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bitcoin price is down 2% in the last 24 hours to trade at $41,178 as of 11:30 pm EST, but trading volume is up 35%.
Investors are coming out of the weekend ready for action. The bears prevail with the moving average convergence divergence (MACD) giving a sell signal. Expectations of a pullback continue to emerge, with traders anticipating a range revision of $36,000 to $37,000.
I think one more run towards 44 km before the nuclear bomb.
I'm still hoping for 36/37k to be reached.
Invalidation greater than 46kbtc?src=hash&ref_src=twsrc%5Etfw”>#btc
Oh and I forgot to say
First quarter of 2024 = $55,000 btc?src=hash&ref_src=twsrc%5Etfw”>#btc– WIZZ (beware of scammers) (@CryptoWizardd) December 17, 2023
One trader observed that bitcoin price completely reset the daily Relative Strength Index (RSI). This puts the momentum indicator at its lowest level in two months. The last time btc's RSI was this low was when the bitcoin price was $27,300.
btc?src=hash&ref_src=twsrc%5Etfw”>#btc has now completely reset the daily RSI, which was what was discussed as a potential scenario
The daily RSI is now at the lowest level in 2 months and at levels when the btc price was $27.3k, however it is now $41k: https://t.co/2Qyu6YyJfi pic.twitter.com/X8YQVI20yM
– Matthew Hyland (@MatthewHyland_) December 18, 2023
With the RSI registering lower lows while bitcoin price registering higher highs, this outlook precipitates a bearish divergence.
Multiple sell signals have one analyst weighing a 50% drop below current levels. This would mean that bitcoin price revisits the $20,500 level.
He btc?src=hash&ref_src=twsrc%5Etfw”>#btc The price could easily drop 50% from here.
I don't think it's likely, but no one knows for sure.
It doesn't change my thoughts though:bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin It will be worth much more in 10 years than it is today.
— Rajat Soni, CFA (@rajatsonifnance) December 18, 2023
For now, however, the bulls remain in control as both the MACD and the Awesome Oscillator (AO) remain in positive territory. The RSI position above the midline of 50 is also a good sign, pointing to strong price strength.
btc?src=hash&ref_src=twsrc%5Etfw”>#btc the first pack of reds from the beginning of October.
Despite the closing of 8 consecutive weeks, the entire CT turns into a descending red candle.
The cows are still in complete control. pic.twitter.com/qyTvEnuhVd— Trading education (@tradingedu_co) December 18, 2023
Jan Van Eck Anticipates New All-Time Highs for bitcoin Price in 2024
The bullish outlook has VanEck CEO Jan van Eck anticipating new all-time highs for btc. His forecast comes after the recent meeting of the Federal Open Market Committee (FOMC), in which the minutes point to interest rate cuts in 2024.
Federal Reserve Chairman Powell: “Today we decided to leave our policy rate unchanged and continue to reduce our securities holdings. Given how far we have come, along with the uncertainties and risks we face, the Committee is proceeding carefully “. #FOMC pic.twitter.com/ZiOCKcrT9b
-CSPAN (@cspan) December 13, 2023
“The macroeconomics behind bitcoin and gold are very strong,” he told CNBC Television in an interview, adding that the two assets “in some ways operate similarly,” peaking in 2021 and recovering throughout 2023.
Acknowledging that the price of bitcoin remains 170% higher so far this year, the VanEck executive expects more gains to come. He predicts new all-time highs in 2024 driven by events like the btc halving. The event is scheduled for April 2024, where miner rewards will be reduced by 50%.
bitcoin Price Forecast
As is the case with the weekly period, bitcoin price is facing a supply barrier even in the three-day period, ranging between $44,074 and $47,488. With the bulls still leading the market, btc's market value could surpass this order block, making it a bullish break above the psychological level of $48,000.
To confirm the bullish trend, bitcoin price must record a three-day candle close above the average threshold (middle line) of the order block at $45,843.
A move above the psychological level of $48,000 would set the tone for bitcoin price to aim for the next psychological level of $50,000, or higher, testing the $60,000 mark. In very bullish cases, btc price could extend one neck higher to test the range high of $69,000. Such a move would constitute a 67% rise above current levels, which could set the tone for an extended move northward.
The RSI remains above the 50 level, while the AO and MACD remain within the positive territory. This shows that the bulls continue to lead the market, accentuating the bullish thesis.
Reverse case
On the other hand, a rejection of the three-day supply barrier could send bitcoin price lower, causing a shift from $37,800 support to resistance. A prolonged suppression could see the cryptocurrency king fall past the 50-day simple moving average (SMA) at $31,684 to test the psychological level of $30,000. A breakout and close below this level would invalidate the bullish thesis.
In the serious case that the aforementioned level does not hold as support, bitcoin price tests the 100-day and 200-day SMA at $29,648 and $25,625 levels respectively.
Meanwhile, with the btc community eagerly awaiting the halving event and euphoria around the long-awaited bitcoin exchange-traded funds (ETFs), a new bitcoin derivative, BTCETF, is on the market, with a trend as analysts anticipate 10x growth potential.
Promising alternative to bitcoin
BTCETF is the native asset of the bitcoin ETF token ecosystem, a project that rewards token holders as btc spot ETF products are approved. Investors who want to get ahead of this milestone can purchase bitcoin ETF tokens at the lowest possible price to ensure they are hodlers before the first bitcoin ETFs are approved.
#BitcoinETF represents a crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto token closely linked to $btc and the imminent #SECOND approvals for advance #ETF.
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Follow us, activate alerts and stay informed about monumental bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin occurrences! pic.twitter.com/HqNWM7AH5l
– BTCETF_Token (@BTCETF_Token) December 16, 2023
The project marks the anticipation of the launch of the bitcoin ETF in the US market. It represents a crypto token closely tied to btc and the impending SEC approvals for anticipated ETFs.
What is the role of $BTCETF #Symbolic?
This ERC-20 token marks the anticipation of bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETFs enter the American financial landscape. pic.twitter.com/RAhD5uuqi9
– BTCETF_Token (@BTCETF_Token) December 16, 2023
The bitcoin ETF Token project is in the pre-sale stage, with sales now reaching $4.669 million out of a target of $5.059 million. The token is selling for just $0.0068 at the current stage, giving interested investors the opportunity to purchase BTCETF at low rates ahead of likely exponential growth in the quote.
#SECOND establishes a new “cash reimbursement model” for bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Place #ETF applicants, which affects approval criteria.@InvescoEMEA initially adopts it while @BlackRock introduces “Prepaid” to facilitate participation in Wall Street.
How could these models reshape the accessibility of ETFs?#BitcoinETF has… pic.twitter.com/NN4nnfEJ2M
– BTCETF_Token (@BTCETF_Token) December 14, 2023
Visit the bitcoin ETF Token website to purchase BTCETF in the pre-sale here.
Also read:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
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