Bitcoin has dropped below $88,000, signaling a decreasing demand at higher prices. Institutional investors have played a critical role in the latest downtrend, having withdrawn hundreds of millions from spot Bitcoin exchange-traded funds (ETFs) since Monday, according to Glassnode data.
Alongside ETF outflows, continued inactivity by retail traders in the market has been detrimental to BTC. Data from CryptoQuant shows that the number of Bitcoin addresses participating in the market daily has dropped below one million to 807,000.
If downward pressure persists, Bitcoin could end the year with at least a 10% loss, a result that many will find disappointing, considering several Wall Street giants, including JP Morgan, had forecasted a bullish 2025, with some predicting a rally to $250,000 before December 31st.
So, what crucial price levels should traders monitor closely as the year comes to an end? Let’s find out.
Bitcoin Price Analysis
Buyers attempted to keep Bitcoin above the 20-day Exponential Moving Average of $88,860 at the start of the week but failed, indicating growing selling pressure at higher levels. The coin has now dropped to $87,453, with sellers aiming to trigger a further decline toward the $84,000 support, a level that needs to be guarded to prevent a slip to $80,650.
On the bullish side, if BTC crosses and stays above $88,860, it could move toward the 50-day Simple Moving Average of $92,059 and then later to $94,593, where selling seems likely.
Ethereum Price Analysis
Ethereum’s 20-day Exponential Moving Average of $3,011 has collapsed once again, resulting in a drop to $2,922 at the time of this writing. If sellers need to gain a significant advantage over buyers, they must pull ETH below $2,624. As such, the road to $2,373 will only have minor barriers to overcome.
On the other hand, buyers must hurry and push Ethereum above $3,011 to limit the potential downtrend. If that happens, a rally above the 50-day Simple Moving Average of $3,091 is likely. Sellers are expected to attempt to block the rally at the $3,200 resistance level.
BNB Price Analysis
BNB is valued at $836, according to CoinGecko data. That price means the bears have managed to keep the coin below the 20-day Exponential Moving Average of $867 since Tuesday, suggesting ongoing profit-taking.
If selling intensifies, the $800 barrier may give way, allowing sellers to drag BNB toward the $780 support level and later to $730. Meanwhile, one of the signs of the resumption of an uptrend will be when the coin crosses the 50-day Simple Moving Average of $893. In that case, bullish momentum could pick up, enabling a rally toward $930 and later to $1,000.
XRP Price Analysis
Despite an increase in demand for its spot ETF, XRP has yet to rally, currently trading below the 20-day Exponential Moving Average of $1.95. A continued stay below this level could make the bears stronger, leading to a drop to the $1.80 level or even to $1.72. If the bulls want to prevent further price corrections, they must push and maintain XRP above $1.95. This could improve the chances of a rally to the 50-day Simple Moving Average of $2.10.
Solana Price Analysis
SOL’s failure to cross the 20-day Exponential Moving Average of $128.5 over the last few days means that traders are taking profits on every minor rally as they do not anticipate massive upward moves in the short term. If this trend continues, a bearish move to $116 and then to $109 may occur. On the contrary, a solid push above $128.5 could create room for a recovery toward $147.
Dogecoin Price Analysis
A tough battle is ongoing near the 20-day Exponential Moving Average of $0.135. If sellers emerge victorious, Dogecoin could see its price plunge toward the $0.120 support level, where we expect increased buying pressure. From a bullish point of view, buyers’ win at $0.135 makes a rally to the $0.162 resistance possible. Furthermore, increased buying could push DOGE to $0.193.
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