Bitcoin Price Prediction, Jingle Bells, BITCOIN Swells
- Former BitMEX CEO warns successful spot Bitcoin ETFs could "completely destroy" Bitcoin.
- Bitcoin price stagnation for three weeks creates uncertainty in the crypto market.
- Recent recovery post 8-week rally implies a buyer pause to regroup and strengthen.
Bitcoin undergoes correction from the $44,500 resistance zone.
According to Coingabbar Technical Analysis, On the daily chart, Bitcoin exhibits supply pressure at $44,500, evident in the Doji candle.
Failure to surpass $44,500 resistance prompts a descent, with potential support at $43,000.
Detailed analysis of the daily chart reveals prolonged consolidation near the critical $45,000 resistance, forming a possible double-top pattern.
Prolonged consolidation aligns with an ascending channel's upper boundary, providing further technical context.
Despite stabilization in the critical range, neutral candle formations on recent days hint at market uncertainty.
On the hourly chart, BTC trades within an Ascending Triangle pattern, introducing a shorter-term perspective.
A potential breakout above the $44,500 resistance on the daily chart could initiate a fresh upward movement.
KEY LEVELS :
RESISTANCE LEVEL : $43,900-$44,500
SUPPORT LEVEL : $43,000-$42,500
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.
