However, breaching this resistance could be a clear indication of upcoming bullish momentum. Notably, in recent days, Bitcoin has observed some gains, but it is likely to encounter a significant barrier before further upward movement.
A key resistance level. Recent trading activities suggest that the $45,000 mark has become a significant battleground for Bitcoin bulls. Data indicates that this price level has served as a strong resistance point, with price halting and defending against supply through sell orders. This level becomes pivotal for market sentiment as continuous breakthrough above it may indicate stronger upward momentum.
Market analysts have their focus on the $45,000 level as Bitcoin attempts to recover from its previous highs. The price has made multiple attempts to break this threshold but has faced strong selling pressure, indicating a strong defense by market bears.
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A significant dip? The immediate approval of the Bitcoin ETF Fund
This announcement could come as early as January 2024. ETF issuers have agreed to meet with the requirements of the Securities and Exchange Commission’s “cash-only” demand. While the approval of a Bitcoin exchange-traded fund could inject optimism into the market, QCP Capital warns that there may be resistance in the $45,000 to $48,500 range.
However, this could potentially be followed by a bounce-back to the $36,000 level.
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