![Bitcoin (BTC) back above $43K as Celestia (TIA), and Sei (SEI) display strength](http://media.assettype.com/analyticsinsight%2Fimport%2Fwp-content%2Fuploads%2F2024%2F01%2F15-Years-of-Bitcoin-15-Lesser-known-Facts-of-Crypto-King-Arti.jpg?w=480&auto=format%2Ccompress&fit=max)
The recent flash crash in crypto prices is testament to how nervous traders about the U.S. Securities and Exchange Commission's (SEC) decision on spot Bitcoin ETF applications.
Bitcoin fell as low as $41,000 shedding as much as 10% of its value in just 2 hours. One of the reasons being given for the sell-off was the Bitcoin ETF denial report by the crypto financial services platform Matrixport.
However, it is prudent to note that the report did not provide hard evidence why the ETFs will be rejected. Despite the bearish environment but Celestia, and Sei continue to scale higher.
Daily cryptocurrency market performance. Source: Coin360
Bitcoin is back above $43,000 as rumours circulate that the SEC's decision on the spot Bitcoin ETF applications may come on Friday Jan. 5.
As a result, the bullish momentum is back in the market as traders expect prices to scale higher. What important levels may support uptrends in Bitcoin, Celestia and Sei?
The big crypto has managed to shake off the cascading effects of a bearish report from a Matrixport analyst, who asserted that the SEC could reject the spot BTC exchange-traded funds (ETFs) applications.
Bull market metrics are resetting as analysts remain hopeful that a spot ETF will be approved by the SEC.
The technical outlook displays a range bound movement between $40,000 and $45,000.
All the moving averages were facing upwards and they represented areas of strong support for the pioneer cryptocurrency on the downside.
The RSI was moving upward above the midline, suggesting that the market conditions still favoured the upside. At the time of writing, the price was hovering around $43,859. The bulls will now attempt a push toward $54,000. Above that, the next logical move would be a return to the $50,000 psychological level.
On the downside, the sellers could continue their profit-taking streak with the $42,000 support level providing immediate support. The psychological level at $40,000 embraced by the 50-day exponential moving average (EMA) is the next ley level to watch.
The upside potential remains plausible for Celestia considering the Relative Strength Index (RSI) remains north bound, suggesting momentum continues to rise.
Increased buying from the current level would see the TIA/USD pair rise higher into new territories with $18.0 and $20.0 being key levels on the upside. A rise to $20 would represent a 21% uptick in price from the current level.
TIA/USD Daily Chart
On the downside, the RSI at 68 painted near-overbought conditions for Celestia. This means that the uptrend could soon run out of steam as buyer exhaustion and profit-booking sets in. As a result, the native token of the modular blockchain could drop from the current levels toward $15.37.
Lower than that, the price may drop into the zone ranging from $11.3 to $15 for sometime before establishing any directional bias.
Sei (SEI) is a general-purpose, open-source Layer 1 blockchain designed to facilitate the exchange of digital assets. With a focus on scalability, speed, and security, Sei provides a robust infrastructure for building decentralized applications (dApps) and enables seamless asset transfers between multiple chains.
As a next-generation blockchain, Sei aims to revolutionize the way digital assets are exchanged and empower developers to create innovative solutions on its platform.
Launched a little over three months ago, has continued to dazzle traders, rising more than 311% from the $0.18 listing price to the current value at $0.74.
Increasing total value locked (TVL) on SEI has also contributed to the token's upside. According to data from DeFiLlama, SEI TVL has spiked from below $4 million in October, 2023 to the current value at $10.91 million, marking a 173% increase.
SEI TVL
From a technical point of view, SEI traded in an ascending triangle as shown on the daily chart below.
Note that as long as the price continues to move within the confines of the rising channel, it is set to continue rising. The next level to watch on the upside is the $0.80 psychological level and later the optimistic target of the prevailing chart pattern at $0.96, embraced by the upper boundary of the channel.
SEI/USD Daily Chart
On the downside, the RSI painted overbought conditions for SEI as profit-booking takes centre stage.
As a result the price of SEI may turn down from the current level with the first line of defense being the lower boundary of the channel at $0.67. Additional lines of support could emerge from the $0.60and $0.50 psychological levels.
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