The million for Bitcoin? – For Arthur Hayes, the co-founder and former CEO of BitMex, the price of Bitcoin could reach a million dollars. The reason ? The macroeconomics should allow BTC to reach this amount.
The price of Bitcoin was once again rejected at the $43,000 level. Buyers are defending the support level at $42,000, but they are having a hard time accelerating back to resistance at $44,000. Are sellers taking over? Here is today’s newsletter!
This analysis of the Bitcoin price is offered to you in partnership with CryptoTrader and its algorithmic trading solution finally accessible to individuals.
Bitcoin price falls 1.5% in 24 hours
The king of cryptocurrencies has been made reject at $43,000 level. Indeed, the price of Bitcoin drop of 1.5% in 24 hours. In one week, the course now falling by almost 5% :
In one month, the course remains in increase of more than 10%. Also, the course displays a increase of almost 60% in three months. For their part, the pair BTC/ETH stagnates for a week. It rises by more than 15% in three months.
Bitcoin price performs well in 2023, but volatility declines
BTC has surprised most operators in 2023. Indeed, after taking over the $20,000 as supporthe also managed to break $30,000then the $40,000. Let’s hope that BTC doesn’t stop there. Whatever happens, we can say that the year of BTC is a performance success.
There Bitcoin volatility is often perceived as a barrier to adoptionparticularly at the level of institutional actors. However, it is interesting to note that the volatility of BTC falls over time. The white curve represents the 50 period moving average, and this has been falling overall since 2018, but especially since the end of 2021. We also felt it this year. In fact, the drop of 5.75% recorded on December 11 is the third largest one-day drop in 2023. decrease in volatility over time is notably due to the increase in capitalization. This is an additional element to highlight during the family Christmas meal!
Bitcoin price is back at the support level at $42,000
Buyers defended the support at $40,500they must now defend the support at $42,000. In the event of a rebound, the price could reach the next level of resistance at $44,000 :
On the other hand, a break in the support at $42,000 would allow sellers to send the course to the support at $40,500. A support that will have to be defended to avoid returning to the $37,500. The RSI is currently bounce, it will be necessary to resume a dynamic with ascending troughs and peaks. To do this, it will be necessary to develop above 60.
In 2023, the price of Bitcoin has broken the various resistances present on its path. Also, BTC is experiencing a drop in volatility, a good point for the adoption of the king of cryptocurrencies. The price is back on support at $42,000. Buyers will have to defend this level to avoid returning to the support at $40,500. For its part, is Ethereum overheating at the $2,300 level?
Bitcoin news that matters:
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