30s Summary

Bitcoin fell about 8% amidst a rough week, but managed to bounce back slightly from hitting the 50-day average price. Despite this, American investors withdrew significant amounts from Bitcoin exchange-traded funds on December 19 and 20. Bitcoin’s performance can influence the whole crypto market; maintaining above $100,000 is viewed as crucial. Other coins including Sui, Bitget Token, Ethena and Virtuals Protocol may perform well depending on meeting key price points. Regardless, all trading comes with risks and careful research is critical before making investment decisions.

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Bitcoin (BTC) has seen a rough week with a drop of about 8%, but the good news is that buyers were eager to jump on those low prices. Where Bitcoin’s going to go next is a bit of a toss-up. Some people think we’ll see the price dip even further, and others are predicting that we’ll see an uptick again soon.

On December 20, even with Bitcoin’s price bouncing back a bit, American investors weren’t exactly scrambling to put their money into Bitcoin exchange-traded funds. Data from Farside Investors shows that there were major outflows (withdrawals) from these funds – to the tune of $617.9 million on December 19 and $277 million on December 20. This suggests traders were cashing in their profits.

Over the next few days, the $100,000 mark is the biggie to watch. If Bitcoin can stay above that, it could give the whole crypto market a boost and push more people to invest in other coins. But if Bitcoin starts to slip and doesn’t maintain above $100,000, short-term traders might be tempted to cash out, which could lead to an even bigger price drop and start a sell-off of other coins.

Speaking of other coins, let’s take a quick look at which ones might perform well in the near future.

As for Bitcoin, it managed to bounce back from hitting the 50-day average price of $92,901 on December 20. But it’s struggling to break the 20-day average price of $98,758. Depending on whether it ends up above or below the average prices, Bitcoin could be looking at either retesting its record high of $108,353 or potentially falling to $85,000.

Let’s touch on a few other coins as well. Sui (SUI) has been dipping lately, but it’s showing signs of aggressive buying at lower prices. Watch out for the $5 mark, as crossing this level could make SUI continue to climb. On the flip side, if it dips below the 20-day average price, it could mean that investors are pulling their money out and the price could continue to drop.

Bitget Token (BGB) has also seen a decline recently, but buyers appear to be jumping in at lower prices. If the price can pass $4.90, we might see a further climb to $5.38 or even $6.

Ethena (ENA) and Virtuals Protocol (VIRTUAL) are both showing signs that could suggest either a climb or a fall, depending on how they react to key price points.

Remember, all trading comes with risks and the above is just a quick rundown of some recent trends. Always do your own research before making any investment decisions.