Bitcoin Hits New All-Time High as Alts Trade at a Discount
Bitcoin hits another all-time high as altcoins face widespread declines.
Bitcoin reached a new all-time high overnight at $108,350, but this came as most altcoins faced notable declines. Despite the record high, Bitcoin closed the day only 0.07% above its opening price. While not inherently concerning, the 2% drop from the daily high to the close isn’t the most bullish signal for short-term price action.
With the interest rate decision looming tomorrow morning, crypto investors are once again pivoting their attention toward Bitcoin. This sentiment is reflected in Bitcoin Dominance, which climbed above 58%—a new higher high and higher low—suggesting a potential reversal to the upside for dominance. While Bitcoin remains steady and even printed a fresh all-time high, most altcoins have dropped more than 5% over the last 24 hours.
The Altseason Index continues its decline, now sitting at 63, down from 65 yesterday. Simultaneously, the market's sentiment has cooled slightly, as the Fear and Greed Index dipped from 87 to 81. Despite this slight pullback, the index remains firmly in the ‘extreme greed’ territory.
The path to success is clear: buy and hold Bitcoin. Don’t overcomplicate things. For more on this topic, check out our recent Thunder Trading article: Overtrading Leads to Underperformance.
For investors feeling underexposed or worried about missing out, this is just the beginning. Strengthening your Bitcoin position or acquiring quality altcoins could yield substantial long-term gains. The crypto market is still in its early growth phase, providing believers with a prime environment to capitalise. Contact your Stormrake Crypto Broker today to seize this moment.
Stormrake Spotlight: Solana (SOL) ($225)
Solana was one of the few standout performers yesterday, closing the day 3% up from its open and currently trading 6.66% higher from yesterday’s low. This positive price action is noteworthy, especially as Ethereum closed 2.4% down. Solana’s relative strength signals bullish momentum and could pave the way for a move back toward new all-time highs.
BTC/USD Key Levels and Price Action:
Bitcoin has hit the $108k CPR resistance, as anticipated, which triggered a rejection back down. This pullback saw BTC break below the 21EMA but find support at the 55EMA. If the 55EMA fails to hold, it could signal the end of short-term bullish momentum and open the door for a deeper pullback. Expect this resistance level to remain a significant hurdle for BTC on its next breakout attempt.
BTC Total ETF Flows for 17 Dec: $ - 122.3 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
Ethereum has surrendered all its gains from the past two days and is now approaching key support at $3,724. A bearish crossover of the key EMAs has emerged, confirming a breakdown in the bullish structure as ETH continues to print lower highs and lower lows. If ETH loses the 200SMA, it could accelerate its decline straight to the $3,724 level.
ETH Total ETF Flows for 17 Dec: $ + 6.0 Million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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