Price analysis 12/7: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI
The FTX crisis kept Bitcoin’s (BTC) price under pressure in November, but data from Bitstamp exchange shows institutional investors may have viewed the dip as a buying opportunity. The exchange told Cointelegraph that compared to October, its revenue from institutions increased by 34% in November.
In another positive sign, Goldman Sachs executive Mathew McDermott told Reuters that the bank was doing some due diligence on crypto companies since they were “priced more sensibly” after the FTX crash.
ARK Invest said in the latest edition of its monthly “The Bitcoin Monthly" newsletter, that the FTX implosion “could be the most damaging event in crypto history,” but added that decentralized blockchains were “as strong as ever.”
Could lower levels attract buyers in Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to spot the levels where buyers may step in.
After trading near the 20-day exponential moving average ($16,966) for the past few days, Bitcoin is threatening to dip below the immediate support at $16,787.
If that happens, the short-term advantage could tilt in favor of the bears and the BTC/USDT pair may drop to $16,000. Such a move will suggest that the pair could remain stuck between $15,476 and $17,622 for a few more days. The longer the time spent inside the range, the stronger will be the breakout from it.
On the upside, bulls will have to push and sustain the price above the 50-day simple moving average ($18,122) to gain the upper hand. The pair could then pick up momentum and rally to $20,000.
After trading between the moving averages for the past few days, Ether (ETH) broke below the 20-day EMA ($1,250) on Dec. 7. This suggests that the bears have overpowered the bulls.
If the price
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