Bitcoin's (BTC) Price Bullish Rebound: Next Target At $44,700. Navigating Resistance to Eye New Yearly Highs

✍️ 19 December, 2023 - 20:25 👤 Editor: Jakub Motyka

• Bitcoin (BTC) demonstrates resilience, bouncing back from a pullback and flirting with key resistance at $43,130, aiming for a new yearly high above $44,700, hinting at a continued meteoric rise throughout 2023.
• Maintaining a steady upward trend since mid-October, Bitcoin's performance could signal the early stages of a major bull market.
• The latest news about cryptos on our Telegram channel.

After experiencing a pullback earlier in the week, the price of Bitcoin (BTC) has rebounded and is now showing bullish momentum. This recent upswing in Bitcoin's trajectory underlines its growing appeal as an asset class distinct from the traditional financial system.

Bitcoin (BTC) is currently testing resistance levels, hovering around $43,130, with its next target set at surpassing $44,700. Achieving this would mark a new high for the year and potentially continue Bitcoin's significant growth through 2023.

Behind Bitcoin's Ascend: Analyzing The Factors Driving Its Price Surge

It seems to be the case that a growing number of investors are recognizing Bitcoin's potential outside the faltering traditional financial sector. This renewed interest and optimism are partly driven by the impending approval of a Spot Bitcoin ETF, which is expected to occur in early January. The approval of this ETF is seen as a significant catalyst that could further propel Bitcoin's value skywards in the coming weeks​​.

On a medium-term daily timeframe, Bitcoin has been consistently following an upward sloping trend line since mid-October. This trend line acts as a critical indicator; a break below this line could signal the onset of a deeper pullback.

However, as it stands, Bitcoin maintains its position as a leading asset, and if this trend continues, it could signify the early stages of a more extensive bull market​​.

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