Bitcoin Price Prediction, Bulls and Bears Fight Tooth and Nail
- Currently maintaining a steady position within the crucial $45,000 resistance level, Bitcoin reflects a prevailing optimistic sentiment in the market.
- Investors are keenly anticipating the Securities and Exchange Commission's (SEC) decision regarding the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.
- The SEC is expected to announce decisions on several ETF proposals in the early part of January, which could give rise to a "buy the rumor, sell the news" dynamic.
Bitcoin may climb further after surpassing $44,500 and $45,000 hurdle
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According to Coingabbar Technical Analysis, Bitcoin's price is gaining momentum and currently trading above the crucial $44,000 resistance level.
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Recent market sentiment suggests a stable range forming around $45,000, indicating a bullish outlook among traders.
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The potential for further upward movement exists if Bitcoin successfully surpasses resistance at $44,500 and $45,000.
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On the 4-hour chart, Bitcoin underwent a sharp ascent to $45,000, followed by a phase of sideways movement, signifying a balance between buyer and seller activity.
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On the daily chart, it is evident that Bitcoin has effectively maintained its position above the Symmetric Triangle pattern.
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A Spinning Top White Candle appeared on the daily chart yesterday, reflecting indecision between buyers and sellers.
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In conclusion, the primary question revolves around whether Bitcoin can breach the $45,000 levels before the end of 2023.
KEY LEVELS :
RESISTANCE LEVEL : $44,250-$44,750
SUPPORT LEVEL : $43,300-$42,800
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.
