Bitcoin Price Shows Strong Performance at the Beginning of the Month - Latest cryptocurrency news

Bitcoin Price Shows Strong Performance at the Beginning of the Month

Bitcoin price continued to hold above $38,500, showing a strong performance at the beginning of the month. It is pleasing to witness new highs every month. BTC reached its highest level in 19 months by rising to $38,999 on the Binance exchange. Investors interested in cryptocurrencies like XRP, SOL, and ADA Coin are curious about when the new rallies will start.

XRP Coin continues its long-standing struggle with the SEC and strengthens the 20-day EMA as support. The fact that the price maintains the critical level as support indicates an increase in buyers’ appetite for dips. Especially when the price of BTC rises, XRP Coin staying below last month’s resistance levels can increase motivation.

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If an upward breakout occurs, it is expected that the price can quickly recover to $0.64 and $0.67. These levels have previously been opened permanently, but they faced significant selling pressure after the false release of BlackRock news. However, in an optimistic scenario, the reopening of the resistances can bring up the targets of $0.74 and $0.85.

For Solana (SOL), it is observed that despite the bears intensifying their sales at the end of November, they were unable to keep the price below $59. SOL Coin can rise up to $68 by retesting $62. As we have been mentioning for weeks, closing above $68 can make triple-digit prices possible. However, if the price closes below $59, the sales can continue towards the range between $51 and $48.

For ADA Coin, the bulls managed to barely surpass the $0.4 mark, but they experienced a significant disappointment. Price fluctuations in BTC can be demoralizing and there is a possibility of erasing gains achieved after a tough struggle. The price is currently in a squeeze between the 20-day EMA and the $0.40 resistance zone. Along with the increase in BTC, the gradually rising 20-day EMA and RSI above 58 indicate the possibility of breaking the resistance again.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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