Bitcoin Price Prediction, Debate on the Next Big Move
- Crypto market's 2024 volatility tied to shifting sentiment on spot Bitcoin ETFs.
- For a directional rally, a bullish breakout from the daily channel pattern is crucial.
Bitcoin falters, unable to breach $44.5k hurdle, slides again
According to Coingabbar Technical Analysis, Bitcoin, after surpassing $43,500, faced resistance at $44,500, posing a potential hurdle.
The daily chart revealed a Long Lower Shadow, signifying active bulls near the dip.
Despite market uncertainty, the technical chart aligns with a rising channel pattern.
Over a month, BTC rebounded from the pattern's trendlines multiple times, indicating trader attention.
BTC price may oscillate in uncertainty until a clearer SEC response on spot Bitcoin ETF approval.
A bullish breakout from the daily channel pattern is crucial for triggering a directional rally.
KEY LEVELS :
RESISTANCE LEVEL : $44,300-$44,900
SUPPORT LEVEL : $43,400-$42,700
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
