Bitcoin soared to $45,000, marking a milestone not seen in nearly two years. The surge is fueled by the expectation of approval for a direct-investment ETF.
Market surges on FOMO and 'buy the rumor, sell the news.' Speculation abounds about SEC approving spot Bitcoin ETFs by Jan 10, seen by some as a "political necessity."
According to Coingabbar Technical Analysis, Bitcoin is maintaining gains above the $45,000 resistance.
Potential for further upward movement beyond the $46,000 level in the short term.
After rejection from $46,000, Bitcoin traded sideways for a period.
Currently, Bitcoin is holding above a four-week pennant pattern.
On the 4-hour chart, BTC is trading within a Bullish Flag pattern.
A closing price above the $46,000 resistance level suggests a potential move towards $48,000.
Failure to close above $46,000 could lead to a retracement towards $44,000 levels.
KEY LEVELS :
RESISTANCE LEVEL : $45,600-$46,200
SUPPORT LEVEL : $44,900-$44,400
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
