Altcoins show compelling technical setups after Bitcoin price blew past $42,000 on December 4.
Bitcoin (BTC) and Ether (ETH) surged above their respective overhead resistance levels on Dec.
Cryptocurrency exchange Bybit said in its 4th quarter report that institutional traders held 35% of their assets in Bitcoin, 15% in Ether and a large portion kept 45% of their assets are in stablecoins. Only a miniscule 5% was held in rest of the altcoins.
This shows that there is still enough firepower available with institutional investors to buy the cryptocurrency of their choice by selling stablecoins.
Matrixport research head Markus Thielen said in a recent note that the three previous crypto bear markets were followed by a three-year bull cycle, and this time is going to be no different, with 2023 being the first year.
Could bulls hold on to the gains in Bitcoin and select altcoins, or will higher levels attract aggressive selling by the bears? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The bulls kicked the S&P 500 Index (SPX) above the overhead resistance of 4,541 on Nov.
The up-move is likely to face selling in the zone between 4,607 and 4,650.