Between 25-29 December 2023, Bitcoin and the cryptocurrency market has experienced significant developments. The United States Securities and Exchange Commission (SEC) has set December 29 as the deadline for Bitcoin exchange-traded fund (ETF) applications. This decision is seen as a critical step, especially for spot BTC ETFs, and is expected to have a significant impact on the market.
Bitcoin price showed significant movements during this period. As Koinfinans.com previously reported, after Changpeng Zhao (CZ) pleaded guilty, the BTC price increased by 23% to $44,000, creating a positive atmosphere among investors. Additionally, it is stated that it has consolidated around $42,598 as of December 29 and has the potential to reach $45,000 in the coming weeks. It is stated that in short-term declines, $ 40,000 and $ 38,000 levels are seen as important support points, while in rises, $ 45,000 and then $ 47,500 are followed as resistance levels.
The Bitcoin “halving” event expected in 2024 and potential spot BTC ETF approval are seen as important catalysts. These developments could push the BTC price higher and increase investor interest. Experts believe that these events can push the BTC price to $100,000.
Bitcoin Technical Analysis
In conclusion, the Bitcoin and cryptocurrency market is going through an active period with regulatory developments, market dynamics and technical analysis. Investors and analysts are closely following the effects of these developments on the market.
- Bitcoin Greed and Fear Index: The Bitcoin Greed and Fear index, which measures market sentiment, is currently at 65. This value falls within the “Greed” range, indicating that market sentiment is trending towards greed during this period. The index ranges from 0 to 100, with low values representing fear and high values representing greed.
- Bitcoin Technical Analysis: Bitcoin initially tried to show some upside but struggled to move higher. This situation is consistent with the consolidation trend observed since the end of November. The price of Bitcoin, which has made a significant increase from the $ 25,000 level in late August, is currently fluctuating around $ 43,000. The reasons for this rise include the expectation of a spot Bitcoin ETF and the possibility of global central banks loosening monetary policies. According to technical analysis, the $40,000 and $38,000 levels are seen as support in short-term declines, while the $45,000 and $47,500 levels are considered important resistance points.
- Other Technical Indicators:
- MACD (Moving Average Convergence Divergence): The MACD is currently gaining momentum in the bearish zone. This may indicate that the market is bearish in the short term.
- RSI (Relative Strength Index): The RSI for BTC/USD is currently below the 50 level, indicating possible bearish momentum in the market.
- Support and Resistance Levels: Important support levels for Bitcoin are determined as $42,150 and $41,650. Important resistance levels were identified as $42,550, $43,000 and $43,800. These levels are critical points to watch if the market shows a significant change in direction.
In summary, as of December 29, 2023, Bitcoin’s market sentiment is trending towards greed, although technical indicators point to a consolidation phase with possible bearish trends in the short term. Identified support and resistance levels are important to understand the direction of the market in the near future.