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Bullish momentum has firmly returned as Bitcoin set another all-time high overnight at $107.8k. However, this surge wasn’t mirrored across the broader crypto market. Ethereum and Ondo were among the few assets that remained in the green over the last 24 hours. Prior to yesterday, most coins enjoyed an impressive rally but have since seen a healthy and measured pullback. Notably, Fantom (FTM) surged as high as 24% before undergoing a modest 6% retracement.
As we edge closer to the interest rate decision and the Christmas season, Bitcoin continues its upward trajectory, fueled by optimism surrounding these anticipated bullish catalysts.
Despite Bitcoin’s rally and its fresh all-time high, altcoins have delivered mixed results. The altseason index has slipped to 65, while Bitcoin dominance has rebounded, showing signs of a potential trend reversal. After bottoming at 54.56% on December 3rd, Bitcoin dominance now trades just shy of 58%. Although not yet a full-fledged reversal, it has established a higher low and appears poised to print a higher high on the daily timeframe.
Ethereum remains in a downtrend against Bitcoin, having set yet another lower high, further cementing its bearish structure. Until Bitcoin dominance breaks down decisively and we see consistent outperformance from altcoins, the long-awaited altseason remains on hold.
The path to success is clear: buy and hold Bitcoin. Don’t overcomplicate things. For more on this topic, check out our recent Thunder Trading article: Overtrading Leads to Underperformance.
For investors feeling underexposed or worried about missing out, this is just the beginning. Strengthening your Bitcoin position or acquiring quality altcoins could yield substantial long-term gains. The crypto market is still in its early growth phase, providing believers with a prime environment to capitalise. Contact your Stormrake Crypto Broker today to seize this moment.
Stormrake Spotlight: Solana (SOL) ($216.31)
Stormrake Spotlight: Solana (SOL) ($216.31)
Since setting a new all-time high in November, Solana (SOL) has experienced four consecutive weeks of bearish price action, declining 20% from its peak. Despite this, Solana’s on-chain usage continues to surge. Total transactions have increased by 20% since its all-time high, highlighting the network’s resilience and continued adoption.
SOL remains a premier cryptocurrency, and this pullback could present a prime entry opportunity. If you believe SOL has the potential to surpass its previous highs, this discount is a no-brainer.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin set another all-time high overnight at $107.8k, coming just $200 shy of our short-term target. This surge led to the formation of bearish divergence, resulting in a minor pullback as expected. The retracement found support at the 21EMA, and Bitcoin currently trades above this level, poised for the next bounce and an attempt at $108k. This $108k level is expected to act as a significant resistance.
BTC Total ETF Flows for 16 Dec: $ + 102.6 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 reached the key resistance level of $4,064 as anticipated but failed to hold above it. Since hitting this resistance, ETH has retraced to its current price levels, now trading below the 21EMA and eyeing a potential move toward the 55EMA. If ETH fails to find support at either of these levels, further downside to the 200-day moving average at $3,880 becomes likely.
Should this scenario play out, Ethereum would erase all the gains from the previous two days—an outcome that would not signal bullish strength.
ETH Total ETF Flows for 16 Dec: $ + 16.3 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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