The recent surge in the price of Bitcoin appears to be slowing down, raising concerns that the rally may be coming to an end. This sentiment is reinforced by the actions of Bitcoin whales, who have sold approximately 50,000 BTC in the past week. BTC price at $43,600 | Source: BTCUSD on Tradingview.com Institutional investors have also seen minor outflows from digital asset funds, although this is likely due to profit-taking rather than a shift in sentiment. It is worth noting that 89% of Bitcoin’s total supply is currently in profit, which may have influenced the decision of the whales to sell.  Despite the cooling off, there is still optimism that Bitcoin could surpass $50,000 by the end of January 2024. Crypto financial services firm Matrixport predicts this increase, drawing parallels to historical instances such as the launch of Bitcoin futures in 2017, which resulted in a significant price surge. Additionally, Matrixport expects a breakout before the end of the year, as Bitcoin has historically seen price increases during the Christmas and New Year period. As of now, Bitcoin is trading at around $43,600. Source: NEWSBTC

There is the expectation of Dogecoin (DOGE) payments being integrated into the X platform (formerly Twitter). While there has been speculation about DOGE payments on the platform, no official acceptance has been announced. DOGE price struggles at $0.0911 | Source: DOGEUSD On Tradingview.com However, MyDoge Wallet CTO Alex Lewis believes that DOGE payments are indeed coming to X. Lewis explains that X has applied to become a custodial service and has received approval for certain applications, including becoming a payment hub in the US. This could potentially allow users to connect their bank accounts to the platform for payments and also have a Dogecoin balance for transactions and tipping. Elon Musk, who has expressed interest in DOGE, has talked about integrating DOGE payments into X, but concrete plans have yet to materialize. Musk has also mentioned plans for a social media platform powered by DOGE, but this has not been realized either. Source: BITCOINST

Bitcoin attempted to break above the $43,500 resistance level but failed and retraced to test the $41,800 support zone. The price of Bitcoin is currently trading above $42,000 and the 100-hourly Simple Moving Average. There is a bearish trend line forming with resistance near $42,600. It could continue to decline if the price fails to rise above the $42,650 resistance. The immediate support levels are at $42,000 and $41,650, and a move below $41,650 could lead to further losses with a potential drop towards the $40,500 support level. The technical indicators show the MACD gaining pace in the bearish zone, and the RSI for BTC/USD is near the 50 level. The major resistance levels are at $42,650, $43,000, and $43,500, while the major support levels are at $42,000 and $41,650. Source: NEWSBTC

The price of Solana (SOL) has experienced a significant increase of 8%. Technical indicators suggest that SOL may break above the $80 level soon.  After undergoing a correction, SOL found support at $67.50 and has initiated a fresh rally. It surpassed the $72 and $74 levels, as well as the 100 simple moving average on the 4-hour chart.  A bullish trend line is forming with support near $70. The immediate resistance is at $76.50, followed by the key resistance levels at $80 and $82. A successful close above $82 could lead to a major rally, with the next resistance around $88.  However, if SOL fails to break above $80, it may experience a decline. The initial support levels are $72 and $70, with the possibility of testing $67.50.  The MACD indicator is showing bullish momentum, and the RSI is above 50, indicating strength in the SOL/USD pair. The major support levels are $72 and $70, while the major resistance levels are $76.50, $80, and $88.  Source: NEWSBTC

In the past 24 hours, there has been a significant increase in the burning of Shiba Inu (SHIB) tokens. A total of 8.6 billion SHIB tokens were permanently removed from circulation, representing a remarkable 160,598% increase in the burn rate compared to the previous day.  HOURLY SHIB UPDATE$SHIB Price: $0.00001052 (1hr -0.34% ▼ | 24hr 3.55% ▲ )Market Cap: $6,218,140,254 (3.82% ▲)Total Supply: 589,319,479,746,918 TOKENS BURNTPast hour: 275,256 (1 transaction) Past 24Hrs: 8,617,471,779 (160598.18% ▲)Past 7 Days: 8,646,904,065 (1.24% ▲) — Shibburn (@shibburn) December 17, 2023 The burning of tokens is a mechanism used to reduce the total supply of a cryptocurrency, creating scarcity and potentially increasing the value of the remaining tokens. The Shiba Inu project, inspired by the popular Shiba Inu dog meme, has a vibrant community and its native token, SHIB, is used in various ways within its decentralized finance platform, ShibaSwap.  It is important to note that while token burning can create scarcity, its impact on the token’s price depends on factors such as market demand and overall utility. As of the time of writing, SHIB is trading at around $0.0000105, showing a 3.23% increase in the past 24 hours. Source: CRYPTOGLOBE

The total supply of Bitcoin (BTC) held on centralized cryptocurrency exchanges has reached a six-year low, according to data from CryptoQuant. This decrease in supply is seen as a bullish sign because long-term holders tend to buy BTC from exchanges and withdraw it to hold for the long term.  On the other hand, investors with shorter time horizons deposit their funds on exchanges for trading or selling purposes. The declining BTC supply on exchanges has had a significant impact on the cryptocurrency‘s fluctuations, availability, and overall market behavior. Additionally, BTC deposit transactions to exchanges have reached their lowest levels in years, indicating reduced selling pressure. This decrease in supply comes after Bitcoin’s price surpassed the $40,000 mark for the first time since May 2022. The price rise has been fueled by expectations of a spot Bitcoin exchange-traded fund (ETF) being approved in the United States, which would potentially attract more investors.  Some analysts have made bullish price predictions, including Willy Woo, an on-chain analyst who predicted a potential retest of the $39,900 zone before the continuation of the bullish trend. Standard Chartered, a multinational banking and financial services firm, has suggested that the price of BTC could surge to $120,000 by the end of next year, after predicting a rise to $50,000 this year. Source: CRYPTOGLOBE

Bitcoin liquidity is expected to remain thin during the holiday season, according to analyst Caroline Mauron of Orbital Markets. The collapse of Alameda Research, which facilitated significant trading volume, has contributed to the current lack of liquidity in the crypto market. Traders are awaiting fresh capital inflows, particularly in anticipation of the SEC’s review of several exchange-traded fund (ETF) applications. Mauron predicts that there will be increased volatility in the crypto market leading up to the ETF decision deadline in early January, exacerbated by poor liquidity during the holiday period. Lower liquidity can make it more challenging to sell cryptocurrencies due to a shortage of counterparties, potentially affecting the sustainability of bullish rallies. However, the approval of US spot Bitcoin ETFs could bring new money into the industry and improve liquidity. Investment firm VanEck predicts that Bitcoin ETFs could attract over $40 billion in inflows within the first two years of trading, which could help address the current liquidity issues in the cryptocurrency market. Source: BE(in)CRYPTO

Introduction: Cardano’s price is experiencing a robust December, with a 75% surge that has propelled ADA to its highest level in 18 months. As altcoins catch up to Bitcoin’s rally, the question arises: What factors fuel the impressive rise in ADA price? Cardano’s Market Momentum: On December 9, Cardano witnessed a significant 19% jump, reaching $0.64. While no groundbreaking fundamentals accompanied this surge, it aligns with a broader trend in the cryptocurrency market as it catches up to Bitcoin’s performance this month. Bitcoin’s market dominance has dipped by 3.5%, prompting traders to explore profit opportunities in altcoins. This shift has notably benefited Cardano, experiencing a remarkable 46% increase in market share since December 6. Record TVL and ADA Liquidity: The surge in Cardano’s price coincides with a record high in Total Value Locked (TVL) across its decentralized applications (dapps). On December 9, TVL reached 765.22 million ADA, driven by Lenfi’s 90% surge in ADA reserves, effectively removing tokens from active circulation. Simultaneously, around $5 million worth of ADA shorts were liquidated on December 9, contributing to a buying spree in the market. However, with Cardano’s weekly Relative Strength Index (RSI) overbought, a potential correction looms on the horizon. Possible Price Correction: ADA/USD’s technical analysis reveals the most overbought state since May 2021, with the RSI at 82.75 on December 9. Historically, excessively high RSIs precede price corrections, indicating a potential selloff period. As ADA tests its 0.786 Fib line near $0.648, a decisive breakout could lead to a correction toward multi-month support near $0.243 or propel ADA’s price higher to the 0.618 Fib line near $1.135 by Q1/2024. As Cardano’s December rally continues, investors should closely monitor these technical signals to navigate potential price movements. Note: This article is intended for informational purposes only and does not constitute investment advice. Readers should exercise due diligence and consider professional advice before making investment decisions.