Bitcoin and Ether surged above their respective overhead resistance levels on Dec. 4, indicating that the bulls are in no mood to slow down. The higher the price goes without a meaningful correction, the greater the feeling of missing out among traders. When traders chase prices higher, it could lead to a blow-off top before a correction sets in.

Cryptocurrency exchange Bybit said in its 4th quarter report that institutional traders held 35% of their assets in Bitcoin, 15% in Ether and a large portion kept 45% of their assets are in stablecoins. Only a miniscule 5% was held in rest of the altcoins. This shows that there is still enough firepower available with institutional investors to buy the cryptocurrency of their choice by selling stablecoins.

Bitcoin is in a strong uptrend. The bears could not pose any challenge at $40,000, which shows that bulls are having their way. The sharp rally of the past few days has pushed the RSI into the overbought zone, indicating that a minor correction or consolidation is possible. Sometimes, when the trend is strong, the RSI tends to remain in the overbought territory for an extended period of time.

The next target objective on the upside is $48,000 as there is no major resistance level in between. With every rise, it is getting difficult for the bears to stop the rally. If sellers want to make a comeback, they will have to halt the rally at the current level and drag the BTC/USDT pair below the 20-day EMA ($37,926).

That may indicate the start of a deeper correction. Lastly please check out the advancement’s happening in the cryptocurrency world

Lastly please check out the advancement’s happening in the cryptocurrency world.