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$45K Remains Major Resistance for Bitcoin (BTC) Bulls

Published 2023-12-21, 02:43 a/m
© Reuters.  $45K Remains Major Resistance for Bitcoin (BTC) Bulls
BTC/USD
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U.Today - The has made notable gains in recent days, but it is likely to encounter a formidable barrier before surging higher. That said, a break above this resistance could be a telltale sign of an upcoming bullish momentum.

A major resistance level

Recent trading activity indicates that the $45,000 mark has become a significant battleground for Bitcoin bulls.

Data shows that this price level has been a stiff resistance point, with the price stalling and supply being defended aggressively through selling orders.

This level is considered pivotal for market sentiment since a sustained break above could signal a stronger bullish momentum.

Market analysts have their eyes glued to the $45,000 level as Bitcoin attempts to claw back from its previous highs.

The price has made multiple attempts to break this threshold but has met with a robust selling presence, indicating a strong defense by bears in the market.

A major pullback?

According to QCP Capital, the approval of a spot Bitcoin ETF (TSX:EBIT) is on the horizon.

This announcement could come as early as January 2024. ETF providers have agreed to align with the SEC's "cash only" demands.

While the approval of a Bitcoin spot ETF could inject optimism into the market, QCP Capital cautions that there could be resistance in the $45,000 to $48,500 region.

However, this could be followed by a potential retracement to the $36,000 level.

This article was originally published on U.Today

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