While the leading cryptocurrency #Bitcoin was at $28,000, it comfortably opened the $40,000 level with the ETF news. Bitcoin, which was traded at $43,092 as of writing date, can easily exceed the $50,000 level. The main reason for this is that upcoming #ETF applications are likely to be approved. Here is the latest Bitcoin analysis

Bitcoin Technical Analysis and Price Prediction

Bitcoin price remains flat ahead of 2024 as investors await approval of spot Bitcoin exchange-traded funds (ETFs) in the US in January. The largest cryptocurrency rose to almost $45,000 in December but corrected at $40,000 to test support.

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Due to indecision between bears and bulls, Bitcoin continued to wobble between the $45,000 resistance and the $40,000 support. Overcoming seller congestion could trigger a FOMO-induced rally above $50,000, supported by optimism regarding ETF approval.

Bitcoin is mostly in the hands of the bulls and is supported by a rising trend line. In this context, BTC forms an upward triangle. With at least four bounces from this support line, #BTC can easily continue its uptrend.

Additionally, the ongoing consolidation in the ascending triangle paints a strong upward trend. However, investors should consider entering new long positions to overcome the immediate converging resistance at $43,000 formed by the 50 Exponential Moving Average (EMA) (red) and the 20 EMA (blue).

The Relative Strength Index (RSI) is marginally supporting the bullish theory after recovering from oversold conditions at the 30 level, but is facing some resistance at the 50 level at the time of writing.

The rising trend line indicates that the Bitcoin price is preparing to make a decisive move. Horizontal resistance at $44,300 is critical to confirm this positive momentum. Traders managed to surpass the confluence resistance at $43,000, but what is more notable is where they can enter long positions above $44,300. This breakout indicates the price's desire to break through important resistance and a potential uptrend.

Bitcoin (BTC) Technical Data

  • The overall Bitcoin price forecast sentiment in the last days of December is neutral. 18 technical analysis indicators indicate bullish signals and 11 indicate bearish signals.

  • The Relative Strength Index (RSI) momentum oscillator is a popular indicator that signals whether a cryptocurrency is oversold (below 30) or overbought (above 70). Currently, the RSI value is at 54.08, which indicates that the $BTC market is in neutral.

  • Based on the $42,605 pivot point (P1), Bitcoin has support levels at $41,638, $40,755 and the strongest at $39,788. Similarly, Bitcoin resistance levels are located at $43,488, $44,455 and $45,338. #bilgikripto