Flood on the cryptocurrency market – Is $30 trillion ready to flood the cryptocurrency market? In any case, this is the opinion of Michael Sonnenshein, CEO of Grayscale. Indeed, an approval of a spot Bitcoin ETF could bring in a lot of new money according to him.
If we refer to recent cycles, the price of Bitcoin could slow down before the arrival of the event long awaited by cryptocurrency enthusiasts: the halving. The price of Bitcoin is trying to get back above $44,000. Will buyers succeed in breaking through the resistance? Here is the newsletter for December 21!
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 rises 2% in 24 hours
After having defended the $40,500buyers are trying to break the resistance at $44,000. In fact, the price of Bitcoin is climbing 2% in 24 hours :
BTC shows a increase of 2.5% in one weekand of 17% in one month. In three months, BTC displays an impressive performance of 65%. For its part, the BTC/ETH pair climbs 1.5% in 24 hoursand of 4.5% in one week.
Cryptocurrency adoption is on course
This year, the king of cryptocurrencies knew attract the attention of operators. Already, BTC is theone of the best performing assets of the year 2023. Also, the speculation around spot Bitcoin ETFs in cash made it possible to raise awareness of BTC, and to increase the price of the asset. Despite a catastrophic year in 2022, the adoption of cryptocurrencies is continuing its course:
According to data from Glassnode, there are now more than 50 million unique addresses that have cryptocurrencies. This is a record, and it shows that cryptocurrencies continue to attract new investors. Whether the price is in a bull market, or in a bear market, this metric is on the rise. With the arrival of halving and a spot Bitcoin ETF, will the number of unique addresses with cryptocurrencies increase? explode upward ? See you in 2024 to find out!
Bitcoin price stuck at $44,000
BTC rebounded on the support at $42,000but for the moment, it cannot exceed the resistance at $44,000. In the event of breakage of the resistancethe price could find itself at the level of the next resistance located at $46,500. A fence above the last high marked at $44,700 would allow during confirm the upward momentum in 4 hours:
As long as the resistance at $44,000 holds, the course is in a tidy. In fact, buyers defend the support at $40,500and the sellers defend the resistance at $44,000. In the event of rejection, the price could once again return to the level of support at $42,000. The RSI is solid. Thanks to the fence above 62the indicator continues to display a bullish momentum. THE buyers have their hands on momentum short term.
Year after year, Bitcoin and altcoins manage to attract new operators. Indeed, Glassnode has recorded more than 50 million unique addresses with cryptocurrencies. For its part, the price of Bitcoin is moving within a range between resistance at $44,000 and support at $40,500. A break of resistance would allow the price to regain bullish momentum. BTC is not the only asset to perform in 2023, Avalanche (AVAX) is showing an impressive rise.
Bitcoin news that matters:
- Could the price of Bitcoin slow down before the halving? If we refer to the last cycles, BTC could take a break before the major event of the king of cryptocurrencies. Despite everything, the price is heading towards $44,000.
- If some think that the arrival of spot Bitcoin ETFs could generate selling in the market, Michael Saylor is very optimistic. He thinks “the Bitcoin spot ETF might be the biggest development on Wall Street in the last 30 years.”
- Will the next bull run come from Asia? After yield farming and NFTs, cryptocurrency enthusiasts are wondering where the next hype will come from. Singapore is trying to establish itself as the new tokenization hub.
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