Cryptocurrency Market Analysis as of 8.12.2023


In the first week of December, Bitcoin experienced a surge, surpassing the psychological level of $40,000 per coin and ascending to $45,000.
Consequently, the overall capitalization escalated from $1.41 trillion to $1.58 trillion. Over the course of seven days, Bitcoin demonstrated a 15% increase, Ethereum rose by more than 11%, while Ripple and Litecoin saw growth exceeding 5.0%.

Technical Analysis


During its upward movement, Bitcoin reached 44,137 and started to consolidate. If it successfully breaks it out and consolidates above this level, the next target for Bitcoin is set at 46,660.
An alternative scenario suggests a pullback to the support at 40,626.



Ripple reached the resistance range between 0.5513 and 0.6600. The XRP/USD price might either retreat to the support or break out the 0.6600 level, with the latter scenario leading to a potential target of 0.7298.



Amidst market growth, Ethereum surpassed 2139.04, reaching a resistance at 2282.59. Failure to overcome this may result in a rollback to the support at 2139.04. Consolidation above 2282.59 is crucial for the price to continue towards the target of 2545.76.



Litecoin climbed to the resistance of the sideways range between 64.70 and 73.43 and is currently consolidating below it. The price's future trajectory hinges on market dynamics, with possibilities including a rollback or a breakout and consolidation above 73.43. In the latter scenario, the next growth target stands at 82.90.


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