With a crash last week due to the Matrixport report highlighting low chances of ETF approvals, the BTC price touched the $42K mark. However, with a swift recovery, Bitcoin price returns to the critical overhead resistance at the $45K mark.Â
The ovenight recovery prolongs the sideways trend and challenges the overhead boundary with minimal spikes in the trading volume. Supporting our BTC price prediction, the streak of Doji candles bolsters the breakout thesis.
Currently, the BTC price trades at $43,924 with a long tail formation. In the daily chart, the recent bounce back from the highlighted support zone leads to another breakout attempt.
Whales Are Hoarding Bitcoin Before ETF Apporval
Highly anticipated Bitcoin ETF decisions creates a cloud of FOMO in the market resulting in a buying spree even amongst whales.
A savvy investor recently added 1,750 BTC ($76.9M) from Binance at an average price of $43,953, following their earlier acquisition of 6,000 BTC ($158.66M) at $26,444. The investor later deposited 3,000 BTC ($105.7M) back to Binance at $35,241, netting a $26.4M profit.
Coming back to the technical indicators, the moving averages give a strong buy signal with the recent the crossovers. Further, the MACD indicator remains in the positive territory but continues to declines as it fails to give a positive crossover.Â
Will BTC Price Bounce To $50K?
Despite the ongoing consolidation after the fall last week, the streak of Doji candles highlight an indecisive trend and projects a breakout rally possibility to $50K. Further, the increasing interest of whales as the ETF approval decision comes closer, increases the breakout chances.Â
In case, the growing demand and FOMO supports help Bitcoin regain momentum, the BTC price can reach the $50,000 milestone in January 2024. Conversely, a retest to the $42,000 mark is possible if the buyers fail to gve a breakout.Â
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