BTC, Altcoins are expected to have a negative impact on the Bank of Japan rate

Key Points:-

Bitcoin tried to recover on Monday, but renewed selling pressure threatened to take the price to $84,000.

Several altcoins are trying to hold above their support levels, but the breakout is not strong.

Bitcoin (BTC) tried to recover on Monday, but the bears continued to put pressure. Trader CrypNuevo said in a thread on X that BTC could reach $80,000 to $99,000, and a break below $80,000 could drop the price to $73,000.

Along the same lines, analyst Asel Kibar said that BTC could soon begin a directional move following an “extremely low volatility setup.” At the top, Kibar expects to go to $100,000 if the level of $94,600 is taken, and at the bottom, he expects BTC to go down in the range of $73,700 to $76,500.

Analysts are keeping an eye on the Bank of Japan (BoJ), which is expected to raise interest rates on December 19. BoJ rate hikes from 2024 have resulted in a more than 20% drop in BTC, according to data shared by AndrewBTC.

Can BTC and the major altcoins start a rally or will the bears lower the price? Let's examine the charts of the top 10 cryptocurrencies to find out.

S&P 500 index price forecast

The S & P 500 index (SPX) declined from the 6,920 resistance on Friday, indicating that the bears will defend the level aggressively.

If the price breaks below the moving averages, it suggests that the index may reach 6,550 to 6,920 for a few days. A close below 6,550 would form a double-top pattern, opening the doors to a drop to the 6,180 pattern target.

Conversely, if the price rises above the moving averages and breaks above 6,920, it indicates a resumption of the uptrend. The index may rise towards the target objective of 7,290.

US dollar index price forecast

The US dollar index (DXY) tried to rise above the 20-day moving average (EMA) (99.04) on Tuesday, but the bears held their ground.

The moving averages have completed a bearish crossover, and the relative strength index (RSI) is in the negative zone, which suggests that the bears will hold the edge in the near term. There is a small support at the level of 98, but if the sellers take the price below it, the indicator can go down to 97.20 and then to 96.21.

The first signal of strength will be a break and close above the 20-day EMA. Buyers are back in the driver's seat above the 100.54 resistance.

Bitcoin price prediction

BTC crossed the uptrend line on Monday, but the bulls failed to clear the 20-day EMA ($90,720) barrier.

The 20-day EMA has started to decline, and the RSI is in negative territory, indicating gains for the bears. If the price closes below the high line, the BTC/USDT pair may nose towards $84,000 and eventually towards the November 21 low of $80,600.

Instead, if the price turns sharply and closes above the 20-day EMA, it indicates buying at lower levels. The pair may rally towards the 50-day simple moving average (SMA) ($95,985). Sellers are expected to defend the zone between the 50-day SMA and $100,000, as a break above indicates that the correction phase is over.

Ether price prediction

Buyers pushed Ether (ETH) above the 20-day EMA ($3,106) on Monday, but the long wick on the candlestick indicates oversold.

The bears will try to pull the price of Ether below the $2,907 level. If they manage to do that, the ETH/USDT pair could drop to the $2,716 to $2,623 support zone.

If the price breaks out of the current level and breaks above the $3,350 breakout level, this negative view is worthless in the near term. This indicates that the pair may be headed lower in the near term. The pair could rally to $3,658 and then to $3,918.

BNB price prediction

Tighter trading in BNB (BNB) turned to the downside, showing some benefit to the bears.

The sellers will try to pull the price to the $791 level, which is an important support to watch. If the level gives way, the BNB/USDT pair will continue its downward trend towards the next support at $730.

Alternatively, if the price of BNB rebounds significantly from the $791 support and breaks above the 20-day EMA ($888), it suggests that the pair may form a range. The price may fluctuate between $791 and $1,020 for a few days.

XRP price prediction

XRP (XRP) remains stuck below the 20-day EMA ($2.06), indicating a lack of aggressive buying by bulls.

The bears will try to push the XRP price to the support line of the descending channel pattern and then to the $1.61 level. Buyers are expected to defend the $1.61 level with all their might, because a break below it could sink the XRP/USDT pair to the October 10 low of $1.25.

The bulls need to push the price above the 50-day SMA ($2.21) to signal strength. Then the pair can gather to the low line where the bears are expected to mount strong resistance.

Solana price forecast

Solana (SOL) forms a symmetrical triangle that represents uncertainty between buyers and sellers.

If the price declines and breaks below the triangle support line, it indicates that the bears have gained the upper hand over the bulls. The SOL/USDT pair may dive to the strong support at $95.

Conversely, a break and close above the triangle resistance line suggests that the bulls are trying to pull back. Solana prices may increase to $172 and later to $189.

RELATED: Strategy Increases Bitcoin To $1B As Market Declines Increases MSTR Stock

Dogecoin price prediction

Sellers are trying to strengthen their position by pulling Dogecoin (DOGE) below the $0.13 support.

If they manage to do that, the price of Dogecoin may continue to decline. The DOGE/USDT pair may nose dive to the October 10 low of $0.10, which may attract strong buying by bulls.

The bulls need to push Dogecoin price above the 20-day EMA ($0.14) to signal strength. If you can pull through, the pair can rally to $0.19. That suggests a break below $0.14 could be a bear trap.

Cardano price prediction

Cardano (ADA) continues to slide towards the $0.37 level, which is an important support to watch in the near term.

If the bears drop the price of Cardano below the $0.37 level, it indicates the beginning of the next downward leg. The ADA/USDT pair may fall to the October 10 low of $0.27.

Conversely, if the price reverses and breaks above the 20-day EMA ($0.42), it suggests that the pair may consolidate between $0.37 and $0.50 for a while. Buyers should push the pair above the $0.50 level to signal a trend reversal.

Bitcoin Cash price prediction

Bitcoin Cash (BCH) has broken below the 20-day EMA ($560), indicating that the bulls are losing their grip.

The next support is the 50-day SMA ($534) and then $508. Such a move suggests that the price of Bitcoin Cash may fluctuate in the range of $443 to $615 for some time.

Buyers need to drive and sustain the price above $615 to resume the upward move. The BCH/USDT pair may challenge the decisive breakeven resistance at $651.

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