Crypto market remains flat, Bitcoin dips marginally

Crypto market overview: The crypto market has observed a minor dip with Bitcoin and ETH registering more than one per cent decline in prices. While some altcoins including Solana, Dogecoin, Troncoin, and Polygon have gained in the last 24 hours. 

Talking to Republic about the recent crypto market movement CoinDCX Research Team said, “BTC retraced from the $38,000 resistance level following the Wall Street opening on November 29, influenced by better-than-expected US gross domestic product (GDP) figures. Despite the prior push above $38,000, BTC fluctuated around that level and eventually dropped after the release of US macro data. Currently, BTC is hovering near that resistance level.” 

“On the other hand, Ethereum saw a slight decline but held its ground above the 20-day exponential moving average (20 EMA D). Altcoins displayed mixed trading patterns as market participants awaited a clearer direction from BTC,” CoinDCX added.  

CoinSwitch Markets Desk told Republic about the building anticipation in the market around the year-end. CoinSwitch said, “While BTC reached another 19-month high, it has mostly been trading flat for the past few days, trying to breach the $38k mark and sustain its price above that. From a technical analysis lens, BTC is showcasing a bearish divergence in RSI, a big move to either side is getting more and more likely as we approach the last month of the year.”

“The altcoin in focus today would be dYdX as the DEX token is going to witness its one of the biggest token unlocks on December 1 with 150 million tokens getting unlocked. While dYdX has been on a slight decline for the past few days, traders are shifting their focus to decentralized exchanges. It could also be a ‘sell the rumour, buy the news’ event,” CoinSwitch added. 

Sudeep Saxena, Co-Founder, Coin Gabbar, said, “Bitcoin price eyes a bullish breakout as BTC price hovers close to $38,000, early on Wednesday. Despite balanced engagement from both bulls and bears, BTC reached a new yearly high of around $38,450. Unfortunately, bears responded, leading to a pullback toward $38,000.”

Rajagopal Menon, Vice President, WazirX, shared his opinion on the potential breakout for Bitcoin. Menon said, “Bitcoin resiliently holds a $740.47 billion market cap and a 49.7 per cent dominance, with a current price of $37,800, solidifying its status as a reliable store of value. Altcoins exhibit diverse movements, urging caution in this dynamic crypto landscape.”

“Bitcoin's tight trading pattern suggests an imminent breakout, with the potential for a bullish continuation or reversal, closely monitored by traders. The RSI signals sustained bullish momentum, though caution is advised near overbought levels. Supportive moving averages and steady volume contribute to a positive outlook, fostering incremental price increases in the near term,” Menon added. 

Shivam Thakral, CEO, BuyUcoin, opined that any Fed rate cut can boost economic activity globally. Thakral said, “The possibility of a rate cut by the Fed will keep the market sentiment positive as any rate cut may spark economic activity and cheer the global financial markets in the long term. As we approach the end of this year, 2024 looks promising with sustained growth for the digital asset market.”

Crypto price prediction

Edul Patel, CEO, Mudrex underlined the next resistance for Bitcoin in his statement shared with Republic. Patel said, “Over the past 24 hours, Bitcoin has remained at the $37,800 level, coinciding with Swiss asset manager Pando Asset's application to join the Bitcoin Spot ETF competition in the US as the 13th entrant. The entry of another reputable global player increases the likelihood of a favourable decision regarding the spot ETF. To maintain its positive momentum, Bitcoin will now need to breach the $38,100 level or risk finding support around the $37,700 mark. Meanwhile, Ethereum is holding steady above the $2,000 mark.”

Vikram Subburaj, CEO, Giottus shared his insights in the crypto market. Subburaj said, “Bitcoin continues to make moves towards holding the $38,000 level after unsuccessfully claiming it yesterday. The previous local high at $38,400 will be the key resistance to breach to ensure the next leg up for the top crypto asset. As Bitcoin consolidates in this range, it gives ammunition to top altcoins to rally in the short term. Solana has, yet again, outdone the market with a 2.5 per cent gain on a daily basis. Key upward targets for altcoins are Ethereum ($2,100), Solana ($62), BNB ($235) and Cardano ($0.4).”