S&P 500 Index
The S&P 500 Index (SPX) rose 2.49% last week, extending its winning streak to seven weeks. However, Bitcoin (BTC) faced profit-booking by the bulls.
Game-Changing Approval
Analysts expect the US Securities and Exchange Commission to approve Bitcoin exchange-traded fund applications in January, which could revolutionize the sector.
Important Levels for Bitcoin and Altcoins
Let's analyze the charts to find out the important levels that could arrest the fall in Bitcoin and altcoins.
S&P 500 Index Price Analysis
The S&P 500 Index witnessed a strong bull move, pushing it above the overhead resistance. However, a correction or consolidation may be expected in the short term.
US Dollar Index Price Analysis
The US Dollar Index has slipped below key levels, indicating a resumption of the corrective phase. However, signs of a positive divergence suggest weakening selling pressure.
Bitcoin Price Analysis
Bitcoin's tight range has resolved to the downside, but the breakdown lacks momentum. A range-bound action is expected in the near term.
Ether Price Analysis
Ether slipped below a strong support level, suggesting a loss of bullish grip. A break below a key level could lead to further decline.
BNB Price Analysis
The failure to push BNB above a certain level has invited profit-booking. The bears are gaining the upper hand, increasing the likelihood of a fall.
XRP Price Analysis
XRP has struggled to move above moving averages, attracting selling pressure. A break and close below a strong support level could lead to a drop.
Solana Price Analysis
Solana has turned down after reaching a high level, and a break below a key level could trigger a deeper pullback. Aggressive defense is needed to prevent further decline.
Cardano Price Analysis
Cardano's sharp pullback suggests profit-booking, leading to a consolidation. Failure to hold a certain level could accelerate the selling pressure.
Avalanche Price Analysis
Avalanche has started a pullback after failing to sustain higher levels. A rebound off a key support level would suggest positive sentiment.
Dogecoin Price Analysis
Dogecoin has turned down after rebounding, and a break below a key level would favor the bears. Recovery is needed to regain bullish momentum.
Note: This article does not contain investment advice. Readers should conduct their own research.
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