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Overnight, Bitcoin reached a low of $92.5K before bouncing back to just below its daily opening price. While Bitcoin experienced downward pressure, altcoins surged. Ethereum posted a 4% gain, Solana rose by 5%, and Sui led the charge with a 10% return. This altcoin rally has pushed the Altcoin Season Index from 46 to 53 and caused Bitcoin dominance to dip.
The chart above highlights the recent decline in Bitcoin dominance (BTC.D) and its bearish structure. BTC.D reached a high of 59.92% during its recent rally, but a lower high solidified the bearish outlook. During bull markets, a bearish Bitcoin dominance often signals strength for altcoins, as we saw yesterday when BTC.D fell 2% while the broader altcoin market gained 5%.
This bearish structure suggests altcoins are likely to outperform Bitcoin in the short to medium term. Investors may want to focus on strong altcoins that have recently corrected, taking advantage of discounted prices to build positions.
Despite short-term uncertainty, Bitcoin's long-term bullish trajectory remains intact. Current dips present opportunities to reinforce Bitcoin holdings while exploring undervalued altcoins with growth potential. For personalized strategies, contact your Stormrake broker to make the most of these conditions.
STORMRAKE’S GIFT TO YOU:
STORMRAKE’S GIFT TO YOU:
Thank You for an Incredible Year!
As the year comes to a close, we want to express our gratitude for being a valued part of our community. Your trust and support have made 2024 an amazing year, and we’re excited to help you achieve even greater milestones in the year ahead.
As a token of our thanks, we’re giving you a special end-of-year bonus:
For every AUD$10,000 worth of Bitcoin you purchase with Stormrake, we’ll gift you AUD$20 worth of Bitcoin.
It’s our way of saying thanks for choosing us as your trusted partner in crypto.
This exclusive offer is available until December 31, 2024, so don’t miss out!
*Terms & Conditions Apply*
Stormrake Spotlight: Solana (SOL) ($189)
Stormrake Spotlight: Solana (SOL) ($189)
Solana has shown impressive recovery, rebounding from a low of $176. It has broken its bearish structure and is showing signs of flipping bullish, potentially signaling the start of a new uptrend. If this momentum continues, Solana should remain a strong contender in the market.
Another coin will feature in tomorrow’s spotlight, so stay tuned!
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin recently tested a low of $92.5K overnight before a modest bounce. However, it was once again rejected at the 55 EMA and the key resistance level of $95.7K. The bearish structure and momentum remain dominant, indicating further downside potential. Key support lies at $89K, which could act as the next significant level if selling pressure persists.
BTC Total ETF Flows for 23 Dec: $ - 84.0 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum has displayed greater resilience compared to Bitcoin, recovering well and closing the day in positive territory. The 21 EMA and 55 EMA are on the verge of a bullish cross, and ETH has reclaimed the key level of $3,370—both strong indicators of bullish momentum. If this strength continues, Ethereum is likely to retest the next major resistance at $3,557.
ETH Total ETF Flows for 23 Dec: $ - 5.1 Million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
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