SUI, BGB, ENA, and VIRTUAL are strong as Bitcoin looks for direction.

Bitcoin (BTC) is down about 8% for the week, but it is a positive sign that bulls have been aggressively buying the weekly lows. Following the recovery, analysts are divided on the next direction of movement. Some expect the correction to deepen, while others expect the upward trend to resume.

Bitcoin’s rebound on December 20 failed to attract investors to U.S. spot Bitcoin exchange-traded funds. ETFs saw outflows of $617.9 million on Dec. 19 and $277 million on Dec. 20, according to Farside Investors data, suggesting profit booking by traders.

The next few days are likely to witness a tough fight between bulls and bears near the $100,000 level. If Bitcoin remains above $100,000, cryptocurrency sentiment is expected to improve, sending some altcoins higher.

On the other hand, if Bitcoin fails to rise and sustain above $100,000, it could tempt short-term buyers to book profits. This could begin a deeper correction in Bitcoin, triggering a sell-off in some altcoins.

Let’s take a look at a chart of the top five cryptocurrencies that could perform well in the short term.

Bitcoin Price Analysis

Bitcoin rebounded from the 50-day simple moving average ($92,901) on December 20, but the recovery is facing selling off the 20-day exponential moving average ($98,758).

The BTC/USDT pair may consolidate between the moving averages as both bulls and bears try to gain the upper hand. If the price breaks above the 20-day EMA, it means the correction is over. The pair could then retest its all-time high at $108,353. A break above this resistance and a closing price could begin the next leg of the uptrend to $113,331, and then to $125,000.

Conversely, a break and close below the 50-day SMA could initiate a larger correction towards $85,000. This is an important level for bulls to defend as a break below this level could open the door for a decline to $73,777.

Both moving averages are moving downward on the 4-hour chart and the RSI is in negative territory, indicating an advantage for sellers. A close below the $90,000 support could signal the start of a deeper correction towards $85,000.

The first sign of strength is a close above $100,000. The pair could rise to $105,000 and later to $108,353. Sellers are expected to defend this level as best as they can, as failing their efforts could lead to the pair resuming its uptrend.

sui price analysis

Sui (SUI) fell below the 20-day EMA ($4.22) on Dec 19, but the bears were unable to break the support at the 50-day SMA ($3.61) on Dec 20.

A strong bounce from the 50-day SMA suggests aggressive buying at lower levels. The bulls tried to resume their uptrend on December 21st, but the bears stayed put. A rise in the moving averages means things are in favor for buyers, but a negative divergence in the RSI suggests weakening momentum.

If the price rises from the current level, the bulls will attempt to resume the uptrend again. If it breaks above the $5 level, the SUI/USDT pair could rise to $5.50 and then to $6.50.

On the other hand, a break and close below the 20-day EMA suggests that bulls are taking profits. If the 50-day SMA breaks, selling could accelerate. The currency pair could fall as low as $3.

The moving averages on the 4-hour chart are gradually declining and the RSI is just below the midpoint, suggesting range caution action is possible in the near term. If the price stays below $4.20, the pair may fall to $4 and later to $3.50. Buyers are expected to aggressively defend the $3.50 level.

If buyers drive and hold the price above the 50-SMA, the pair could rise to $5. This remains a key resistance level to watch out for, as a break above it could push the price up to $5.50.

Bitget Token Price Analysis

Bitget Token (BGB) has fallen from $4.90 on December 19 to near the 20-day EMA ($3.29) on December 20, but the long tail of the day’s candlestick shows solid buying at lower levels.

After the volatility of the past few days, the BGB/USDT pair may consolidate between $4.90 and the 20-day EMA for some time. If buyers push the price above $4.90, the pair could rise to $5.38 and later $6.

The downside is that if it falls below $4.05, it could fall to $3.83 and then to the 20-day EMA. Buyers are expected to defend the 20-day EMA. Because if the 20-day EMA falls below it, it means that the pair has hit a near-term high.

The bulls are trying to push the price back above the 20-EMA, which indicates lower levels of demand. A downtrend line may be reached, which will likely act as strong resistance. If the bulls break the downtrend line, the pair could rise to $4.90.

The downside is that bears need to hold the price below the 50-SMA to signal the start of a deeper downtrend. The pair could fall to $3.38 and then fall to $2.90.

relevant: Bitcoin social sentiment falls to yearly low, signaling BTC breakout.

Ethena Price Analysis

Ethena (ENA) fell below the 20-day EMA ($1.00) on December 19, but bulls quickly regained that level on December 20.

A rising 20-day EMA and RSI just above the midpoint are signs of a slight advantage for buyers. The bulls will try to push the price to $1.23 and later to $1.33. Sellers are expected to defend this area with all their might, but if the bulls win, the ENA/USDT pair could rise to $1.52.

This positive view will be invalidated in the short term if the price declines and falls below the 20-day EMA. The pair could then fall to its 50-day SMA ($0.76).

A flattening moving average and the RSI near the midpoint of the 4-hour chart indicate a balance in supply and demand. The currency pair may fluctuate between $1.23 and $1 for some time.

The price would have to rise above $1.23 to get buyers back in the driver’s seat. The pair could rise to $1.33 and then to $1.52.

Conversely, a drop below $1 could cause the pair to fall to $0.84. This is an important short-term support line to pay attention to, as a break below it signals a short-term trend change.

Virtuals Protocol Price Analysis

Virtuals Protocol (VIRTUAL) is correcting an upward trend, but one small positive is that it is finding support at the 20-day EMA ($2.14).

A rising 20-day EMA and RSI in positive territory are signs that buyers have the upper hand. If the price rises above $2.85, the VIRTUAL/USDT pair could rise to $3.32. A breakout and close above this resistance line could push the pair up to $4.

Contrary to this assumption, if the price continues to move lower and falls below the 20-day EMA, it means the bulls are taking profits. There is another solid support at $2, but if the level is broken, the pair could enter a deeper downtrend towards $1.50.

The pair has fallen below its moving average, but bears are struggling to push the price above $2. This means the sale will close at a lower level. Buyers will try to push the price above the moving average and open the door for a rally to $3, or $3.32.

Conversely, when the price falls below the moving average, it signals that bears are selling in a rally. This could lead to solid support at $2. If this support breaks, the pair could fall to $1.50.