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BTC/USD Dips to $43,125: A Bearish Holiday Outlook

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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 25, 2023 | 2 min
Updated on Dec 25, 2023
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  • Bitcoin’s (BTC) break below $43,400 indicates a potential continuation of the current bearish trend.
  • Resistance levels are set at $45,038 and $46,704, with support at $41,162 and $38,891.
  • Global economic conditions and regulatory changes remain crucial in determining BTC’s future price movements.

 

As the festive season unfolds, Bitcoin’s (BTC/USD) market position presents a blend of caution and subdued optimism. On Christmas Day, BTC is trading at $43,125.09, witnessing a 1.70% decrease in the last 24 hours. Despite this minor setback, its dominance in the cryptocurrency market remains unchallenged, holding the top rank with a market capitalization of approximately $844 billion and a circulating supply nearing 19.58 million BTC.

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

Bitcoin (BTC) Price Prediction: Technical Outlook

The technical landscape for Bitcoin reveals an intriguing pattern. The pivot point stands at $42,797, with immediate resistance levels observed at $45,038, followed by higher thresholds at $46,704 and $48,945. On the downside, the immediate support level lies at $41,162, with subsequent supports at $38,891 and $37,256.

 

Current technical indicators offer a mixed sentiment. The Relative Strength Index (RSI), hovering around 44, leans toward a bearish sentiment but hasn’t reached the oversold territory. This suggests that while downward pressure exists, there is potential for a rebound. In contrast, the Moving Average Convergence Divergence (MACD) at -111.85, with a signal line at 89.98, indicates a stronger bearish trend. The price of BTC, currently below the 50-day Exponential Moving Average (EMA) of $43,313.20, further supports this bearish outlook.

 

A crucial development in Bitcoin’s chart is the recent break below the $43,400 mark. This move, if sustained, could signal a continued bearish trajectory for the cryptocurrency. Investors and traders will be closely watching this level, as closing below it could confirm a bearish trend, potentially leading to further declines.

Despite the current bearish trend, Bitcoin’s position in the market remains significant. Its influence extends beyond mere price movements, reflecting broader trends in the cryptocurrency market and investor sentiment. As the largest cryptocurrency, Bitcoin’s performance often sets the tone for the rest of the market, influencing the direction of altcoins and overall market sentiment.

 

Looking ahead, the short-term outlook for BTC appears bearish, especially if it remains below the $43,400 level. This could lead to testing lower support levels, with potential downswings towards $41,162 or even further. However, the cryptocurrency market is known for its volatility and unpredictability. Factors such as global economic conditions, regulatory news, and technological advancements could quickly shift the market dynamics, leading to sudden price changes.

 

As we move towards the end of the year, investors and traders will be keeping a close eye on Bitcoin’s performance. The current bearish trend may present opportunities for those looking to enter the market at lower price points, while long-term holders may view this as a temporary fluctuation in Bitcoin’s otherwise upward trajectory. Regardless, Bitcoin continues to be a key player in the cryptocurrency market, and its movements are closely watched by the entire financial community.

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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