Bitcoin Price Surge Boosts Sentiment in Altcoins KAS, RUNE, MNT, and RNDR

Bitcoin's Trajectory Remains Up as Price Marches Toward $40K

Bitcoin (BTC) has broken above the resistance of $38,000 and is edging closer to $40,000, signaling a continued upward trend. The approval of a spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC) in January is expected to further boost Bitcoin's price. However, traders should be cautious of a potential sell-off after the initial excitement.

Could Bitcoin's Rise Boost Buying in Altcoins?

As Bitcoin's price surges, investors are looking to other cryptocurrencies that may attract attention. Let's take a look at the charts of the top 5 altcoins.

Bitcoin Price Analysis

Bitcoin has completed a bullish ascending triangle pattern and has a target objective of $41,160. While the trend favors the bulls, a strong challenge is expected at $40,000. A drop below $38,000 may trigger a test of the uptrend line.

Kaspa Price Analysis

Kaspa has been consolidating in an uptrend and is attempting to push toward the resistance at $0.16. If successful, the uptrend may resume with a target objective of $0.20. However, a turn down from the current level may suggest a potential trend change.

THORChain Price Analysis

THORChain has been in a strong uptrend, with the bulls pushing the price above the barrier at $6.68. Sustaining the price above this level will indicate a resumption of the uptrend, while a drop below may signal a potential trend reversal.

Mantle Price Analysis

Mantle's uptrend remains intact, but the negative divergence on the RSI suggests slowing bullish momentum. A dip toward the 20-day EMA ($0.50) may occur, which will be a critical level to watch. Rebounding off this level will signal the uptrend's continuation.

Render Price Analysis

Render rebounded off the 20-day EMA ($3.21), showing positive sentiment and buying on dips. However, negative divergence on the RSI suggests weakening bullish momentum. Breaking above $3.78 will be crucial for the bulls to regain control.

Note: This article does not provide investment advice or recommendations. Readers should conduct their own research before making investment decisions.