Bitcoin (BTC) has been range-bound in the near term, but it has recorded an impressive run of more than 155% in 2023. The rally has boosted sentiment, with investors expecting the bull run to continue in 2024.
The earliest trigger will be from the decision on the spot Bitcoin exchange-traded fund applications by the United States regulator. Crypto options trading platform Greeks.live said in a recent tweet that options data suggests the markets have priced in the approval of the spot Bitcoin ETF. As a result, the firm believes that the markets may not witness a sharp move.
Crypto market data daily view. Source: Coin360
Irrespective of the short-term reaction to the ETF ruling, the crypto space is in a bull phase as Bitcoin and several major altcoins have been making higher highs and higher lows over the past several weeks. In an uptrend, dips are generally viewed as a buying opportunity.
Could Bitcoin and altcoins extend their uptrend in the first week of the new year? Let’s look at the charts of the top 5 cryptocurrencies showing promise.
Bitcoin price analysis
The bears tried to tug Bitcoin below the support line of the ascending triangle pattern on Dec. 29 and 30, but the bulls held their ground.
BTC/USDT daily chart. Source: TradingView
The flat 20-day exponential moving average ($42,484) and the relative strength index (RSI) near the midpoint suggest an equilibrium between buyers and sellers. If the price rises above the 20-day EMA, the bulls will try to drive the BTC/USDT pair above $44,700 and complete the bullish setup. If they succeed, the pair may resume the uptrend toward the pattern target of $49,178.
Conversely, if the price turns down and plunges below the triangle, it will invalidate the bullish pattern. The breakdown of a positive setup is a negative sign as it may trigger stops of aggressive traders. The pair could first drop to $40,000 and eventually to $37,980.
BTC/USDT 4-hour chart. Source: TradingView
The bulls pushed the price above the 20-EMA but are finding it difficult to overcome the barrier at the 50-simple moving average. If the price turns down sharply from the current level, the bears…
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