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Bitcoin (BTC) Hits $43,700, Bulls Eye Further Gains

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on December 06, 2023 | 2 min
Updated on Dec 06, 2023
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  • Bitcoin’s (BTC) current trading at $43,700, up 4.65%, with bullish chart patterns suggesting further upward potential.
  • Technical indicators like RSI and MACD align with a bullish outlook, with prices well above the 50-day EMA.
  • Market optimism fueled by institutional interest and the prospect of spot Bitcoin ETF approvals in the U.S.

As dawn breaks over the digital currency markets on December 6, Bitcoin (BTC) showcases a powerful display of bullish fervor, trading at $43,717.33. With a volume of over $37 billion in the last 24 hours, BTC has charted a 4.65% increase, reinforcing its dominance as the leading cryptocurrency by market capitalization, currently valued at $855 billion. This resurgence comes amidst a wider embrace of blockchain technology and a heightened investor sentiment, suggesting a robust trajectory for Bitcoin’s market performance.

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BTC/USD Price Chart
BTC/USD Price Chart – Source: Tradingview

Bitcoin (BTC) Price Prediction: Technical Outlook

Examining the 4-hour chart timeframe, a meticulous analysis reveals Bitcoin’s steadfast maintenance above the $42,558 pivot point, a critical juncture for traders and algorithmic systems alike. The immediate resistance lies at $44,833, with subsequent barriers at $47,050 and $49,326 that could cap near-term advances. On the descent, supports at $41,274, $38,998, and $37,715 stand ready to arrest any potential downturns, thus framing the current trading corridor.

Technical indicators paint a compelling picture; the Relative Strength Index (RSI) at 78 signals an overbought scenario, potentially preluding a price consolidation or a modest pullback. However, the Moving Average Convergence Divergence (MACD) indicator, with a reading of 195.33 against a signal line of 1246.91, confirms the bullish sentiment is still in play. Furthermore, BTC’s price resides comfortably above the 50-day Exponential Moving Average (EMA) of $40,078, reinforcing the short-term uptrend narrative.

The observed chart pattern, an ascending channel, coupled with bullish candlestick formations, indicates sustained buying interest. This technical alignment suggests that if BTC successfully breaches the $42,550 mark, we may witness a continuation of the upward momentum, potentially testing the resistance levels outlined.

Looking into the undercurrents of this rally, several factors come into play. The palpable anticipation surrounding the potential approval of spot Bitcoin ETFs in the United States has injected optimism into the crypto space. Moreover, the strategic moves by major asset management firms such as BlackRock and Bitwise to amend their spot Bitcoin ETF filings have added a layer of institutional validation, bolstering investor confidence.

As we venture into the final month of the year, the narrative surrounding Bitcoin’s trajectory is increasingly colored by macroeconomic variables. With the Federal Reserve’s monetary policy and rate hike prospects being reevaluated, BTC stands as a beacon for alternative investment strategies, often moving inversely to the traditional market indicators.

In conclusion, the bullish trend is unmistakable upon the breakout of $42,550. The short-term forecast remains optimistic, with expectations for Bitcoin to challenge and possibly breach the resistance at $44,833 in the coming days. As the digital currency navigates through economic headwinds and regulatory dialogues, its resilience and adaptability continue to captivate the financial world.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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