Bitcoin and S&P 500 Index Reach New Highs, Indicating Strength in Risky Assets
Last week, the S&P 500 Index achieved its highest close of the year, while Bitcoin hit a new 52-week high. This suggests that risky assets are performing well as the year comes to a close.
Analysts Warn of Bitcoin Rally Ending, Potential Shift in Interest to Altcoins
Some analysts believe that Bitcoin's rally may be coming to an end, with a drop in its dominance below 51.81% signaling a possible top. After a significant move, traders tend to look for alternative opportunities, which could lead to a shift in interest from Bitcoin to altcoins.
Bitcoin Price Analysis: Bulls Remain in Control
Bitcoin has been consolidating near a minor resistance level at $44,700, indicating that bulls are not rushing to exit. Moving averages and the relative strength index (RSI) suggest that bulls are in command. If the price breaks above $44,700, the uptrend could resume and push Bitcoin towards $48,000.
Uniswap Price Analysis: Potential Rally Ahead
Uniswap has risen above the overhead resistance of $6.70, completing a double bottom pattern. If the price rebounds from the 20-day EMA, the bulls may push it above $6.70 and towards $7.70. However, a fall below the 20-day EMA could indicate a trend reversal.
Optimism Price Analysis: New Uptrend Begins
Optimism has broken above the stiff resistance at $1.87, signaling the start of a new uptrend. If the price holds above this level, a rally to $2.30 and $2.60 is possible. However, a drop below $1.87 could invalidate this bullish view.
Celestia Price Analysis: Uptrend Intact Despite Pullback
Celestia has experienced a strong uptrend but recently faced a pullback. If the price stays above $9.01, a retest of $11.50 and a move towards $14 and $16 is possible. However, a break below $9.01 could signal a trend change.
Stacks Price Analysis: Pullback in Uptrend
Stacks is correcting within an uptrend, finding support near the 38.2% Fibonacci retracement level. A shallow pullback suggests that bulls are eager to buy on dips, potentially leading to a retest of the local high at $1.25. However, a break below $0.96 could delay the next leg of the uptrend.
Note: This article does not contain investment advice or recommendations. Readers should conduct their own research before making any investment decisions.
