Bitcoin’s rally continued on December 16, showing strong demand from buyers. Keith Alan, co-founder of Material Indicators, noted on X that Bitcoin often makes significant macro moves around December 17. He added that a potential Federal Reserve rate cut could push Bitcoin prices higher but prefers to stay on the sidelines until the market’s direction becomes clearer. Meanwhile, CK Zheng, chief investment officer at ZK Square, said Bitcoin appears to be in “Santa Claus mode,” with investors eager to join the rally and avoid missing out. Zheng expects Bitcoin to reach $125,000 by early 2025 but foresees a 30% correction afterward.

Bitcoin’s rally shows no signs of slowing, with the price hitting a new all-time high above $104,088 on December 15. The BTC/USDT pair is now testing the resistance line of its ascending channel pattern, where bears are likely to put up a strong fight. If bulls manage to break through this barrier, the pair could climb to $113,331 and potentially hit $125,000. However, if the price reverses from the resistance line and drops below the 20-day EMA at $98,920, it may signal profit-taking by bulls. In that case, the pair could retreat to the channel’s support line, and a break below this level might give sellers the upper hand in the short term. Ether is steadily approaching the $4,094 level, where bears are expected to provide strong resistance. The rising moving averages and an RSI above 61 indicate that momentum favors the bulls.

A breakout above $4,094 could propel the ETH/USDT pair toward $4,500. The bullish trend remains intact as long as the price holds above the 20-day EMA at $3,747. A close below this support, however, would suggest that bulls are losing control, potentially driving the pair down to the critical support at the downtrend line.

Lastly please check out the advancement’s happening in the cryptocurrency world

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