What Bitcoin And Ethereum Are Announcing For The Month Of December!
The crypto market is undergoing a significant correction at the end of November 2024, with Bitcoin fluctuating around $93,400. This 6% drop since Monday comes as technical indicators signal a concerning bearish divergence. Meanwhile, Ethereum shows signs of resilience near its key resistance level.
A technical correction is expected for Bitcoin
The Bitcoin started a marked correction this Wednesday, November 28, after reaching a new all-time high of $99,588 last Friday. This 7% drop brought the leading crypto down to a low of $90,791 on Tuesday, before a slight rebound above $93,400.
Technical analysis reveals a worrisome bearish divergence on the relative strength index (RSI). Indeed, as the price formed a new high on Friday, the RSI posted a lower peak, a classic signal of a potential short-term reversal.
According to Ryan Lee, chief analyst at Bitget Research, Bitcoin is expected to trade in a range between $85,000 and $120,000 in December. A potentially bullish factor could come from Microsoft, which is considering acquiring Bitcoin, pending approval from its board of directors.
Ethereum and Ripple: Diverging Trajectories
Ethereum is showing resilience in the face of the market correction, trading around $3,420 and approaching its weekly resistance of $3,454. Incoming flows from Ethereum ETFs have reached a historic high of $300 million in a single day in November, reflecting growing interest from institutional investors.
Ripple, on the other hand, shows signs of technical weakness after losing its weekly support at $1.40. The RSI indicator in overbought territory at 82 suggests that a deeper correction may occur, with a potential bearish target at $1.12.
The change in direction at the SEC, with the upcoming departure of Gary Gensler in January 2025, could bring new momentum to the crypto market. His potential successor, Paul Atkins, is thought to be more favorable to the crypto ecosystem, which could positively influence the sector’s outlook for 2025.
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Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.