Approval imminente. The end-of-year holidays are now over, but an extension could arrive in the coming days. In fact, the SEC’s decision regarding Bitcoin spot ETFs is expected to be given in the coming days. In total, there are 13 candidates impatiently awaiting the validation of an ETF.
In the meantime, the king of cryptocurrencies is taking the opportunity to move upwards. Yesterday, the price of Bitcoin closed above the last high marked at $44,700. Will BTC take advantage of the uncertainties surrounding spot Bitcoin ETFs to return to the $50,000 level? Here is the Bitcoin 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 stagnates in 24 hours
Despite the presence of sellers around the $45,800, BTC managed to close the day beyond the last high as explained in the introduction to this article. As a result, the price of Bitcoin stagnates in 24 hours :
Bitcoin price
| 1H | 24H | 7D | 1M | 3M | 6M |
|---|---|---|---|---|---|
| BTC/ETH 0.07% | 0.51% | -0.11% | 3.27% | 13.29% | 16.99% |
| BTC/USDT 0.07% | -0.03% | 6.88% | 9.64% | 63.48% | 49.95% |
| BTC/USD 0.09% | 0.00% | 6.92% | 9.79% | 63.59% | 50.02% |
Bitcoin outperforms Ethereum over the past month by 3.27% while the price of BTC in USD increased by 9.79%.
Bitcoin performance against different pairs. Source: Coincheckup
In one week, BTC shows a increase of almost 7%. Also, in three months, the king of cryptocurrencies is in increase of more than 60%. For its part, the BTC/ETH pair stagnated for a weekbut it climbs 13% in three months.
The dominance of Bitcoin is declining, room for altcoins?
The dominance of Bitcoin reflects the strength of Bitcoin compared to altcoins. Concretely, this allows us to know whether capital is generally heading towards BTC or towards alts. Since the start of 2023, capital is directed towards BTCbut the situation could change in the coming weeks and months:
Recently, dominance has given signs of shortness of breath. First, the price made a new high, but the RSI did not. The RSI momentum indicator indicates a bearish divergence. Then the price closed below the last low located at 51.7%. This fence means that the bullish trend on this graph is called into question. Indeed, a rejection at the level of the resistance at 53% could mark a top in terms of dominance. In this case, the altcoins could benefit from capital turnover. On the other hand, if the price manages to resume the 53% as supportthe trend could continue.
The price of Bitcoin is bullish in 4 hours: back to $46,000?
Thanks to the fence beyond the last high marked at $44,700BTC confirms the bullish trend in place for several months. Buyers must now defend the level of support at $44,000 :
If buyers defend the $44,000a return to the level of resistance at $46,000 is possible. In the event of upward volatility, the price could head towards the resistance located at $47,500. However, a reintegration of the price below the $44,000 would be a bad omen. At the same time, the RSI continues to be bullish, the buyers have their hands on momentum.
Could the king of cryptocurrencies lose his throne? Bitcoin’s dominance is showing signs of faltering. If these signals are confirmed, altcoins could take advantage of this situation to attract capital. Whatever happens, BTC remains strong against the dollar. The buyers’ objective is now to hold the $44,000, and mark a new high in 2024, beyond $45,880. Despite the recent rise, BTC remains far from its last all-time high. However, ChatGPT believes that it is possible that BTC will touch $100,000 in 2024.
Bitcoin news that matters:
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