Bitcoin Targets New Highs Amid Rising Dominance; US Awaits Key ETF Decision
Summary:
Bitcoin is striving to surpass weekly range resistance, with its price nearing $44,900 following the Wall Street opening. After dipping to around $40,000 at the week's onset, Bitcoin has rallied, causing traders to reconsider possible steeper declines. This uptick is reinforced by Ethereum hitting a local low. Analysts predict new 2023 highs for Bitcoin, potentially exceeding $46,000. In related news, the approval of the first Bitcoin spot price exchange-traded fund in the U.S. is eagerly awaited, with a decisive call expected three weeks prior to the final January 10 deadline.
As of December 20, Bitcoin (BTC) has been attempting to conquer the weekly range resistance with its price strength, competing against altcoins for dominance. According to data from Cointelegraph Markets Pro and TradingView, the BTC/USD pair was approaching $44,900 following the opening of Wall Street trading. This marks a turnaround from its near $40,000 position at the beginning of the week, causing traders to reassess the likelihood of a steep downward trajectory.
Esteemed trader, Credible Crypto, commented that Ethereum (ETH) hitting a local low strengthens Bitcoin's potential for upward progression. He suggested that if a low is established for ETH, it likely indicates the same for BTC.
Analyst Matthew Hyland predicted that this upward progression could climax at over $46,000, constituting new highs for 2023. He identified a double bottom reversal on a chart, and explained that a breakout would confirm a target price of roughly $46.3k. This would require breaking through the resistance at the annual high from earlier that month.
Fellow trader Jelle concurred with the positive outlook for Bitcoin asserting it's primed for a breakout, he portrayed the recent support retests as minimal setbacks.
Bitcoin's local peak, reaching $44,729 on Bitstamp, represents the highest levels since April 2022. With a market dominance of 53.8%, Bitcoin regained some of its lost market share from the beginning of the week.
Turning to the debate on the first Bitcoin spot price exchange-traded fund (ETF) decision in the U.S., there arised optimistic perspectives. Notably, investor Fred Krueger emphasized that Blackrock's ETF desk has been cautioned against disrupting what CEO of MicroStrategy, Michael Saylor, calls 'the most significant financial markets product in 30 years.'
Krueger maintained that despite approval of an ETF amounting to "the biggest news in Bitcoin since the White Paper", political events in the U.S. may be the reason for markets' hesitation. The final deadline for this decision is set for January 10, with a decision expected about three weeks prior.
Disclaimer: This news release does not provide investment advice or recommendations. Investing and trading come with inherent risks and individuals should engage in their own research when making decisions.
Published At
12/20/2023 5:19:42 PM
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