ruby02benj

@ruby02benj

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In the wake of the US elections in which Republican lawmakers won a trifecta in the presidency, House of Representatives, and Senate, crypto advocates seem to be pushing harder for the government to consider a strategic Bitcoin reserve — also one of Donald Trump’s campaign promises. Lawmakers in Brazil have issued similar calls to use the cryptocurrency as a hedge against economic risks.

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“I believe that consideration should be given to this matter, and I would like to hear the government’s views,” said Yamada in a translated statement. “Should Japan also introduce a system to convert part of its foreign exchange reserves into crypto assets such as Bitcoin?”

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A break and close above $4,000 could start the next leg of the uptrend. The pair could rally to $4,500. This positive view will be invalidated in the near term if the price turns down and breaks below the downtrend line.

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The bulls will try to push the price toward $4,000, but higher levels are likely to attract sellers. If the price turns down from the overhead resistance, it will point to a possible range formation in the near term. The ETH/USDT pair could remain stuck between $4,000 and the downtrend line for a while.

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Ether bounced off the downtrend line on Dec. 10, indicating that the buyers have flipped the level into support.

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Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that the bulls are booking profits. The pair may tumble to $90,000, a crucial support to watch out for.

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The bulls will have to drive the BTC/USDT pair above the $101,351 to $104,088 resistance zone to signal the resumption of the uptrend. The pair could then rally to $113,331 and later to $125,000.

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Bitcoin rebounded sharply off the 20-day exponential moving average ($96,133), indicating that the uptrend remains intact.

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Will Bitcoin sustain above $100,000 or higher levels attract sellers? Could altcoins stage a recovery after the recent pullback? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

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Bitcoin’s sharp rally is expected to face strong selling near the all-time high of $104,088. The failure to clear the overhead hurdle may attract another round of selling by the short-term bulls. That suggests Bitcoin may remain volatile in the near term, resulting in the occasional liquidations of leveraged positions.

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However, while bouncing off this demand zone, it also encountered resistance between $230 and $242. This suggests that this is an important level that bulls need to overcome in order to secure a sustained recovery.

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This means that every time the price retests this zone, more buyers accumulate within this area, adding to the demand-side pressure.

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