Bitcoin’s price was relatively calm over the weekend but is still up 5% over the last week, trading above the $43,000 level as of this writing.
With the holidays now underway, including Christmas today and New Years just 6 days away, we may see slower price action in the coming days as traders, bulls and bears spend more time away from the charts with family.
However, the market seems to be anticipating potential Bitcoin ETF approvals from the SEC expected in early January 2024. This regulatory clarity could provide a positive catalyst for Bitcoin’s price.
Some analysts like Blockchainedbb are still keeping a close eye on the charts even during the holidays. As he noted on Twitter:
“The red path was our original plan. However, $BTC lost the purple line which was our last straw…”
He goes on to explain closing out his long positions and planning to add to his BTC and ETH shorts, expecting further downside.
Another popular analyst Moustache, with over 80k followers, tweeted a more optimistic long-term view:
“#Bitcoin $48,000 as the next big target for $BTC is inevitable. If it breaks above that, we could even reach $60,000…”
He notes this would align with Bitcoin’s historical bull market patterns going back years.
Zooming out, Bitcoin’s price has been in an uptrend since the beginning of 2023, rising 160% to a new peak of $44,700 on December 8th. However, some uncertainty emerged as BTC closed below and then back above that 0.5 Fib retracement level over subsequent weeks.
Traders monitor momentum indicators like the Relative Strength Index (RSI) to gauge trends. With the RSI rising above 50 and in bullish territory currently, this suggests upside momentum remains.
The path forward for Bitcoin may depend on whether bulls or bears take control as we head into the new year. But analysts seem divided on whether short-term headwinds or long-term historical patterns will win out. Volatility likely lies ahead.
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