The price of Bitcoin rose following the statement by Fed member Daly that there could be interest rate cuts next year. However, a significant rise in Bitcoin was not expected until the PCE data to be announced on Friday, and it has not yet managed to maintain a level above $42,500.
An increase in Bitcoin’s volatility is expected. If closes below $40,000 are seen, a pullback to the support level of $37,980 could occur. If the price rises and stays above the 20-day EMA, it will look for closes above $44,700 to continue the uptrend.
Ethereum (ETH) is struggling to maintain the $2,200 level, and if this continues, it could fall to $2,074. If the price rises above $2,200, the short-term bearish outlook will be invalidated, and a move towards the $2,332 region will begin.
For Binance Coin (BNB), the bulls’ inability to push above $260 led to short-term investors taking profits. There was a pullback below the moving averages on December 18; if the price stays below $240, this could be risky. In a possible decline scenario, the $223 region could be tested by Sunday.
XRP Coin is trying to pull back towards the strong support level of $0.56, but so far, these efforts have been in vain due to the recovery in the Bitcoin price. If the price can stay above the 20-day EMA ($0.62), $0.73 could be tested. Otherwise, the target will be $0.56.