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Bitcoin (BTC) rallied about 9% in November, with $38,000 proving to be a difficult obstacle to cross. Buyers have repeatedly tried to maintain the price above $38,000, but the bears have held their ground. Historically, December has been a mixed month. Coinglass data shows that in the past five years, Bitcoin rose only in 2020, but the extent of the rise at 46.92% was impressive. The bulls will try to replicate at least a part of that performance this year. Several analysts are bullish on Bitcoin. In a Nov. 28 research note, Standard Chartered said that the possibility of the earlier-than-expected approval of spot Bitcoin exchange-traded funds could boost the price of Bitcoin to $100,000 before end-2024. Additionally, the Federal Reserve cutting rates may act as a further trigger that could send Bitcoin’s price near the all-time high by this time next year. Galaxy Digital CEO Mike Novogratz also sounded upbeat about Bitcoin while speaking to Bloomberg on Nov. 29. He said that the marketing team of asset managers whose ETFs are approved will try to convince people to invest in Bitcoin, which could boost adoption.

Bitcoin price analysis:
The rally above $37,980 completes an ascending triangle pattern. The BTC/USDT pair could next rise to $40,000, which is again likely to act as a formidable resistance. If this level is scaled, the pair may reach the pattern target of $41,160. The rising moving averages and the relative strength index (RSI) above 65 indicate that bulls are in control. This optimistic view will be invalidated in the near term if the price turns down and dips below the uptrend line.

Ether price analysis:
Ether (ETH) rebounded off the 20-day EMA ($2,019) on Nov. 30, indicating that buyers are defending the level with vigor. The bulls will try to push the price to the overhead resistance at $2,200. This remains the key level to keep an eye on in the near term.

BNB price analysis:
BNB has been trading inside the tight range between $223 and $239 for the past few days. The downsloping 20-day EMA ($234) and the RSI in the negative area suggest that the bears are in command.

XRP price analysis:
XRP has been clinging to the 20-day EMA ($0.61) for the past few days. This suggests that every minor dip is being purchased. It enhances the prospects of a break above the 20-day EMA.

Solana price analysis:
The bears sold the rally to $62 on Nov. 29 and 30, but they could not sustain Solana (SOL) below $59.

Cardano price analysis:
Cardano (ADA) has been taking support at the 20-day EMA ($0.37) but the bulls are struggling to start a strong rebound off it.

Dogecoin price analysis:
Dogecoin has been maintaining above $0.08 for the past four days, indicating that the bulls are not hurrying to book profits.

Toncoin price analysis:
Toncoin (TON) has been sustaining above the 20-day EMA ($2.38) for the past few days, but the up-move lacks momentum.

Chainlink price analysis:
Chainlink’s price is getting squeezed between the 20-day EMA ($14.19) and the overhead resistance of $15.40 for the past few days.

Avalanche price analysis:
Buyers pushed Avalanche above the $22 resistance on Dec. 1, indicating strong demand at higher levels.

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.

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