Bitcoin Price Prediction, Jingle Bells, BITCOIN Swells

Key Takeaways
  • 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.
25-12-2023 By: Lokesh Gupta
Bitcoin Price Prediction, Jingle Bells, BITCOIN Swells

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.

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