The White House HODL. The United States has a significant quantity of BTC after numerous seizures. Why do they keep so much BTC? Sachin Jaitly’s theory is as follows: it would be a hedge against inflation. However, it may not be that simple.
BTC is entering a decisive week. Indeed, the SEC should set the tone regarding Bitcoin spot ETFs. While awaiting the final decision, the price of Bitcoin is hovering around $44,000. Can BTC continue to rise? Here is the bulletin for Monday January 8!
This analysis of the Bitcoin price is offered to you in partnership with CryptoTrader and its algorithmic trading solution finally accessible to individuals.
The price of Bitcoin stagnates around $44,000
As we approach the final decision on spot Bitcoin ETFsbuyers and sellers neutralize each other around $44,000. In fact, the price of Bitcoin stagnates in 24 hours :
In one week, the course shows a increase of 3.6%. For a month, buyers have had difficulty pushing the price up. For its part, the BTC/ETH pair climbs more than 7% in one week. The king of cryptocurrencies is strong against ETH.
The $50,000 within reach for the price of Bitcoin?
The weekly situation is clearly to the advantage of buyers, as the price shows ascending lows and highs. However, for several weeks, the course stuck at the $45,000 level :
A approval of ETFs by the SEC could allow the price to rise until the next resistance at $46,500. If this resistance gives way, BTC could find the $50,000. On the other hand, in the event of a decline, buyers will have to defend the level of support at $42,000. If the support $42,000 is lost, one back to $38,000 is possible. THE institutional bias (EMA 9/EMA 18) is bullishhe could act as dynamic support in the event of a strong fall.
The RSI recently returned to the level of the overbought zonea loss of steam could begin to appear in terms of momentum.
Buyers push, but resistance around $44,000 blocks Bitcoin price
It has now been several days since the resistance at $44,000 holds up. There momentum remains generally bullish on the king of cryptocurrencies, but we will have to get rid of the $44,000 to find the next one resistance at $46,000 in 4 hours:
On the other hand, sellers have the possibility of bring down the price. In this case, the price could return to the level of support at $42,000. It is possible that the price will continue to rise stabilize while awaiting the final decision of the SEC. The RSI is overall bullish, it displays ascending lows and highs. THE buyers have their hands on momentum short term.
The price of Bitcoin has remained stuck at the $44,000 level for several days. A validation of spot Bitcoin ETFs could allow the price to mark a new high in 2024, and return to the psychological round number of $50,000. Either way, buyers must defend weekly support at $42,000 to avoid returning to the $38,000 level. At the same time, the exchange token sector is doing relatively well, like Bitget’s BGB which shows an increase of 230% in 2023.
Bitcoin news that matters:
- The United States retains a significant BTC haul. If they sell some of their BTC from time to time, why don’t they sell all of it? Sachin Jaitly thinks it could be a hedge against inflation.
Do you want to delegate the trading of part of your cryptocurrencies? Through his optimized trading serviceCryptoTrader allows you to maximize your profits in a simple, diversified and fully automated way (commercial link).