Bitcoin bulls’ run toward $45K could produce tailwinds for UNI, OP, TIA and STX
The potential bullish momentum in Bitcoin, aiming to surpass the $45,000 resistance this week, could have implications for other cryptocurrencies like UNI, OP, TIA, and STX. However, predicting the specific movements of individual coins is challenging due to various factors influencing the cryptocurrency market. It's essential to monitor real-time market data, consider each coin's unique fundamentals, and be aware of broader market trends to assess their potential responses to Bitcoin's performance.
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The S&P 500 Index (SPX) achieved its highest close of the year last week, and Bitcoin (BTC) also hit a new 52-week high, indicating strength in risky assets as the year comes to a close.
Some analysts suggest that Bitcoin may face a short-term correction, especially if its dominance drops below 51.81%. Matthew Hyland, a popular analyst, warned that such a drop in dominance could mark the end of the uptrend.
In the current market environment, the first leg of a new bull market rally is often led by the leaders. However, after a significant move, profit-booking occurs, and traders start exploring alternative opportunities. While Bitcoin hasn't rolled over, several altcoins are showing upward movement, signaling a potential shift in interest.
### Bitcoin Price Analysis:
**Daily Chart:**
- Bitcoin has been consolidating near the minor resistance at $44,700, indicating that bulls are not rushing to exit.
- Upsloping moving averages and an overbought RSI suggest that bulls remain in control.
- If the price rises above $44,700, it could signal a resumption of the uptrend, with a potential target of $48,000.
- Conversely, a drop below $42,821 might lead to a deeper correction towards the 20-day EMA and 50-day SMA.
**4-Hour Chart:**
- The 4-hour chart shows attempts to sustain above the 20-EMA.
- If successful, the pair may rally above $44,700, targeting $48,000.
- A slide below the 20-EMA could lead to a correction to $41,993 and $41,157.
### Uniswap (UNI) Price Analysis:
**Daily Chart:**
- Uniswap rose above the overhead resistance of $6.70, completing a double bottom pattern.
- A potential drop below $6.70 could lead to a test of the 20-day EMA at $6.10.
- A rebound off the 20-day EMA may lead to a rally above $6.70, targeting $7.70 and eventually $9.60.
- Conversely, a fall below the 20-day EMA might lead to a decline towards the 50-day SMA at $5.32.
**4-Hour Chart:**
- The 4-hour chart indicates a pullback attempting support at the 20-EMA.
- A rise and maintenance above $6.70 could signal a rally towards $7.70.
- If the 20-EMA fails to hold, support levels at $5.80 and $4.80 become crucial.
### Optimism (OP) Price Analysis:
**Daily Chart:**
- Optimism (OP) broke above the overhead resistance of $1.87, starting a new uptrend.
- A retest of the breakout level at $1.87 is possible, with bulls aiming to turn it into support.
- A bounce from $1.87 could lead to a rally towards $2.30 and $2.60.
- Conversely, a drop below $1.60 might strengthen bears' positions.
**4-Hour Chart:**
- The 20-EMA provides support, and a push above $2.30 may signal the next uptrend.
- A downturn below the 20-EMA could lead to a battle around the breakout level at $1.87.
### Celestia (TIA) Price Analysis:
**Daily Chart:**
- Celestia (TIA) experienced a sharp uptrend but faced profit booking near $11.50.
- Bulls defending the 38.2% Fibonacci retracement level at $9.01.
- A move above $10.50 could pave the way for a retest of $11.50 and further gains to $14 and $16.
- A break below $9.01 may lead to a test of the 20-day EMA at $7.75.
**4-Hour Chart:**
- Support near the 50-SMA, with potential downside to the 50% retracement level at $8.25.
- Buyers aiming to push above the downtrend line for positive momentum.
### Stacks (STX) Price Analysis:
**Daily Chart:**
- Stacks (STX) correcting near the 38.2% Fibonacci retracement level of $0.99.
- Shallow pullback suggests strong buying interest.
- A retest of the local high at $1.25 is possible, with resistance expected between $1.25 and $1.31.
- Immediate support at $0.96; a break below may lead to a correction to the 20-day EMA at $0.87.
**4-Hour Chart:**
- Support near the 50-SMA, with resistance at $1.08.
- A break below $0.96 could open the doors for a further downside to the 50% retracement level at $0.92.
This analysis provides a snapshot of the current technical outlook for Bitcoin, Uniswap, Optimism, Celestia, and Stacks. Keep in mind that cryptocurrency markets are highly volatile, and actual prices may deviate from these predictions. Always conduct your research and consider multiple factors before making investment decisions.
