Bitcoin price drops, BNB, AVAX, NEAR, OKB increase purchasing power?

On November 24, the price of Bitcoin (BTC) dropped below $96K, indicating that short-term traders are taking profits near the $100K level. Corrections are "standard" in each price increase phase, causing newcomers to worry, but for seasoned traders, the downward movements are opportunities to buy in.

The market predicts that Bitcoin will surpass the $100K mark in 2024. Data from the Kalshi betting platform shows an 81% chance of Bitcoin reaching $100K or higher by December 31. The average forecast is for Bitcoin to reach $122K in the new year.

Another optimistic voice comes from Georgii Verbitskii, the founder of the DeFi platform TYMIO, who told TinTucBitcoin that Bitcoin could rise from $100K to $120K by the end of 2024 or early 2025. As more traders join the game, Verbitskii predicts Bitcoin could continue the uptrend to $180K by the end of 2025.

What are the key support levels of Bitcoin and altcoins that are likely to attract buyers? Let's take a look at the top 5 cryptocurrencies currently showing strength on the charts.

Bitcoin Price Analysis

Bitcoin is facing resistance near the crucial psychological level of $100K, but a positive sign is that buyers have not given up much ground to the sellers.

The moving averages are rising, and the relative strength index (RSI) is in the overbought zone, suggesting the path of least resistance is to the upside. If buyers push the price above $100K, the BTC/USDT pair could gather momentum and rise to $113,331 and then to $125K.

The first support on the downside is the previous resistance level, followed by the 20-day exponential moving average (EMA) (88,386 USDT). If the price bounces off the 20-day EMA, buyers will try to resume the uptrend. A short-term top will be signaled if the pair drops below $85K.

The pair has dropped below the 20-EMA on the 4-hour chart, suggesting that sellers are attempting to make a comeback. The next support on the downside is the previous resistance level. If the price bounces off the previous resistance level, buyers will try to push the pair above $100K once again. If successful, the pair could rise to $113,331.

On the other hand, a break below the previous resistance level will suggest a lack of demand at lower levels. The pair could then drop to $85K.

BNB Price Analysis

BNB (BNB) has broken above the resistance at $667 on November 23 and 24, but the long wicks show selling pressure at higher levels.

The 20-day EMA ($619) is an important support level to watch on the downside. If the price bounces off the 20-day EMA, buyers will try to push the BNB/USDT pair to $722. This level may again act as a strong barrier, but if crossed, the up-move could reach $810.

If sellers want to stall the up-move, they will have to quickly pull the price below the moving averages. If they manage to do this, it will suggest that the market has rejected the breakout. The pair could then drop to the previous resistance level.

Buyers have bought the dip to the breakout level of $635 and pushed the price above the 20-EMA. They will now try to drive the price to $688, which is expected to be a strong resistance. However, if buyers overcome this barrier, the pair could rise to $722.

Conversely, if the price turns down and drops below $635, it will suggest that sellers are appearing at each rally. The pair could then drop to the 50-SMA and thereafter to $600.

Avalanche Price Analysis

Avalanche (AVAX) broke above the resistance of the ascending channel pattern on November 22, but buyers are facing selling pressure at higher levels.

The AVAX/USDT pair may retest the breakout level from the channel. If the price bounces back from the resistance line with strength, it will indicate that the buyers have turned that level into a support level. The pair may attempt to reach $50.

Conversely, if the price breaks below the resistance line, it will indicate that the buyers are losing control. The pair may drop to the 20-day EMA (34.34 USDT), where buyers may step in again.

The pair is witnessing a fierce battle between the buyers and sellers near the 20-EMA. If the price rises above the 20-EMA, the buyers will try to push the pair to the psychological level of $50.

Meanwhile, the sellers have a different plan. They will try to sell the rallies and pull the pair below the 50-SMA. If successful, the pair may drop to $32 and then to $31.

NEAR Protocol Price Analysis

NEAR Protocol (NEAR) has pierced the $6.50 resistance level on November 24, but the buyers could not sustain the breakout.

The price may drop to the 20-day EMA (5.48 USDT), which is an important support level to watch. If the price bounces off the 20-day EMA with strength, the buyers will try to push the NEAR/USDT pair to $8.58 and then to $9.01.

On the flip side, a breakdown and close below the 20-day EMA will suggest that the breakout above $6.50 may have been a bear trap. The pair may drop to the 50-day SMA (4.86 USDT), extending the time spent in the wide range of $3.42 to $6.50.

The price has bounced off the moving averages on the 4-hour chart, suggesting that the buyers continue to buy the dips. If the price sustains above $6.50, the buyers will try to start the next leg of the up-move by clearing the overhead hurdle at $6.80.

Conversely, if the price turns down from $6.50 or $6.80, it will suggest the presence of sellers in the rallies. This increases the possibility of a breakdown below the moving averages. The pair may drop to the rising support and then to $5.

OKB Price Analysis

OKB (OKB) is attempting to change the trend by forming a series of higher highs and higher lows.

The OKB/USDT pair has accelerated after breaking above the $48 level on November 23, opening the path for a rally that may reach $62 and then $68.

The $48 level is expected to act as support during the dips. If the price bounces off the $48 level, it will suggest that the sentiment remains positive and traders are buying on the dips.

However, if the $48 support is breached, the pair may drop to the 20-day EMA (44.79 USDT). The deeper the correction, the longer it may take for the uptrend to resume.

The sellers are trying to stall the up-move at $56.74, but the buyers are not giving up. The pair may find support at $51 and then at the 20-EMA. If the price rises from the current level or the 20-EMA, it will suggest that the buyers are accumulating on the dips. This will improve the prospects of a rally above $56.74.

This bullish view will be negated in the short term if the price slips below the 20-EMA. The pair may then drop to the 50-SMA.

Compiled by Bitcoin News