The cryptocurrency market is experiencing a surge during the trading session on December 8, 2025, with notable gains in major assets such as Bitcoin, Ethereum, XRP, and Dogecoin. This uptick is attributed to a relief bounce from recent price lows. However, despite the current optimism, technical analysis indicates that this could be a temporary pause before further declines.
According to Paul Howard, Director at Wincent, the market is currently stabilizing, delineating a trading range rather than initiating a full-scale bull run. “We continue to see cryptocurrency prices closely correlated with global macroeconomic events,” Howard remarked. The recent decline of the U.S. dollar, which has hit its lowest levels since October, coupled with a renewed interest in risk assets like equities, has contributed to the positive sentiment. The S&P 500 closed last week at 6,870, its highest point in six weeks.
Bitcoin Price Analysis: Predicted Drop to $74,000
As of today, Bitcoin (BTC) is trading around $92,000, reflecting a 1.8% increase. However, my analysis suggests that this sideways movement is merely a brief pause before a continuation of the downtrend towards an ultimate target of $74,000, the April lows. Currently, Bitcoin is facing significant resistance between $92,000 and $94,000. My charts indicate that bearish sell signals have formed twice at this level, most recently a bearish engulfing pattern observed between December 3 and 4.
Moreover, I am closely monitoring a “Death Cross,” which occurred on November 16, where the 50-day EMA crossed below the 200-day EMA. This pattern typically signals that current price levels may not be sustainable. I anticipate that Bitcoin will breach recent lows, with a decline toward my target of $74,000. Only after this level is reached do I foresee a potential re-accumulation phase before any significant recovery, although this is unlikely to happen this year.
Ethereum Outlook: Caution Advised
Ethereum (ETH) is currently trading at approximately $3,156, up by 3%. While it has managed to recover above the critical $3,000 mark, the technical indicators suggest a cautious approach. Ethereum remains entrenched in a month-long consolidation phase between support at $2,750 and resistance at $3,400. Similar to Bitcoin, Ethereum”s moving averages depict a Death Cross, signifying a prevailing downtrend.
If the bearish scenario unfolds, I expect Ethereum”s price to slide towards the June lows of $2,100, with a high probability of falling below the critical level of $1,500, aligning with the April lows.
XRP and Dogecoin: Bearish Trends Persist
XRP, presently priced at $2.09, is also experiencing a minor bounce, but I remain skeptical about the sustainability of this rally. The local resistance zone is identified between $2.00 and $1.90, where previous declines halted. Nevertheless, the technical landscape has shifted significantly compared to earlier highs, and sell signals are evident, including another Death Cross.
My initial target for XRP is $1.61, followed by a potential drop to $1.25, marking the lowest levels since November 2024. For a shift to a bullish outlook, XRP would need to reclaim the resistance zone between $2.20 and $2.30, with a breakout above $2.70 required for a more sustained recovery.
In the case of Dogecoin (DOGE), which is up 3.6% today, the damage appears to be done as it has broken through a major support zone identified based on previous lows. The price dipped to $0.1332 on November 21, indicating a significant lack of buying pressure. The trend remains bearish, and unless DOGE can return to at least $0.20, a move towards $0.30 will be challenging. If current support fails, a crash towards $0.10 is plausible, testing levels last seen during the October flash crash.
Market Sentiment and Future Outlook
Despite the recent green in the charts, the broader sentiment remains cautious. The upcoming Federal Reserve interest rate decision on Wednesday is a focal point for investors, and the outcome may further influence market dynamics.
In summary, while the recent uptick in cryptocurrency prices offers a glimmer of hope, traders should remain vigilant. The technical indicators suggest significant resistance levels are still in play, likely leading to further price corrections across major cryptocurrencies.
