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To those just waking up, the crypto market is showing signs of recovery. Bitcoin closed positive for the day, Ethereum is climbing, and many altcoins are rallying. When you went to bed, things looked bleak—Bitcoin was rapidly approaching $90,000. However, the last 12 hours have been extremely promising for the broader crypto market.
Bitcoin now trades just above $97,700 after hitting a low of $92,200, marking an almost 5% gain from the daily low. This sharp reversal could be the first indication that the correction has bottomed out. If true, this would mark a 15% pullback for Bitcoin, a 25% drop for Ethereum, and a 34% dip for Solana.
What’s Next for Bitcoin and the Broader Crypto Market?
What’s Next for Bitcoin and the Broader Crypto Market?
Over the past 12 hours, altcoins like Sui, Fantom, and Ondo—recent top performers—were down at least 15%, threatening to fall even further. From their highs, these coins had retraced 30%, 45%, and 30%, respectively. Yesterday’s correction presented investors with a golden opportunity to purchase strong altcoins at heavily discounted prices.
- Sui (SUI): Rebounded 32% from its low and is up 12% over the last 24 hours.
- Ondo (ONDO): Gained 22% from its low and is now 4% higher for the day.
- Fantom (FTM): Recovered 17% from its low and is trading flat for the day.
When I say bull market corrections happen fast and create opportunities for the brave, I mean it. These altcoins have already delivered strong returns for those who seized the moment. If Bitcoin returns to a bullish structure, these assets could push to new highs.
While uncertainty lingers in the short term, Bitcoin’s long-term bullish trend remains intact. Use these corrections as opportunities to add to your Bitcoin position and pick up quality altcoins at a discount. Contact your Stormrake Broker to capitalize on these opportunities.
Stormrake Spotlight: Solana (SOL) ($194)
Stormrake Spotlight: Solana (SOL) ($194)
Solana has made a full recovery to yesterday's opening price. During the correction, it dipped to $175, a 10% drop from its current level. This presented an excellent buying opportunity for those who acted decisively.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin remains in a short-term bearish trend despite the recent recovery. The structure of lower highs and lower lows persists, and the 55 EMA remains above the 21 EMA, confirming bearish momentum. For Bitcoin to flip bullish, it must reclaim $100,000. The first step would be breaking above the 55 EMA, which is likely to act as strong resistance.
BTC Total ETF Flows for 20 Dec: $ - 132.4 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 mirrors Bitcoin’s bearish structure. After breaking key support levels, it staged a sharp recovery and is now trading above the 21 EMA. However, the pattern of lower highs and lower lows remains intact. Until this changes, Ethereum will likely stay bearish in the short term.
ETH Total ETF Flows for 20 Dec: $ + 15.6 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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