Bitcoin (BTC) is making waves again. After casting a shadow of doubt last week, the price is charging ahead, with its recent ascent nearing the pivotal resistance/support level of around $43,350.
Last week’s bearish whispers have now been drowned out. With a robust five percent climb over just two days, Bitcoin’s trajectory is firmly in the bullish territory. This upward momentum paints an optimistic picture, hinting at a potential rally to a fresh annual peak within the forthcoming fortnight.
Market dynamics at play
The recent surge isn’t the only indicator of Bitcoin’s bullish stance. The cryptocurrency’s daily trading volume has witnessed an uptick, suggesting heightened investor interest. Adding to the intrigue, there’s been a noticeable reduction in Bitcoin’s supply on centralized exchanges. Well, things are certainly getting interesting here!
Diving deeper into the analysis, Captain Faibik, a renowned crypto guru on the X platform, sheds light on the current scenario. Predicting an additional 8-10 percent surge, Faibik points to Bitcoin’s recent rebound as evidence. The technical charts further bolster this claim, with Bitcoin tracing a symmetrical triangle pattern over the past week. A decisive breakout has now placed the bulls firmly in command.
However, a dip below the $40,665 mark could throw a spanner in the works, reigniting concerns of an impending sell-off.
Also Read: Here are 5 Signals That Indicate the Bitcoin Bull Run is on the Horizon!
Institutional players are also betting big on Bitcoin’s future. Investment giant BlackRock’s nod to cash-settled spot BTC exchange-traded funds (ETF) in its recent review has instilled renewed confidence. This move has significantly boosted hopes for multiple ETF approvals slated for the initial weeks of January.
Read More About This: BlackRock’s Cash-Based ETF Play Could Change the Game; Here’s How
Across the pond, the crypto community in the United States is flexing its muscles. A collective effort has amassed a whopping $78 million, earmarked to champion congressional candidates sympathetic to blockchain and crypto assets in the upcoming elections. With such backing, the stage seems set for Bitcoin and its digital counterparts to further cement their place in the financial landscape.
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