Weekly Analysis of BTC, ETH, and the Stock Market (Dec 9, 2024)
An overview of BTC, ETH, XAUT, and S&P500 charts, along with the current cryptocurrency market dynamics.
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Bitcoin (BTC)
Last week, BTC attempted to establish itself above the key psychological level of $100,000, reaching a new all-time high of $104,105. However, buyers failed to maintain the momentum, leading to a correction to the $90,200 support level.
Currently, BTC is trading within a range defined by the demand zone at $93,600–$95,600 and the resistance zone at $101,300–$103,400. Given the current lack of buyer strength, a deeper correction is possible. In this scenario, BTC could retest the $90,200 level or even dip lower, allowing the market to flush out excess leveraged long positions and gather the energy needed for the next upward move.
The overall trend remains bullish, with a new all-time high being the next significant target for BTC.
BTC/USDT H1 Chart. Source: WhiteBIT
Ethereum (ETH)
Ethereum, the leading altcoin, rallied throughout the past week, reaching a new local high in the $4,090 range.
Its correlation with Bitcoin has slightly increased, leaving ETH in a similar consolidation phase, trading between the buyer zone at $3,690–$3,800 and the seller zone at $3,990–$4,090.
Given the elevated altcoin season index, the most likely scenario is continued growth. Any corrective movement could present an opportunity to accumulate long spot positions.
ETH/USDT H1 Chart. Source: WhiteBIT
S&P 500 (SPX)
The S&P 500 hit another all-time high at $6,099, continuing its aggressive upward trajectory. Sustained growth remains the most likely outcome.
In such a market, a solid investment strategy could involve focusing exclusively on long positions in spot and derivatives markets, particularly if there is a local correction to the $5,600–$5,800 support range. However, given the strength of current buying pressure, such a correction appears unlikely for now.
SPX W1 Chart. Source: TradingView
Tether Gold (XAUT)
The global uptrend in gold remains strong, though buyers have struggled to break through the $2,665–$2,725 resistance zone for some time. If this level is breached, XAUT is likely to continue its rally, potentially setting new highs above $2,806.
A local correction, however, remains a significant possibility. The nearest demand zones with strong buyer interest are at $2,470–$2,640 and $2,365–$2,415, which could serve as key levels for renewed long positions.
XAUT/USDT D1 Chart. Source: WhiteBIT
BTC Dominance, Altcoin Season Index, and Fear and Greed Index
The Bitcoin Dominance Index currently stands at 55.95%, reflecting the state of the market: Bitcoin is gradually losing market share to altcoins, which are attracting increasing investor liquidity.
BTC Dominance Index. Source: tradingview.com
The Altcoin Season Index is currently at 73. While slightly lower than last week, it remains elevated, signaling strong investor interest in altcoins.
Altcoin Season Index. Source: blockchaincenter.net
The Fear and Greed Index stands at 78, indicating “Extreme Greed.” Interest in cryptocurrencies remains high, as evidenced by various assets steadily setting new all-time highs.
Fear and Greed Index. Source: alternative.me
Economic News
Several important economic developments are scheduled for the coming days:
- U.S. Consumer Price Index (CPI), a key inflation indicator, and crude oil inventory levels (Wednesday, December 11);
- Initial jobless claims and U.S. Producer Price Index (PPI) (Thursday, December 12).
The most significant event of the week is expected to be the CPI release on Wednesday. This key indicator measures changes in consumer purchasing power and often impacts cryptocurrency markets. There is a strong likelihood it could influence crypto prices again this time.
Check out GNcrypto for the latest cryptocurrency rates and chart analysis.
Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNcrypto:
- TOP 5 Useful Chart Analysis Tools on TradingView
- How Are Trading Volumes Useful in Cryptocurrency Analysis?
- Candlestick Patterns: Types and How They Work in Trading
- The Most Popular Chart Patterns for Crypto Trading
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