Bitcoin (BTC) has been consolidating above $35,000 for several days, but the bulls have failed to resume the uptrend above $38,000. This suggests hesitation to buy at higher levels. BitGo CEO Mike Belshe said in a recent interview with Bloomberg that there is likely to be another round of rejections of the spot Bitcoin exchange-traded fund applications before they are finally approved. Multiple analysts believe Bitcoin will enter a correction in the near term, with the worst outcome projecting a drop to $30,000. However, the fall is unlikely to start a bear phase. Look Into Bitcoin creator Philip Swift said that on-chain data suggests that the Bitcoin bull market is still in its early stages as there is “no FOMO yet.”
As Bitcoin takes a breather, several altcoins have witnessed a pullback, but some are showing signs of resuming their uptrends. Fidelity and BlackRock’s applications filed for a spot Ether ETF show strong demand for investment in select altcoins.
Bitcoin price analysis
Bitcoin is facing stiff resistance near $38,000, but a positive sign is that the bulls have not allowed the price to dip below the 20-day exponential moving average ($35,666). The upsloping moving averages and the relative strength index (RSI) in the positive zone indicate that bulls have the upper hand. If the price rebounds off the 20-day EMA, the bulls will make one more attempt to overcome the roadblock at $38,000. If they succeed, the BTC/USDT pair may reach $40,000. This level may witness aggressive selling by the bears, but if buyers bulldoze their way through, the rally could eventually touch $48,000. The first sign of weakness will be a close below the 20-day EMA. That will indicate the possibility of a range-bound action in the near term. The pair may remain stuck between $34,800 and $38,000 for a while. A break below $34,800 could clear the path for a decline to $32,400.
Solana price analysis
Solana (SOL) fell below the breakout level of $59 on Nov. 16, but the bears could not capitalize on this advantage. This indicates that selling dries up at lower levels. The bulls are again trying to propel the price back above $59. If they do that, it will indicate that the markets have rejected the lower levels. The SOL/USDT pair may then climb to $68.20. If this level is scaled, the pair may resume the uptrend. The next target on the upside is $77 and subsequently $95.
Chainlink price analysis
Chainlink’s(NLINK) pullback is finding support at the 20-day EMA ($13.42), indicating that lower levels continue to attract buyers. The bulls will next try to push the price to the local high of $16.60. This level may witness a tough battle between the bulls and the bears, but if this barrier is overcome, the LINK/USDT pair could start the next leg of the uptrend to $20.
Near Protocol price analysis
Near Protocol (NEAR) rose and closed above the formidable resistance of $1.72 on Nov. 17. This move indicates a potential trend change in the short term. The rising 20-day EMA ($1.58) and the RSI in the positive zone indicate that the bulls are in charge. There is a minor resistance at $2. The NEAR/USDT pair may rise to $2.40 if this obstacle is cleared.
Theta Network price analysis
Theta Network (THETA) is finding support at the 20-day EMA ($0.88) after going through a correction in the past few days. This indicates that the sentiment remains positive, and traders are viewing the dips as a buying opportunity. The rebound off the 20-day EMA is likely to face resistance at the psychological level of $1. If this level is conquered, the THETA/USDT pair could pick up momentum and rise to $1.05 and later to $1.20.
• This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
