. 

Notably, SHIB has seen a 14% increase over the past fourteen days and an 18% surge over the past thirty days. These positive trends have allowed the dog coin to achieve a slight year-to-date profit of 0.2% after experiencing a significant downturn in 2022.

Presently, SHIB is trading at $0.00000946, representing a decline of more than 89% from its all-time high (ATH) of $0.00008616, reached in October 2021.

Meanwhile, the meme coin DOGE, which has the backing of Elon Musk, is currently trading at $0.09058. It has witnessed an 18% rise over the past fourteen days and nearly 30% growth over the past thirty days, following a sustained upward trend that began on November 21. 

However, in contrast to SHIB’s price action, DOGE has experienced a 12% decline year-to-date and an 87% drop from its ATH of $0.731578 reached in May 2021.

It remains to be seen whether the dog coins will continue to experience further gains throughout the remainder of the year or if a healthy pullback will occur to surpass upper resistance levels for another upward movement.

Featured image from Shutterstock, chart from TradingView.com 

Crypto investor Ryan Sean Adams argued on December 4 that Ethereum’s (ETH) current valuation of around $2,200 is almost “hilarious” given the strengthening on-chain activity and the blockchain’s role in the sphere.

Venture Capitalist: Here’s Why Ethereum Is Grossly Undervalued

Adams cited data like the first smart contract platform generating billions annually in “gas” fees, transitioning to becoming deflationary after merging in September 2021, and the over one million validators staking earning over 5% as rewards. Moreover, the venture capitalist pointed out the potential of the United States Securities and Exchange Commission (SEC) approving spot Ethereum ETFs in the long run. 

For now, BlackRock and Fidelity, two of the world’s most prominent traditional finance players, have applied to issue these derivative products. Though the SEC has yet to approve any spot crypto ETFs, the agency will authorize one or multiple, likely in early Q1 2024. 

Overall, the crypto market expects any spot ETF, including that of Ethereum, to attract billions in institutional capital. Beyond external factors like the SEC and ETFs talk, Adams also pointed out the rising demand for mainnet block space from the multiple layer-2 solutions running off-chain rollups parallel to Ethereum. 

ETH Value Draws From On-Chain Activities

According to L2Beat, Ethereum layer-2 solutions have over $14.9 billion as total value locked (TVL), with the most prominent platforms, including Arbitrum One, OP Mainnet, Starknet, and Base, commanding billions and processing tens of thousands of transactions daily. In the past week, Adams observed that leading layer-2 rollups were the top 10 consumers of Ethereum block space.

Comparing Ethereum using traditional metrics like price-earnings (P/E) ratios that compare favorably to technology companies like Amazon and Zoom, Adams suggested that Ethereum’s upside is almost mathematically unavoidable this cycle.

The venture capitalist, based on the above factors, thinks Ethereum could likely be 10x, pushing the coin to over $22,000 per coin. Even so, the investor can’t precisely gauge how long the markets will “stay irrational,” grossly undervaluing the second most valuable coin.

In response, Uniswap founder Hayden Adams agreed Ethereum fundamentals would fuel appreciation. Even so, the founder thinks Ethereum derives strength not from speculation attributes, as Ryan Sean Adams laid out. The Uniswap founder is confident that demand from active protocols launching on the mainnet and competing for scarce block space will directly pump prices.

According to Ultra Sound Money, Uniswap helps Ethereum burn the most coins. In the last month alone, Uniswap took over 14,900 ETH out of circulation, helping the network become more deflationary.

As the crypto market enters into what could be considered to be another bull market, one analyst known as MacnBTC has come forward to give a list of altcoins that could do well going forward. The list includes altcoins currently listed on the largest crypto exchange in the world, Binance, making them very easy to get.

The Top Altcoins To Buy On Binance

Thorchain (RUNE)

Appearing at the top of the list is RUNE, the native token of the THORchain network. The decentralized cross-chain liquidity protocol has been garnering a lot of public attention, rising from as low as $0.789 to as high as $7 in 2023.

Chainlink (LINK)

Next on the list is Chainlink’s native LINK token which powers its decentralized oracle network. Chainlink has been touted to be at the forefront of asset tokenization, putting it at the helm of a potential $30 trillion sector.

Synthetix (SNX)

This decentralized liquidity provisioning protocol has continued to make its mark in the decentralized finance (DeFi) world. It cuts across leading networks like Ethereum and Optimism, and Synthetix’s native token SNX is at the forefront of it.

ORDI (ORDI)

The ORDI token is one of the first to take advantage of an entirely new type of token creation in the crypto industry. Bitcoin inscriptions allow for the creation of tokens on the Bitcoin network and ORDI is already seeing a lot of success and adoption following this.

Venus Protocol (XVS)

Venus protocol is both a synthetic stablecoin protocol and an algorithm money market on the BSC network. With its asset lending and borrowing solution, its XVS token is already on the way to becoming one of the most recognized names in the DeFi industry.

SushiSwap (SUSHI)

SushiSwap is one of the leading decentralized exchanges in DeFi coming up in the midst of names such as Uniswap (UNI) (launching as a Uniswap fork initially). It is an automated marker maker that allows users to take advantage of smart contracts to create markets for their tokens. As a result, its native SUSHI token has garnered attention in the last few years.

SingularityNET (AGIX)

AGIX is the token for SingularityNET, a blockchain-based platform that allows users to enhance the capabilities of artificial intelligence (AI). Its token has seen adoption as it is required for users to buy and test a wide range of AI services.

Balancer (BAL)

This automated market maker on the Ethereum blockchain acts as a self-balancing weighted portfolio and liquidity provider. Using the BAL token, users are able to earn profits by contributing to Balancer’s customizable liquidity pools.

Tether, known for its USDT stablecoin, has recently made headlines with its Bitcoin holdings soaring in value, generating a profit exceeding $1 billion.

Notably, this significant financial gain can be attributed to the stablecoin issuer’s approach of buying Bitcoin using a portion of its net profits. This move has proven highly lucrative amid the recent surge in BTC prices.

According to reporter Wu Blockchain, Tether’s holdings currently stand at 57,576 BTC, valued at an estimated $2.4 billion. These holdings were acquired at an average rate of $22,480 per BTC, reflecting a savvy investment strategy in the volatile crypto market.

Tether’s holdings of BTC currently have a profit of $1.1 billion (+85%). Tether currently holds a total of 57,576 BTC ($2.4B), with a cost of $22,480 per bitcoin. Among them, 53,492 BTC were reserved before March this year, and 4,083 BTC were purchased regularly using 15% of…

— Wu Blockchain (@WuBlockchain) December 5, 2023

The recent surge in Bitcoin’s value, which has surpassed the $41,000 mark, has been a major contributor to Tether’s significant profit margin, showcasing the potential of strategic crypto investments.

BTC Accumulation And Market Impact

The notable profit realized by Tether is the result of its investment strategy implemented in May 2023. The company began allocating up to 15% of its net realized operating profits towards Bitcoin purchases.

This strategic decision has not only diversified Tether’s investment portfolio but also aligned the company with Bitcoin’s potential as a “transformative” technology, according to Tether’s CTO Paolo Ardoino.

Paolo Ardoino noted that the choice to invest in Bitcoin was based on its decentralized nature, limited supply, and growing global adoption. Ardoino emphasized Bitcoin’s “resilience” as a “long-term store of value” and its potential to reshape business and lifestyle paradigms.

The Tether CTO stated:

Our investment in Bitcoin is not only a way to enhance the performance of our portfolio, but it is also a method of aligning ourselves with a transformative technology that has the potential to reshape the way we conduct business and live our lives.

As of the first quarter of 2023, Tether’s BTC reserves were valued at around $1.5 billion, a testament to the success of its Bitcoin accumulation strategy.

Bitcoin Rains Profits

The ongoing bull run in the crypto market has benefitted Tether and other prominent Bitcoin proponents. Max Keiser, a well-known trader and BTC supporter in the crypto community, recently revealed a significant surge in his Bitcoin holdings on X.

I’m up 20,000,000% since 2011 with my #Bitcoin https://t.co/nfj4AMSgmR

— Max Keiser (@maxkeiser) December 4, 2023

Keiser, who has been investing in Bitcoin since 2011, recognized the potential of BTC early on. While Keiser has not publicly disclosed the exact amount of BTC he owns, it’s clear that his early investment has paid off handsomely over the years.

Featured image from iStock, Chart from TradingView

An analyst has explained how Solana may be at risk of a correction based on the data of two SOL technical indicators.

Solana Has Recently Observed The Formation Of Two Bearish Signals

In a new post on X, analyst Ali has discussed why SOL could be at risk of seeing a retracement shortly. The analyst has referred to two technical indicators for the coin: the TD Sequential and RSI.

The first of these, the Tom Demark (TD) Sequential, is a metric generally used for spotting probable reversal points in any asset’s price. The indicator has two phases, the first of which is a nine-candles-long “setup” phase.

When nine candles of the same polarity are in following a reversal in the price, the TD Sequential setup is said to be complete, and the asset could be assumed to have reached a likely point of a trend shift.

Naturally, if the candles are green, the setup’s completion would point towards a top, while red candles would imply a bottom formation. Once the setup is over, a thirteen-candles-long countdown phase starts. At the end of these thirteen candles, another probable change of direction happens for the chart.

According to Ali, a setup phase has recently formed for Solana. Below is the chart shared by the analyst that shows this TD Sequential pattern in the weekly price of the cryptocurrency.

The graph shows that the TD Sequential setup has recently been completed with green candles, implying that the price may have already reversed toward a bearish trend.

In the same chart, Ali has also attached the data for the second relevant indicator: the Relative Strength Index (RSI). The RSI is a momentum oscillator that keeps track of the speed and magnitude of the recent changes in an asset’s price.

This indicator determines whether the asset is undervalued or overvalued at the moment. When the metric has a value greater than 70, it can be a sign that the asset is overbought, while it being under the 30 mark suggests an oversold condition.

As is apparent from the graph, the Solana RSI recently broke above the 70 mark and has remained inside the territory, suggesting that SOL has been overvalued recently.

This would mean that two bearish signals are looming over the cryptocurrency’s head right now. “A spike in profit-taking could trigger a retracement to $47.6,” says the analyst. From the current price, such a potential correction to $47.6 would mean a drawdown of over 20%.

Solana’s fate may yet be averted; however, as the analyst explains, “SOL would have to print a weekly candlestick close above $68.4 to invalidate the bearish outlook and aim for $108.”

SOL Price

Solana had rallied above the $65 mark yesterday, but the asset has already seen a pullback as it’s now trading around $60.

MicroStrategy has become one of the top gainers of the recent Bitcoin bullish trend, and the analytics provider has secured billions in gains after disregarding naysayers to make a long-running bet on Bitcoin.

MicroStrategy Massive Bitcoin Bet Hits Gold

Leading provider of enterprise analytics and mobility software, MicroStrategy is riding the early wave of the anticipated Bitcoin bull run. The analytics provider has seen the profit on its billion-dollar BTC bet rise to $2 billion following Bitcoin’s rise from below $38,000 during the weekend to over $41,000 this week. 

According to Simply Bitcoin, an X (formerly Twitter) handle, Michael Saylor, the former CEO and Executive Chairman of MicroStrategy has revealed approximately 174,530 BTC in the company’s BTC portfolio. This makes the business intelligence company presently the largest corporate Bitcoin holder globally. 

Around late November, Saylor announced that the company had purchased another $593.3 million worth of Bitcoin at an average price of $36,785 per BTC. Due to Bitcoin skyrocketing to $41,000 highs this week, the company has made profits of $11,460 per Bitcoin with an average price of $30,252 on its massive Bitcoin stash.

Not only has the company gained massively from its large-scale Bitcoin investment, but MicroStrategy’s stocks (MSTR) went up by 8.2% following its purchase in November. MSTR shares were trading over 4% higher on Monday and its present market cap has hit $8.18 billion. The shares are up by 6.74% at the time of writing and with Bitcoin still maintaining its positive sentiment, there may be additional gains in the future. 

Bitcoin Claims 10th Spot In Global Asset Market Cap

Following its spike to $41,000, Bitcoin’s rank in the top global assets market capitalization went up significantly, surpassing the formidable Berkshire Hathaway, an American multinational conglomerate, led by billionaire investor Warren Buffet. 

According to Companies Market Cap data, Berkshire Hathaway’s market cap at the time of writing is approximately $776.75 billion and down by 0.11%. In contrast, Bitcoin’s market cap is up by 0.43% and has surged to $816.30 billion. 

The cryptocurrency is a few billion away from surpassing Meta Platforms (Facebook), which has a market cap of $822.40 billion and is ranked at the 9th position on the top asset market cap list.

Bitcoin presently ranks as the 10th top asset by market cap in the world. The cryptocurrency has seen its price spike triggered by a myriad of factors including the potential approval of Spot Bitcoin ETFs, the hopeful sentiment surrounding US rate hikes by the Federal Reserve, and the upcoming Bitcoin halving in 2024.