Bitcoin price forecast: BTC above $87k but sentiment remains bearish

Key takeaways 

  • BTC is up 1.5% in the last 24 hours and is now trading above $87k per coin.
  • The performance comes despite the bearish sentiment in the broader crypto market.

Bitcoin recaptures $87k

The cryptocurrency market is bullish on Wednesday following a poor start to the week, with Bitcoin, Ether, and XRP currently in the green. The price action for the top three cryptocurrencies remains weak, but they could record temporary relief over the next few hours.  

Bitcoin, the leading cryptocurrency by market cap, is trading above $87k per coin but could record further losses in the near term. In an email to Coinjournal, Nic Puckrin, investment analyst and co-founder of the Coin Bureau, believes that the market could face further selling pressure over the next few days. Nic added that,

“Bitcoin is in the red once again – a chart that is becoming all too familiar as a disappointing Q4 draws to a close. Having fallen to around $86,000, BTC is now knocking on the door of its 100-week moving average – a strong support level that sits around $84,800. And, once again, AI bubble fears and concerns over future monetary policy appear to be to blame.” 

Bitcoin could extend its correction in the near term

The BTC/USD 4-hour chart is bearish and efficient as Bitcoin has underperformed since the start of the week. Bitcoin’s price faced rejection on Friday and has lost 7% of its value since then. 

BTC retested the $85,569 support level on Monday, with the level holding, allowing BTC to hit the $87,500 level on Wednesday. 

BTC/USD 4H Chart

If the correction continues and the daily candle closes below the $85,569 support, Bitcoin could extend the decline toward the psychological $80,000 level.

The Relative Strength Index (RSI) on the 4-hour chart is at 38, below its neutral level of 50, indicating bearish momentum gaining traction. Moreover, the Moving Average Convergence Divergence (MACD) lines have converged, adding a bearish narrative to the chart. 

However, if the bullish trend resumes, Bitcoin could rally towards the 61.8% Fibonacci retracement level at $94,253.

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Hyperliquid price prediction: HYPE eyes the $30 resistance

Key takeaways

  • HYPE is up by less than 1% and is trading at $27 per coin.
  • The coin could reclaim the $30 psychological level amid plans to burn the assistance fund

Hyperliquid looks to burn assistance funds

HYPE, the native coin of the Hyperliquid DEX, is up by less than 1% in the last 24 hours, making it one of the best performers among the top 20 cryptocurrencies by market cap.

The positive performance comes as Bitcoin, XRP, and Ether are all trading in the red. It also comes as the Hyperliquid Foundation announced plans to permanently remove 37.11 million HYPE tokens from circulation, representing 3.71% of the total supply.

The tokens are stored in its assistance fund address, and they will automatically convert the trading fees collected by the perpetual-focused exchange to purchase its native token. 

According to the team, the absence of a private key meant that the assistance fund address was never controlled, and a hard fork was necessary to access the funds. With the voting currently ongoing, if the community approves the proposal, it will establish a social consensus that no protocol upgrades are to access this address. 

However, the derivatives data show that traders are becoming bullish on this cryptocurrency. CoinGlass data reveals that the Open Interest (OI) surged by 1.63% in the last 24 hours to $1.53 billion, indicating a rise in the notional value of active positions.

The increase of HYPE’s OI-weighted funding rate to 0.0839% also shows that there is a surge in buying pressure, adding more confluence to the bulls. 

HYPE could recapture $30 soon

The HYPE/USD 4-hour chart is bearish and efficient after losing 4% of its value in the last seven days. At press time, HYPE is trading above the $26 support level.

The news of a potential burn hasn’t been priced in, and this could push HYPE’s price over the next few days. 

HYPE/USD 4H Chart

However, failure to close the daily candle fails to close above the $26 support, HYPE could extend its decline to the October 10 low near $20. 

The RSI of 40 is below the neutral 50 but shows a fading bearish momentum. The Moving Average Convergence Divergence (MACD) and the signal line extend the declining trend, suggesting that the bears haven’t given up yet. 

On the flip side, if the bulls continue the recovery and HYPE’s daily candle closes above $26, the coin could rally towards the $34 resistance level.

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Ethereum price prediction as BitMine buys the dip even as ETFs shed $582M

  • BitMine buys $140M in ETH, boosting its treasury to nearly 4M ETH.
  • US Bitcoin and Ethereum ETFs saw $582M in combined outflows.
  • Ethereum trades near $2,950, capped by EMAs, with support at $2,900.

Ethereum price forecast remains cautiously optimistic as the cryptocurrency struggles to maintain momentum, trading near $2,950 after slipping roughly 12% over the past week.

While Ether has avoided a decisive breakdown, the broader market, including Bitcoin (BTC), shows signs of fatigue amid waning participation and cautious trading behaviour.

BitMine adds $140M ETH in the dip

As the price of Ethereum (ETH) fell below $3,000, Tom Lee’s Ethereum treasury firm, BitMine, reportedly acquired an additional $140 million worth of ETH on Monday, bringing its total holdings to nearly 3.97 million ETH, valued at approximately $11.6 billion.

This acquisition aligns with BitMine’s long-term goal of securing 5% of the circulating Ethereum supply, signalling strong confidence in the asset despite current market weakness.

The firm’s aggressive accumulation strategy has continued throughout the year, with notable purchases of over 240,000 ETH in early December alone.

Following the ETH purchase, BitMine stock closed higher on Tuesday, reflecting investor optimism around its treasury strategy.

ETF outflows signal macro-driven caution

While BitMine strengthens its Ethereum holdings, institutional investors appear to be trimming risk elsewhere.

US-listed Bitcoin ETFs and Ethereum ETFs experienced combined outflows of roughly $582 million on Monday, marking the largest daily redemptions in two weeks.

Bitcoin ETFs alone saw $357.6 million in net outflows, while Ethereum ETFs reported nearly $225 million.

Analysts suggest these withdrawals reflect macro-level de-risking tied to volatility in US equities and uncertainty over Federal Reserve policy rather than crypto-specific stress.

But despite these ETF flows, the structural foundation for Ethereum and Bitcoin remains robust, with long-term holders continuing to support the market, although short-term volatility has heightened as traders adjust exposure based on risk assets outside the crypto space.

Ethereum price prediction

BitMine’s purchases demonstrate corporate conviction in Ethereum’s long-term prospects, even as Ethereum ETFs show temporary withdrawals.

The juxtaposition of aggressive treasury accumulation and institutional caution underscores the mixed signals that traders must navigate.

From a technical standpoint, Ethereum (ETH) is currently trading in a late-stage corrective phase, with resistance defined by declining exponential moving averages (EMAs).

Price remains below the 20-day EMA near $3,075 and the 50-day EMA around $3,250, limiting the potential for a sustained rebound.

Spot outflows persist, totalling roughly $18.7 million, while open interest has declined to approximately $37 billion as leverage unwinds.

However, technical indicators, including the daily RSI, suggest weakening downside momentum but have yet to signal a bullish reversal.

The immediate support is found around $2,900 to $2,880 and a decisive break below this range could open the path to $2,700–$2,750, where deeper buying may emerge.

On the upside, reclaiming and holding above $3,075 would indicate diminishing selling pressure, while a move toward $3,250 would require a meaningful shift in volume and spot flows.

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Aster (ASTER) price outlook as whale dumps 3M coins at a loss

  • A large-scale investor has offloaded millions of ASTER tokens, absorbing a 22% loss within two weeks.
  • ASTER price has dropped below key levels, signaling bearish short-term bias.
  • Aster team calms supply-side worries by confirming no plans to sell unlocked tokens.

The digital assets market remained deteriorated on Wednesday, with the global crypto market capitalization at $2.94 trillion after a 0.65% dip in the past 24 hours.

Also, Bitcoin remained somewhat muted in the last day after the recent decline, changing hands at $86,640 following a mere 0.30% decline on its daily chart.

While most altcoins sought footing after the latest broad-based crash, ASTER is experiencing renewed selling momentum as large-scale players exit.

The digital token has lost nearly 10% of its value in the past 24 hours, underscoring overwhelming downward momentum.

According to Lookonchain, one whale has sold 3 million Aster coins, worth approximately $2.33 million today.

The entity executed the transaction when the alt traded at $0.78 per token.

Notably, the whale accumulated these tokens only two weeks ago and has now suffered a roughly 22% loss (or $667,000).

Such moves are often more than just a trade gone wrong.

Generally, whale investors have high risk tolerance and intend to hold for the long term, possibly until the asset turns bullish.

So, when a large-scale investor surrenders at a loss, it can signal a lack of conviction in short-term price rebounds.

Furthermore, the exit has coincided with ASTER’s significant price decline, magnifying prevailing bearish sentiments.

ASTER price analysis

Aster’s native token is changing hands at $0.7475 after losing more than 8% of its value in the last 24 hours.

The daily trading volume has increased by nearly 45%, signaling increased activity from participants likely exiting before further declines.

Meanwhile, ASTER has breached the crucial support zone at $0.81 – $0.82 and is ready to turn it into an overhead supply region.

That suggests immense bearishness, with any potential rebound to $0.80 likely to encounter heavy selling pressure.

Sellers are targeting the barrier at $0.72, where ASTER briefly paused during the previous dip.

Failure to attract adequate buying activity at this mark could expose the altcoin to further declines to the psychological zone at $0.70 in the near term.

Meanwhile, ASTER should reclaim $0.82 to flip to bullish.

Surpassing $0.85 with massive volumes could support breakouts to $0.90 and clear the path to $1.

Aster team boosts community confidence

Amidst the devastating downward pressure, the DEX has shifted attention to supply dynamics.

Early today, December 17, the team took it to X to address these concerns, confirming the completion of December’s Community & Ecosystem token unlock.

They have moved the unlocked assets to an address that now holds 235.2 million Aster coins after three months of coin releases.

Notably, Aster emphasized that it has no immediate plans to spend the unlocked ASTER and that the team will communicate in advance in case of future deployment plans.

While the announced transfer doesn’t add new supply to the circulating tokens, it comes amid amplified uncertainty, with traders worrying about additional selling pressure as key holders surrender.

 

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