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Bitcoin Price Gears Up for New ATH: Will Bulls Push Through?

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Bitcoin price is consolidating gains near the $90,000 zone. BTC is showing positive signs and might soon aim for a fresh increase above $92,000.

  • Bitcoin started a fresh increase above the $90,000 zone.
  • The price is trading above $90,000 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support at $89,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if it clears the $92,600 resistance zone.

Bitcoin Price Aims Another ATH

Bitcoin price started a short-term downside correction below the $90,000 level. BTC traded below the $88,000 level before it found support.

A low was formed at $86,621 and the price is now recovering higher. There was a move above the $90,000 level. A high was formed at $92,607 and the price is now consolidating. It is trading near the 23.6% Fib retracement level of the upward move from the $86,621 swing low to the $92,607 high.

Bitcoin price is now trading above $90,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $89,600 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $86,621 swing low to the $92,607 high.

On the upside, the price could face resistance near the $92,000 level. The first key resistance is near the $92,500 level. A clear move above the $92,500 resistance might send the price higher. The next key resistance could be $93,200.

Bitcoin Price
Source: BTCUSD on TradingView.com

A close above the $93,200 resistance might initiate more gains. In the stated case, the price could rise and test the $95,000 resistance level. Any more gains might send the price toward the $98,000 resistance level.

Another Drop In BTC?

If Bitcoin fails to rise above the $92,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $90,000 level.

The first major support is near the $89,650 level. The next support is now near the $88,000 zone. Any more losses might send the price toward the $86,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $89,650, followed by $88,000.

Major Resistance Levels – $92,000, and $92,500.



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XRP Price Holds Strong, Aiming for More Upside Moves

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Trump Eyes Bakkt Acquisition as Armstrong Pushes Peirce for SEC

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President-elect Donald Trump is discussing pro-crypto personnel appointments with Brian Armstrong, CEO of Coinbase. His social media firm, Trump Media, is also in talks to purchase Bakkt, a crypto exchange.

Bakkt’s stock price shot up dramatically since these talks, and Armstrong previously recommended that Trump appoint “Crypto Mom” Hester Peirce as the new SEC Chair.

Trump, Bakkt, and Armstrong

Trump Media, the President-elect’s social media and technology company, is currently in talks to purchase Bakkt, a crypto exchange. Bakkt’s prominence in the industry peaked years ago, and was subsequently described as a “marginal player in the space.” Earlier this year, it publicly considered sale or breakup options. Since this offer, however, its stock price has soared.

Bakkt Stock Value Bump After Trump
Bakkt Stock Value Bump. Source: Google Finance

Although Donald Trump has been pursuing a comprehensive set of pro-crypto changes to US institutions, these actions fall under his political career. As a businessman and private citizen, his interest hasn’t extended to crypto investments since the lackluster presale of World Liberty Financial (WLFI). A Bakkt purchase could bring Trump fresh skin in the game.

However, the world of crypto exchanges is touching his policy outlook at the same time. Specifically, Coinbase CEO and Founder Brian Armstrong is also meeting with the President-elect today. Armstrong and Trump are reportedly discussing personnel appointments for the upcoming administration.

A clear industry insider, Armstrong has a vested interest in friendly policy outcomes for crypto. Throughout the election cycle, Coinbase spent tens of millions boosting pro-crypto candidates at multiple levels. Since Trump’s victory, Armstrong has made several supportive comments, praising Elon Musk’s D.O.G.E. and suggesting a new post-Gensler SEC Chair:

“Hester Peirce would be the best choice. Smart, fair, professional. Can work with both sides,” Armstrong claimed.

“Crypto Mom” Hester Peirce is one of the five sitting SEC Commissioners, and one of two appointed by Trump. Gensler’s impending ouster has sparked a flurry of prediction market speculation about who will succeed him. If Armstrong has not changed his opinion since originally recommending her, these talks could substantially increase Peirce’s chances.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Solana (SOL) Could Soon Rally Past $250—Are Bulls in Control?

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Solana started a fresh increase above the $220 zone. SOL price is consolidating gains and might aim for an upside break above the $250 resistance.

  • SOL price started a fresh increase after it settled above the $200 level against the US Dollar.
  • The price is now trading above $225 and the 100-hourly simple moving average.
  • There is a connecting bullish trend line forming with support at $237 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could start a fresh increase if the bulls clear the $250 zone.

Solana Price Eyes More Upsides

Solana price formed a support base and started a fresh increase above the $220 level beating Bitcoin and Ethereum. There was a strong move above the $225 and $240 resistance levels.

The price even cleared the $245 level. A high was formed at $248 and the price is now consolidating gains. There was a move below the $245 and $242 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $212 swing low to the $248 high.

Solana is now trading above $230 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $237 on the hourly chart of the SOL/USD pair.

Solana Price

On the upside, the price is facing resistance near the $245 level. The next major resistance is near the $248 level. The main resistance could be $250. A successful close above the $250 resistance level could set the pace for another steady increase. The next key resistance is $265. Any more gains might send the price toward the $282 level.

Are Dips Supported in SOL?

If SOL fails to rise above the $245 resistance, it could continue to move down. Initial support on the downside is near the $237 level and the trend line. The first major support is near the $230 level or the 50% Fib retracement level of the upward move from the $212 swing low to the $248 high.

A break below the $230 level might send the price toward the $220 zone. If there is a close below the $220 support, the price could decline toward the $212 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $237 and $230.

Major Resistance Levels – $245 and $250.



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