{"id":34662,"date":"2024-01-02T05:52:59","date_gmt":"2024-01-02T09:52:59","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=34662"},"modified":"2024-01-02T05:52:59","modified_gmt":"2024-01-02T09:52:59","slug":"bitcoin-price-starts-2024-with-a-bang-is-etf-approval-imminent","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/02\/bitcoin-price-starts-2024-with-a-bang-is-etf-approval-imminent\/","title":{"rendered":"Bitcoin Price Starts 2024 With A Bang, Is ETF Approval Imminent?"},"content":{"rendered":"

Bitcoin price is up over 5% and it cleared the $45,000 resistance. BTC is showing positive signs on rumors of spot ETF approval by the EOD.<\/em><\/p>\n

Bitcoin is gaining pace above the $44,000 and $44,400 resistance levels.
\nThe price is trading above $45,000 and the 100 hourly Simple moving average.
\nThere was a break above a key ascending channel with resistance near $43,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is up over 5% after several rumors of BTC spot ETF approval by EOD.<\/p>\n

Bitcoin Price Rallies Above $45K<\/h2>\n

Bitcoin price formed a base above the $41,200 level and started a fresh increase<\/a>. BTC cleared a few major barriers near $43,200 to enter a bullish zone.<\/p>\n

Several rumors circulating that spot ETF approval is possible by the end of today. The price is gaining pace on this rumor and broke the $44,000 level. There was also a break above a key ascending channel with resistance near $43,500 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin even cleared the $45,000 resistance. A new multi-week high is formed near $45,499 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $41,300 swing low to the $45,499 high.<\/p>\n

Bitcoin is also trading above $45,000 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $45,500 level.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The first major resistance is $46,000. A close above the $46,000 level could send the price further higher. The next major hurdle sits at $46,800. Any more gains above the $46,800 level could open the doors for a move toward the $48,000 level.<\/p>\n

Are Dips Attracted In BTC?<\/h2>\n

If Bitcoin fails to rise above the $45,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $45,000 level.<\/p>\n

The next major support is near $44,500. If there is a move below $44,500, there is a risk of more losses. In the stated case, the price could drop toward the $43,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $45,500, followed by $46,800.<\/p>\n

Major Resistance Levels \u2013 $45,000, $44,500, and $43,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is up over 5% and it cleared the $45,000 resistance. BTC is showing positive signs on rumors of spot ETF approval by the EOD.<\/em><\/p>\n

Bitcoin is gaining pace above the $44,000 and $44,400 resistance levels.
\nThe price is trading above $45,000 and the 100 hourly Simple moving average.
\nThere was a break above a key ascending channel with resistance near $43,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair is up over 5% after several rumors of BTC spot ETF approval by EOD.<\/p>\n

Bitcoin Price Rallies Above $45K<\/h2>\n

Bitcoin price formed a base above the $41,200 level and started a fresh increase<\/a>. BTC cleared a few major barriers near $43,200 to enter a bullish zone.<\/p>\n

Several rumors circulating that spot ETF approval is possible by the end of today. The price is gaining pace on this rumor and broke the $44,000 level. There was also a break above a key ascending channel with resistance near $43,500 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin even cleared the $45,000 resistance. A new multi-week high is formed near $45,499 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $41,300 swing low to the $45,499 high.<\/p>\n

Bitcoin is also trading above $45,000 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $45,500 level.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The first major resistance is $46,000. A close above the $46,000 level could send the price further higher. The next major hurdle sits at $46,800. Any more gains above the $46,800 level could open the doors for a move toward the $48,000 level.<\/p>\n

Are Dips Attracted In BTC?<\/h2>\n

If Bitcoin fails to rise above the $45,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $45,000 level.<\/p>\n

The next major support is near $44,500. If there is a move below $44,500, there is a risk of more losses. In the stated case, the price could drop toward the $43,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $45,500, followed by $46,800.<\/p>\n

Major Resistance Levels \u2013 $45,000, $44,500, and $43,500.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34662","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34662","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34662"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34662\/revisions"}],"predecessor-version":[{"id":34667,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34662\/revisions\/34667"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34662"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}