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Crypto and S&P 500 Indices See Fluctuations; Bitcoin ETF Approval Anticipated

Algoine News
Summary:
The S&P 500 Index experienced a 2.49% increase last week, marking its seventh consecutive weekly gain. However, Bitcoin's momentum faltered as traders secured profits. Despite this, a market crash is deemed unlikely due to expected approval for one or more Bitcoin spot exchange-traded funds by the United States Securities and Exchange Commission. Other significant crypto markets saw fluctuations with Ether dropping below a key support level, and tokens such as BNB, XRP, SOL, ADA, AVAX and DOGE struggling to maintain their positions. It is advised that potential investors conduct thorough research as every investment decision carries risk.
The S&P 500 Index witnessed a 2.49% increase last week, marking its seventh consecutive weekly gain - a feat not achieved since 2017. Meanwhile, Bitcoin's (BTC) momentum faltered, with traders rushing to secure profits. Analyst firm Material Indicators also predicted short-term profit harvesting. Still, analysts predict a market crash is unlikely due to expected approval for one or more Bitcoin spot exchange-traded funds by the United States Securities and Exchange Commission. Jan van Eck, CEO of VanEck, spoke with CNBC foreseeing a new all-time high for Bitcoin within a year and could even be coupled with gold. In an analysis of the S&P 500 Index, a noticeable surge above the overhead resistance of 4,650 was seen on Dec. 13. However, the market is observed to be short term overheated with expected corrections or consolidation expected to come soon. A continued surge may extend the uptrend to 4,819. And if the buyers succeed, it might even reach the 5,000 mark. Contrarily, the U.S. dollar Index (DXY) faced repetitious failures to stay above the 20-day EMA (103) between Dec. 5-13. This inspired renewed selling and drove the index lower. In the bitcoin market, if the price plummets below $40,000, the drop could extend to a critical $37,980 support level. If it instead manages to climb back up and surpass the 20-day EMA, it could rebound to $44,700. Meanwhile, Ether (ETH) a key player in the crypto market slipped below a robust $2,200 support level on Dec. 18. If a significant recovery fails at $2,200, it could further decrease to $1,900. BNB (BNB) faced a setback following its failure to skyrocket above $260, initiating a downward pull. As for XRP (XRP), its inability to resurrect above moving averages resulted in a renewed round of selling. In the case of Solana (SOL), a decline to the 50-day SMA ($57.83) and then to the $50 level is inevitable if experienced traders trigger the stops at 20-day EMA. Cardano (ADA), however, rose above the $0.65 resistance mark but was short-lived as the price fell below $0.65 soon after. Buyers managed to launch Avalanche (AVAX) above the overhead resistance of $42.50 but were unable to maintain the pace. In a similar situation, Dogecoin (DOGE) recovered from the 20-day EMA ($0.09) but failed to keep up with these levels. Should the price stay below the 20-day EMA, it could drastically reduce to the 50-day SMA ($0.08). Every trading and investment decision carries a certain degree of risk. Therefore, potential traders and investors must conduct thorough research before proceeding with their decisions.

Published At

12/18/2023 9:32:23 PM

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