Crypto Price Analysis 12-13 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, BITTENSOR: TAO, CELESTIA: TIA, ARBITRUM: ARB, HEDERA: HBAR

As a seasoned cryptocurrency investor with years of experience under my belt, I must say that the current market trends are quite intriguing. Each coin seems to have its unique story, and it’s fascinating to follow their journeys.

On Thursday, Bitcoin (BTC) peaked at $102,500 during the day, reflecting a robust rebound in the crypto market following its previous week’s dip. Nevertheless, heightened selling activity caused Bitcoin to fall below the $100,000 mark, currently trading at $99,750, representing a 1.24% decrease.

This week’s crash wiped out more than 100,000 traders, causing a cumulative loss of $298.5 million in liquidations. After the market bounced back, the cryptocurrency market capitalization experienced a decrease of 1.33%, now standing at approximately $3.6 trillion.

To start off the day, many cryptocurrencies are experiencing a drop in value. Ethereum (ETH) is slightly down and trading near $4,000, while Solana (SOL) is down by about 1.36% at $227. Dogecoin (DOGE) has dropped almost 2% and is currently trading at $0.408. Other cryptocurrencies like Cardano (ADA), Shiba Inu (SHIB), Toncoin (TON), and Polkadot (DOT) have also seen declines. However, Avalanche (AVAX) and Chainlink (LINK) are bucking the trend, registering gains of 5.97% and 10.90% respectively.

Japanese Lawmaker Proposes National Bitcoin Reserve

A Japanese legislator has urged the administration to establish a country-wide Bitcoin reserve, echoing similar suggestions from lawmakers in Argentina and Russia. Satoshi Hamada, an MP representing the Party for People’s Protection from NHK, put forth this proposal. In a written submission to the government, Hamada suggested the creation of a cryptocurrency reserve. He highlighted that comparable proposals have been made in Brazil and the U.S., where the Treasury might store Bitcoin (BTC) as a tactical reserve. Hamada encouraged the government to ponder over the idea of transforming a portion of its foreign exchange reserves into digital currencies such as BTC.

Hamada emphasized that Bitcoin (BTC) is less vulnerable to control by nations and organizations due to its independence and decentralization. This quality enables BTC to foster economic activities without requiring a specific currency, a fact the government will respond to in writing, which may also be shared online.

Oddo To Enter Stablecoin Market With Fireblocks

Financial service providers Oddo and Fireblocks are teaming up to enter the market for stablecoins. This venture could debut as soon as next year. Stablecoins have gained traction among traders due to their low price fluctuations. This project follows in the footsteps of Societe Generale SA’s crypto asset division in France, which employs a euro-backed stablecoin (EUR).

Ethereum (ETH) Could Catapult Beyond $5,000

After facing numerous liquidations throughout the week, the cryptocurrency markets have rebounded. Among them, Ethereum (ETH) has shown the most significant recovery, nearing the $4,000 mark – a significant resistance level. Over the past month, ETH has climbed by nearly 24%, outperforming even Bitcoin in terms of growth. A financial analyst from Nexo forecasts that ETH could surpass $5,000 as early as 2025 and potentially set a new record high.

“The cogs and bolts are in place. Ethereum could catapult beyond $5,000 as early as 2025.”

Some experts argue that ETH holds a unique advantage due to being the only cryptocurrency, apart from Bitcoin, that currently has a U.S.-based Exchange Traded Fund (ETF).

One key benefit of ETH is that it’s one of only two tokens, along with Bitcoin, that has a United States Exchange-Traded Fund (ETF). With traditional investors increasing their allocation towards cryptocurrencies, Ethereum may become a preferred choice due to its similarities.

Trump Believes US Is Going To Do Something Great With Crypto

Incoming President Donald Trump has expressed optimism that the U.S. will excel in the realm of cryptocurrencies during his term and emerge as the world’s leading authority on digital currencies over the next four years. These remarks were made in response to a query regarding establishing a strategic Bitcoin reserve, where he hinted at considering such an action, implying a possible interest in this area.

We’re determined to make significant strides in the world of cryptocurrency, not out of a desire to exclude countries like China, but rather to stay one step ahead. However, as others are warming up to this technology, our aim is to lead the pack.

The shift in perspective on cryptocurrencies by Trump is seen as a positive development for both the sector and its investors, as it deviates from the previous administration’s approach of enforcing stricter regulations against the industry.

Bitcoin (BTC) Price Analysis

As an analyst, I observed Bitcoin (BTC) surpassing the $100,000 threshold once more on Thursday evening, peaking at $102,507 intra-day. This surge followed the publication of November’s US Consumer Price Index (CPI) data, which aligned with expectations, bolstering optimism about an upcoming Federal Reserve interest rate reduction next week. However, Bitcoin failed to sustain its momentum, falling back below $100,000 and currently trading around $99,900. The recent price fluctuation of BTC represents a significant rebound from the market downturn earlier in the week when BTC fell below $95,000. Nearly all cryptocurrencies experienced a noticeable price decrease during that period.

Consequently, Bitcoin’s rebound after the crash had a ripple effect on the larger market, causing notable altcoins to surge by double digits. Moreover, Exchange-Traded Funds (ETFs) experienced unprecedented inflows, with BlackRock’s iShares ETFs contributing an impressive $3.2 billion.

Let’s examine Bitcoin’s (BTC) price graph for recent developments. Last week, BTC established a new record high when it soared over $100,000, reaching an astounding peak of $103,900. But the upward trend faltered at this point, and the value plunged to a low of $92,279 before stabilizing at $97,094. However, on Friday, BTC experienced a near 3% growth and closed at $99,695. The weekend saw buyers maintaining control, with BTC registering a slight increase on Saturday and then climbing by 1.32% to surpass $100,000 once more, ending the day at $101,043. However, selling pressure escalated significantly on Monday as the market took a nose dive. This resulted in BTC dropping by 3.57%, dipping below its 20-day moving average to reach a low of $94,185. Nevertheless, buyers managed to support the price at this level, and it rebounded to close at $97.434.

On Tuesday, Bitcoin dipped to a low of $94,313 before finishing at $96,912, experiencing a slight decrease. However, on Wednesday, the buyers re-entered the market, causing Bitcoin to surge by more than 4% and reach $100,900. The price peaked at an intraday high of $102,530 on Thursday, but momentum faded. As a result, sellers took control, pushing Bitcoin down by 0.97%, falling below $100,000 to settle at $99,923. In the current session, buyers and sellers are in a stalemate, with Bitcoin hovering slightly lower.

If the market trend leans towards buyers, Bitcoin might strive to regain its previous high of $100,000 and potentially reach $105,000. However, if the sellers dominate, Bitcoin’s price could dip down to around $97,000 before stabilizing again.

Ethereum (ETH) Price Analysis

Over the recent trading sessions, Ethereum (ETH) has shown resilience, aiming to break through the barrier of $4,000. This hurdle, however, presents a tough challenge due to ongoing selling pressure. ETH experienced significant price fluctuations on Thursday, reaching an intraday high of $3,957 and plummeting to an intraday low of $3,644 before closing at $3,787. However, it surged approximately 6% on Friday, breaching the $4,000 mark and settling at $4,003. The battle between buyers and sellers intensified over the weekend, leading to a slight decline in ETH’s price on Saturday, dropping below $4,000 to close at $3,999. But on Sunday, the buying force managed to push Ethereum back above $4,000, ending the day at $4,007 after a minor uptick.

This week started with a significant rise in pessimistic feelings towards ETH, causing it to drop approximately 7%, reaching a low of $3,504 before recovering to $3,700 and finishing at $3,719. Sellers maintained control on Tuesday as ETH dropped to $3,519 and ended the day at $3,630, marking a decrease of 2.32%. The mood shifted on Wednesday when ETH made a robust recovery, climbing nearly 6% over $3,800 and ending at $3,834. On Thursday, buyers tried to push past $4,000, but ETH lost momentum after reaching an intraday high of $3,988 and closing at $3,882, recording a gain of 1.26%. As of now, ETH is showing a slight increase over 1% as it aims to challenge the resistance level at $4,000.

According to certain experts, it’s likely that the price of Ethereum could reach over $4,000 and potentially even exceed $5,000 by as early as 2025.

Solana (SOL) Price Analysis

Despite several efforts, Solana (SOL) has been unable to surpass its 20-day Simple Moving Average (SMA), with sellers consistently pushing it back. The price of SOL has shown significant fluctuations as buyers strive to push it towards $250, but sellers are determined to drive the price downwards. Last Friday, SOL momentarily exceeded its 20-day SMA, reaching an intraday high of $246, but the buying momentum faded, resulting in a closing price of $237, representing a minimal gain. The weekend was a mixed bag for SOL; it saw a slight increase on Saturday and a slight decrease on Sunday, concluding the weekend on a bearish trend.

On Monday, selling pressure caused Solana (SOL) to plunge 8.55%, hitting a low of $205 before closing at $216. The sellers maintained control on Tuesday, pushing SOL down further to an intraday low of $203. However, buyers managed to prevent a larger decline, and the price closed at $213 with a 1.47% drop. Despite persistent bearish feelings, SOL rebounded strongly on Wednesday, climbing over 6% and ending the day at $227. On Thursday, buyers tried to surpass the 20-day Simple Moving Average (SMA), but selling pressure at that level halted their progress, causing SOL to fall back to $227 and register a slight decline. In the current session, sellers have maintained control, pushing SOL down by 1.51% to trade at $223. If this trend continues, SOL might drop to $215. If that level is breached, we could see further falls to $200.

Bittensor (TAO) Price Analysis

Last week saw a significant drop in Bittensor (TAO), with selling pressure intensifying, causing bearish sentiments to take over the market. Despite being bullish at the end of the previous week, reaching an intraday high of $725 on Friday and increasing by nearly 4% to settle at $705, the momentum weakened on Saturday, leading to a decrease of 0.95%, falling below $700 to $699. The following day, Sunday, saw the price plummeting to an intraday low of $675. However, it managed to recover, increasing by 2.03% and surpassing $700 once more, settling at $713.

On Monday, markets plunged and TAO fell nearly 16%, reaching a low of $504 which was below both the 20-day Simple Moving Average (SMA) and 50-day SMA. However, buyers stepped in at lower prices causing a partial recovery, resulting in closing price of $600. On Tuesday, sellers remained dominant as TAO dropped by over 4% to close at $575, having initially fallen to $529 before recovery. Wednesday was marked by high volatility as both buyers and sellers battled for control, with sellers eventually taking charge. This led to a 4.34% increase in TAO, closing the day at $600 again. On Thursday, buyers tried to push past the 20-day SMA but lost momentum after reaching an intraday high of $645, allowing sellers to regain control and pushing TAO down nearly 4% to $577. Currently in the ongoing session, TAO is down by 1.32%, with sellers aiming to push the price towards the $550 support level.

Celestia (TIA) Price Analysis

Last week, Celestia (TIA) showed optimism, rising by 7.31% on Friday to reach $8.84. Yet, it was unable to maintain that momentum, falling back due to selling pressure as the price dipped. This decline continued over the weekend, with TIA dropping 4% on Saturday and an additional 1.11% on Sunday, leaving it at $8.37 by the end of the weekend. The bearish outlook intensified on Monday when the market took a downturn, causing TIA to fall more than 20%. This drop brought its value below the 20-day Simple Moving Average, and it settled at $6.68.

On Tuesday, there was a substantial increase in market turbulence as both buyers and sellers fought for dominance, leading TIA to reach an intraday high of $7.31 and a low of $6.24 before closing at $6.64 following a minimal decrease. The next day, Wednesday, saw buyers re-entering the market, pushing TIA up by 8.49% and surpassing $7, settling at $7.20. On Thursday, buyers aimed to propel TIA beyond $7.50 as it reached an intraday high of $7.65. However, the momentum dwindled after this level, causing TIA to drop back to $7.20. Currently, in today’s session, TIA is down by nearly 1% as sellers aim to push its price towards $7.

Arbitrum (ARB) Price Analysis

After hitting rock bottom at around $1 earlier in the week, Arbitrum (ARB) has bounced back during recent trading sessions. On Friday, ARB peaked at $1.24 before ending the day at $1.13. However, the mood shifted over the weekend, causing a 0.89% drop on Saturday and a 0.43% decline on Sunday, resulting in a closing price of $1.15. This bearish sentiment intensified on Monday as ARB plunged more than 17%, falling below its 20-day Simple Moving Average (SMA) to reach an intraday low of $0.84. Yet, it managed to rebound above the same SMA and close at $0.96. The selling pressure continued on Tuesday as ARB dipped below the 20-day SMA after a decrease of over 2%, ending the day at $0.93.

On Wednesday, despite heavy selling efforts, ARB experienced a significant boost, climbing 6.51% to surpass its 20-day Simple Moving Average (SMA) and settle at $0.99. The previous day, Tuesday, saw buyers taking the upper hand, pushing ARB to reach an intraday peak of $1.11. However, it failed to maintain this level, dipping to $1.02, recording a nearly 3% increase. In the current trading session, ARB has climbed by 2.57%, currently trading at $1.05 as buyers aim to hold its value above the dollar mark.

Hedera (HBAR) Price Analysis

After a steep drop at the start of the week, Hedera (HBAR) is making efforts to regain the $0.30 mark. The sentiment towards HBAR shifted negatively over the weekend when it dipped nearly 10% on Saturday, failing to surpass $0.40. The price saw a slight uptick on Sunday, but then fell again on Monday, losing almost 16% to reach an intraday low of $0.236 before settling at $0.280. However, despite a rocky start to the week, HBAR managed to recover slightly on Tuesday, increasing by 3.33% after touching an intraday low of $0.252 and closing at $0.289.

On Wednesday, sellers held the upper hand with HBAR increasing nearly 3%, ending at $0.298. On Thursday, buyers tried to push it past $0.30 as HBAR reached an intraday peak of $0.315. However, it failed to maintain that level and dropped below $0.30, closing at $0.292. Today, HBAR is once again up over 3% and trading at $0.301 as buyers aim to solidify their position above $0.30.

2024-12-13 13:25