In the price analysis, Bastian (Bitbull) takes a look at Bitcoin and explains which price marks are important now.
Since Wednesday, December 20, 2023, the Bitcoin price has encountered significant resistance, creating a range between $43,500 and $44,500. As of now, there have been three consecutive 4-hour candle closes below $44,200, placing the Bitcoin price at a range low on today’s trading day. It seems likely that bullish investors might need to accumulate liquidity before a potential move towards the annual high. The trading volume for Bitcoin has consistently decreased since Wednesday, prompting speculation about possible upcoming market movements.
On the economic front, the US economy presents an optimistic outlook, with a projected growth of 3 percent for 2023. The Securities and Exchange Commission (SEC) has reached out to all ETF applicants, indicating that applications utilizing CashCreates will receive priority. While there may be future approvals for ETF applications using the “in kind” model, further developments are required. In simpler terms, applicants who haven’t transitioned to “CashCreates” by the beginning of January won’t be part of the initial wave of approvals.
Looking at the Bitcoin price, crucial support levels include $43,400 and $43,000, while resistance levels are at $43,860 and $44,400.
As for me, Bastian Keller, I have been navigating the Forex market independently since 2015 and transitioned to full-time trading in the crypto market in 2018. I actively share my expertise on various social media platforms, particularly through my YouTube channel “Bitbull Trading,” boasting over 36,500 subscribers. Alongside my channel, I have cultivated a community of more than 4,000 active members, providing both beginners and experienced traders with the opportunity to elevate their skills to a professional level. The primary focus remains on achieving profitability in the market over the long term, regardless of one’s location.
