Bitcoin, the world’s most prominent cryptocurrency, continues to show resilience, hovering around the $44,000 mark. As of this writing, the global crypto market capitalization stands at an impressive $1.66 trillion, marking over 2% surge in the last 24 hours.
Bitcoin’s recent surge past $44,000 can be linked to ongoing discussions about Bitcoin ETFs involving major players like BlackRock, Nasdaq, and the SEC.
The crypto market has experienced substantial growth, with a notable 16% gain this month and a remarkable 165% increase year-to-date.
This surge follows significant developments, including Argentina’s official adoption of Bitcoin as its national currency and El Salvador’s new law offering citizenship to foreign Bitcoin investors.
These milestones are fueling optimism and driving positive sentiment in the cryptocurrency arena, as the market anticipates further breakthroughs.
Crypto Market Reaches $1.66T, Bitcoin at $44K Pre-Christmas
The global crypto market cap has surged to $1.66 trillion, with Bitcoin touching the $44,000 mark just ahead of Christmas.
This increase is partly attributed to a key meeting involving BlackRock, Nasdaq, and the SEC, discussing a Bitcoin ETF, which sent strong positive signals, fostering an optimistic market sentiment.
Additionally, BTC’s uptick gained further traction following the release of weekly jobless claims data and the US GDP quarterly growth figures.
Hong Kong’s Crypto ETFs Move: Effects on Bitcoin’s Value
In a notable shift, Hong Kong’s financial regulator, the Securities and Futures Commission (SFC), is now open to accepting applications for spot crypto ETFs.
This move, which includes a review of broker policies regarding virtual assets, contrasts with China’s stringent stance on cryptocurrencies.
 Hong Kong’s welcoming approach to crypto firms throughout the year has culminated in this significant development, signaling a potential approval of spot ETFs in a more mature financial market.
Consequently, this move is expected to positively influence Bitcoin’s value, as it reflects increasing acceptance and adoption of cryptocurrencies, potentially drawing more investors and bolstering market confidence.
Bitcoin Price Prediction
Bitcoin‘s market trends show a strong stance, persistently maintaining above the pivotal $43,000 mark. This resilience is underlined by a substantial support level at around $43,000. Should the price ascend, it faces resistance near $43,500, $44,700, and $46,000.
If a downward trend occurs, support at approximately $42,200, $41,500, and $40,500 could provide a cushion.
The Relative Strength I
ndex (RSI) stands at about 64, indicating a bullish trend but still shy of the overbought zone, suggesting potential for further growth.
Bitcoin’s price trajectory consistently stays above the 50-Day Exponential Moving Average, currently near $42,300, supporting a short-term bullish trend.
The chart displays an upward trendline starting from a recent low around $39,500, pointing to continuous bullish momentum. Given these factors, Bitcoin is anticipated to soon test the resistance around $43,500.
A breakthrough above this resistance level could lead Bitcoin to confront and possibly surpass additional resistance levels in the near future.
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Source: cryptonews.com