- Bitcoin is facing stiff resistance at $92,000, but the buyers have kept up the pressure, indicating the possibility of an upside breakout.
- MicroStrategy announced the acquisition of 51,780 Bitcoin for around $4.6 billion at an average price of $88,627, bringing its total Bitcoin holdings to 331,200.
- Key resistance levels for Bitcoin and major altcoins like Ether, Solana, BNB, XRP, Dogecoin, Cardano, and Shiba Inu are analyzed for potential breakouts and corrections.
The cryptocurrency markets saw mixed price action this past week. Bitcoin is facing resistance near $92,000, but buyers remain active. Meanwhile, altcoins like Ethereum, Solana and Binance Coin saw minor pullbacks.
Bitcoin Attempts to Resume Uptrend
Bitcoin is trading near $91,900 and trying to start the new week on a positive note by rising above $92,000 resistance. The sharp rally of the past few days has not deterred long-term bulls from buying more. MicroStrategy announced it acquired 51,780 Bitcoin for $46 billion at an average price of $88,627, taking its total holdings to 331,200 Bitcoin.
Billionaire investor Paul Tudor Jones also increased his Bitcoin exposure, adding $130 million worth of BlackRock’s spot Bitcoin ETF shares in Q3, boosting his fund’s holdings to $160 million. The long-term investors expect Bitcoin to go much higher, with Cathie Wood of ARK Invest saying Bitcoin has a long way to go still.
Key Levels to Watch in Bitcoin and Altcoins
If Bitcoin price continues higher and breaks above $93,265 resistance, it will signal bullish momentum remains intact and the pair could travel to $100,000 and $113,331 next. Support is at the uptrend line around $85,000. If this fails, BTC may drop to the 20-day EMA at $81,772 before the next leg up.
Ethereum Holds Support
Ethereum is taking support near the 382 Fib level at $3,028, a positive sign. If bulls push the price above $3,220, ETH could retest the downtrend line. This is expected to act as stiff resistance. Above it, ETH may rise to $3,900. If the price turns down from current levels and breaks below the 20-day EMA at $2,953, it will signal weakness.
Solana Breaks Out, Eyes Further Upside
Solana successfully held support at the $210 breakout level, indicating bulls have flipped it to support. SOL could now rally to $260 next which may pose a challenge. Above this, SOL could surge to $304. If bears want to prevent further gains, they need to pull the price back below $210 quickly. That would indicate rejection of the breakout.
Status of BNB, XRP, DOGE
BNB is facing resistance at $635 but bulls have not let the price slide below the 20-day EMA at $609. A break above $635 could take BNB to $667 and $722. XRP turned down from $1.27 but found support near $0.97. Bulls are attempting to push the price back above $1.27 which could open the doors for a rally to $1.70.
Dogecoin has been sustaining above the 20-day EMA at $0.022. The first sign of strength will be a close above $0.026. That could set the stage for a rally to $0.039 based on bullish chart patterns.
ADA Attempts to Clear Resistance
Cardano’s rally stalled near $0.80 resistance on Nov. 16 but the shallow pullback on Nov. 17 shows buying on dips. Bulls are attempting to clear the $0.80 hurdle. If successful, ADA could start the next leg up towards $1.00 and $1.25. If the price turns down from $0.80, sellers will look to pull the price below $0.70 to trigger a deeper correction.
Shiba Inu Must Hold Support
Shiba Inu has been sustaining above the 20-day EMA at $0.000022 but bulls are struggling to start a strong rebound. The first sign of strength will be a close above $0.000026. That could set the stage for a rally to $0.000039. Alternatively, if the price breaks below the 20-day EMA, it will signal weakness. SHIB may then slump to the 50-day SMA at $0.000019.
Conclusion
The cryptocurrency markets saw mixed price action last week. While Bitcoin remains in an uptrend, some altcoins are showing signs of weakness. Traders should watch key support levels in BTC, ETH and other major altcoins to gauge the overall market strength. A break below the 20-day EMA in Bitcoin could signal the rally is losing steam.
