Here is a brief analysis of cryptocurrencies based on current prices, liquidity, and forecasts for the coming days:
1. Technical analysis
Bitcoin (BTC): Fluctuating around $98,600, with resistance at $100,000 and strong support at $90,000. Prices saw significant gains last week but are struggling to break $100,000 due to selling pressure.
Liquidity: Bitcoin’s daily trading volume is around $61.8 billion, reflecting relatively strong momentum. However, selling pressure could lead to a limited correction in the coming days.
2. Time analysis
Short-term timeframe (3-7 days): Markets may see price corrections due to caution ahead of new regulatory decisions expected globally. Bitcoin may fall towards $95,000 before any new rally.
Medium time frame (1 month): The market is expected to witness sideways movement with a possible rally at the end of December supported by institutional demand.
3. News analysis
Impactful events:
The recent approval by the US Securities and Exchange Commission of Bitcoin and Ethereum ETFs has boosted liquidity and increased the market’s attractiveness to institutional investors.
The launch of new products, such as staking rewards programs and non-fungible token (NFT) projects, boosts the adoption of blockchain technologies in the long term.
Fears of a potential Bitcoin “death zone” could keep investors cautious in the coming days.
Recommendations
For short-term traders: Watch the critical levels between $95,000-100,000 for Bitcoin to make buy or sell decisions.
For long-term investors: Focus on projects that support blockchain technologies and innovations such as NFTs and Layer-2 tokens, as they witness major developments that support innovation in the market.
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