Bitcoin Price Prediction, Santa Rally Boosts Market Spirits
- Federal Reserve Chair Powell resists immediate interest rate cuts, contrary to market expectations on Friday.
- The rally is fueled by positive regulatory moves on Bitcoin ETFs, with a potential approval window between January 5 and January 10, 2024.
- The market witnesses a notable Santa Claus rally, with Bitcoin holding strong above $38,500, reaching a 19-month peak.
Bitcoin hits $39,000, marking a 1.7-year record high.
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According to Coingabbar Technical Analysis, Yesterday, Bitcoin broke out of a prolonged consolidation phase.
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Bulls regain momentum, breaking out of the range after several unsuccessful attempts.
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Bitcoin experienced a 1% increase, reaching $39,000, marking its highest point since April and May 2022.
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BTC consistently trades within an ascending channel pattern on the 4-hour chart.
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The ascent above $38,000 signifies the completion of an ascending triangle pattern, signaling a potential bull run.
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Sellers aiming to halt the uptrend need to hold Bitcoin below $39,000, triggering a potential decline to $36,800 support.
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If a strong recovery occurs from $36,800, Bitcoin might consolidate within the $36,800 to $38,000 range for an extended period.
KEY LEVELS :
RESISTANCE LEVEL : $39,200-$39,600
SUPPORT LEVEL : $38,400-$38,000
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.
