Crypto Price Analysis 12-2: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, FILECOIN: FIL, INTERNET COMPUTER: ICP

The cryptocurrency market was mixed over the past 24 hours, with some tokens, like Bitcoin (BTC), trading in positive territory, while others, like Ethereum (ETH), were in the red. BTC fell to an intraday low of $83,909 on Monday with selling pressure persisting.

However, it rebounded from this level to reclaim $87,000 and move to its current level. BTC is up nearly 1% over the past 24 hours, trading around $87,002. 

Meanwhile, ETH failed to reclaim $3,000, falling to a low of $2,725. The altcoin rebounded from this level, reaching $2,807 before moving to its current level. ETH is down over 1% in the past 24 hours, trading around $2,810. Ripple (XRP) is down almost 1%, while Solana (SOL) is marginally down at $127. Dogecoin (DOGE) is down over 1%, while Cardano (ADA) is up 0.55%. Chainlink (LINK) and Hedera (HBAR) are also trading in the red, while Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) rose over the past 24 hours. 

Vanguard Set To Enable Crypto Trading 

Vanguard Group has confirmed it will permit trading of crypto ETFs and mutual funds that hold crypto on its platform. The decision allows Vanguard users to trade investment products tied to Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP). The decision is also a significant shift from Vanguard’s earlier stance that digital assets were too risky for long-term allocation. Andrew Kadjeski, head of brokerage and investments at Vanguard, stated that the infrastructure supporting crypto and crypto investment products has matured over time. 

Experts attribute Vanguard’s decision to its new CEO, Salim Ramji, a vocal blockchain supporter. Ramji has initiated several strategic changes since taking over as CEO to align the firm with investor preferences. 

Japan Advocates 20% Tax On Crypto Profits 

Japan is reportedly mulling a significant reduction in the maximum tax rate on crypto profits to 20%. The country’s Financial Services Agency (FSA) floated the proposed tax changes in mid-November, with plans to introduce a bill in early 2026. According to reports, the new rules will align crypto taxation rules with other financial products like equities and investment funds. 

Under current taxation laws, tax on crypto trading is included as a part of income taxes for individuals and businesses under the category of “miscellaneous income.” The tax rate varies from 4% to 45%, with high-income earners subject to an additional 10% inhabitant tax. Meanwhile, traditional investment assets like equities and investments are taxed at a flat 20% on profits, regardless of the amount. The new tax rates could boost Japan’s cryptocurrency market, as the high tax rates deterred potential investors. 

Republican Lawmakers Urge Action On Market Structure Bill 

Republican lawmakers on the US House Financial Committee and House Oversight Subcommittee have released a final report on the debanking of digital assets. The lawmakers claim the previous administration was responsible for cutting off access to financial services for several crypto companies and individuals. House Financial Services Chair French Hill and Oversight Subcommittee Chair Dan Meuser claimed that regulators under the Biden administration used vague rules, excessive discretion, informal guidance, and aggressive enforcement action to pressure banks from serving digital asset clients. 

The report stated that legislative action was needed to provide clarity for the cryptocurrency industry. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) registered a sharp drop on Monday, starting the new week in bearish territory. The flagship cryptocurrency fell to an intraday low of $83,800 before settling at $86,282, ultimately dropping 4.52%. BTC is marginally up during the ongoing session, trading around $86,737.

BTC’s inability to reclaim and close above $90,000 invalidated confirmation of a bullish reversal. Analysts believe spot liquidity and weak order book depth are the key reasons behind BTC’s lacklustre price action. However, there is a dense cost-basis cluster around $84,000. Over 400,000 BTC were acquired at this level, effectively forming an on-chain floor. However, active buying pressure between $84,000 and $90,000 is absent, and many short-term holders remain underwater relative to their average entry of around $104,000, leaving the market in a low-liquidity zone. 

According to CryptoQuant data, the Binance “Bitcoin to Stablecoin Reserve Ratio” has fallen to its lowest level since 2018, implying an unprecedented buildup of stablecoins ready to buy BTC. Historically, such extreme stablecoin-to-BTC ratios often precede major rallies. While spot demand remains weak, the stablecoin ratio indicates buying power on hand, but it is currently sitting idle. 

Analysts believe BTC may remain sideways until the upcoming Federal Open Market Committee (FOMC) meeting on December 9 and 10. 

Meanwhile, one crypto analyst has predicted that BTC’s bear market bottom is at around $55,000, not $35,000 as most analysts predict. A drop to $35,000 would represent a 72% decline. However, crypto analyst “Sykodelic” stated that predictions of a drop to $35,000 were “absolutely rubbish.” The analyst posted on X, 

BTC started the previous weekend in bearish territory, dropping to a low of $80,524 on Friday before rebounding and settling at $85,068. Sellers retained control on Saturday as the price fell 0.45% to $84,684. Despite the overwhelming selling pressure, BTC recovered on Sunday, rising 2.51% to reclaim $85,000 and end the weekend at $86,808. The price continued pushing higher on Monday, rising 1.68% to $88,266. However, selling pressure returned on Tuesday as BTC fell 1.07% to $87,325. Bullish sentiment returned on Wednesday as the price rose nearly 4% to reclaim $90,000 and settle at $90,468.

Source: TradingView

Buyers retained control on Thursday as BTC rose nearly 1% to $91,316. The price reached an intraday high of $93,161 on Friday but lost momentum, settling at $90,902, ultimately dropping 0.45%. Price action remained bearish over the weekend with BTC registering a marginal decline on Saturday before dropping 0.50% on Sunday and settling at $90,369. Selling pressure intensified on Monday with BTC falling to an intraday low of $83,800 before settling at $86,282. BTC is marginally up during the ongoing session, trading around $86,711.

Ethereum (ETH) Price Analysis

Ethereum (ETH) failed to reclaim $3,000 as December got off to a bearish start. The altcoin fell over 1% on Saturday before registering a marginal increase on Sunday, ending the weekend at $2,991. The selling pressure returned on Monday as the price fell 6% to $2,801. ETH is marginally down during the ongoing session, trading around $2,798.

Meanwhile, BitMine Immersion Technologies purchased 23,773 ETH over the past three days despite the market slump. According to data from analytics platform LookOnChain, BitMine purchased 7,080 ETH for $19.8 million on Monday. The wallet made another purchase of 16,693 ETH for $50.1 million on Saturday, bringing the total to nearly $70 million. ETH has registered a resurgence in institutional interest, with BitWise recently purchasing 96,800 ETH for around $273 million. BitMine has established itself as the largest ETH digital asset treasury in the market. The company currently holds 3.7 million ETH, acquired at an average purchase price of $3,008 per token.

ETH registered a sharp drop on Friday (November 21), falling to a low of $2,620 before reclaiming $2,700 and settling at $2,766. The price registered a marginal increase on Saturday and then rose 1.18% on Sunday to settle at $2,802. Bullish sentiment intensified on Monday as ETH rallied, rising 5.41% to $2,954. Buyers retained control on Tuesday as the price rose marginally to $2,960. ETH reclaimed $3,000 on Wednesday, rising 2.30% to $3,028.

Source: TradingView

However, ETH lost momentum on Thursday, dropping 0.45% to $3,014. The price rose 0.60% on Friday to $3,032. However, selling pressure returned over the weekend as ETH fell 1.33% on Saturday before registering a marginal decline on Sunday and settling at $2,991. Bearish sentiment intensified on Monday as ETH fell over 6% to a low of $2,719 before settling at $2,801. The price is marginally down during the ongoing session at $2,798.

Solana (SOL) Price Analysis

Solana’s (SOL) price chart is showing signs of a recovery after forming a bullish RSI divergence and rising CMF. ETF inflows also remain steady, indicating buyer interest despite recent declines. However, SOL must break above key resistance levels to confirm a reversal.

SOL made a lower low between mid-November and December, while its RSI formed a higher low, creating a bullish divergence pattern. SOL’s Chaikin Money Flow (CMF) indicator has also risen and is approaching its trendline. The CMF tracks money flow to gauge if institutional buyers are accumulating positions. A break above the trendline signals increased buying pressure. Analysts believe ETF demand is a key factor behind SOL’s resurgence, absorbing circulating supply and reducing downward pressure.

Network activity on Solana has also increased. Recent developments include Kalshi tokenizing on Solana and a resurgence in meme token projects. Analysts believe SOL must close above key resistance levels that have prevented rallies since early November. A breakout above the resistance level could push SOL back towards $150.

SOL started the previous weekend in bearish territory, falling to a low of $121 before settling at $128. The price fell 0.83% on Saturday before rising by over 2% on Sunday to settle at $130. Bullish sentiment intensified on Monday as SOL rose over 6% and settled at $138. The price registered a marginal increase on Tuesday before rising nearly 3% on Wednesday to cross $140 and settle at $143.

Source: TradingView

However, selling pressure returned on Thursday as SOL fell 1.60% to $140. Sellers retained control on Friday as the price fell 2.41%, slipping below $140 and settling at $137. Price action remained bearish over the weekend, with SOL falling 1.01% on Saturday and 1.81% on Sunday and settling at $133. Bearish sentiment intensified on Monday as SOL fell by over 5% to $126. The price is marginally up during the ongoing session, trading around $127.

Filecoin (FIL) Price Analysis

Filecoin (FIL) started the previous weekend in the red, dropping nearly 9%  to $1.659. The price fell 2.71% on Saturday and 0.19% on Sunday, settling at $1.611. FIL recovered on Monday, rising 1.99% and settling at $1.643. Buyers retained control on Tuesday as the price rose almost 2% to $1.672. FIL continued pushing higher on Wednesday, rising 0.18% to $1.675.

Source: TradingView

Despite the positive sentiment, FIL lost momentum on Thursday, dropping 3.46% to $1.647. A marginal increase on Friday saw the price move to $1.618. Price action was bearish over the weekend as FIL fell 0.80% on Saturday and 1.93% on Sunday, settling at $1.574. Selling pressure intensified on Monday as FIL plunged nearly 6% to $1.481. FIL is down over 1% during the ongoing session, trading around $1.464.

Internet Computer (ICP) Price Analysis

Internet Computer (ICP) fell nearly 7% on Friday (November 21) and settled at $4.30. Sellers retained control on Saturday as the price dropped by over 6% to $4.04. (ICO) registered a marginal increase on Sunday before rising nearly 4% on Monday and settling at $4.20. Positive sentiment persisted on Tuesday as ICP rose almost 4% to $4.36. Despite the positive sentiment, the price fell 2.52% on Wednesday, settling at $4.25.

Source: TradingView

Sellers retained control on Thursday as ICP fell 4.94% to $4.04. ICP remained static on Friday before dropping 0.74% on Saturday and 4.49% on Sunday, ending the weekend at $3.83. December started on a bearish note for ICP as it fell over 3% to $3.71. The price is down almost 2% during the ongoing session, trading around $3.65.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.