Bitcoin Price Prediction, Explosive Start Sparks ETF Speculation
- Bitcoin enthusiasts are eagerly awaiting the US Securities and Exchange Commission's (SEC) decision on the Ark 21Shares Bitcoin ETF, set for a crucial deadline on January 10, 2024.
- Excitement is building as the SEC gears up to share insights on recent S-1 filing tweaks, raising hopes for potential approvals on Wednesday and Thursday.
- Concurrently, expectations point to the US Manufacturing Purchasing Managers' Index (PMI) maintaining its position at 48.2 throughout December 2023.
Bitcoin broke the critical pattern, setting a target above $50,000.
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According to Coingabbar Technical Analysis, Bitcoin formed a base above the $41,500 support zone.
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After trading sideways, The BTC price broke through previous highs.
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Bitcoin's recent breakout from a four-week pennant pattern is notable.
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BTC is gaining momentum, surpassing $44,000 and $44,500 resistance levels.
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Recent rumors of spot ETF approval have fueled a fresh increase in Bitcoin price.
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Bitcoin's price is up by over 7.70%, clearing the $45,000 resistance.
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Positive signs are evident as Bitcoin maintains a closing price above the $45,000 resistance level.
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The BTC price broke out of an ascending triangle, aiming for the next resistance at $47,600.
KEY LEVELS :
RESISTANCE LEVEL : $46,000-$46,600
SUPPORT LEVEL : $45,400-$44,800
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
