After spending much of 2023 stuck near $30,000, Bitcoin surpassed $40,000 last weekend and has remained above that level for most of this week.
This comes in conjunction with Bitcoin maintaining its gains over the past days, as it moves near the $44,000 level.
Now it can be said that the next stop will be the breakout of the $50,000 level. Bitcoin has been moving more quickly and consistently for several weeks, hitting 2023 highs around the $44,000 level.
After starting November at around $34,000, December started above $40,000 for the first time since April 2022 and is already up 16% this month. Chart analysts say the next resistance level to watch is around $48,000.
“Bitcoin appears to be surpassing every resistance level we identify,” said Rob Ginsberg, chart analyst at Wolfe Research. Pointing out that the $48,000 level is the next resistance level. With momentum turning to the positive side again and overbought conditions holding firm, we feel that this level faces little time before it is broken.
Meanwhile, other analysts have identified similar resistance levels. Julius de Kempenaer, chief technical analyst at StockCharts.com, is also looking to reach a higher level of $48,000. Will Tamblyn, senior analyst at Fairlead Strategies, described it as targeting the $48,600 level – if Bitcoin can successfully close above $42,200 for two weeks in a row.
On the downside, analysts are eyeing a new support level of around $38,000.
The price of Bitcoin has continued to rise in recent weeks, largely due to optimism surrounding the Bitcoin exchange-traded fund, which may lead to further maturation and institutionalization of the crypto asset class. Specifically, the buzz around Bitcoin ETFs is growing, as ETF issuers like BlackRock and Grayscale are meeting with the Securities and Exchange Commission — which has been rejecting applications for Bitcoin ETFs for 10 years — and implementing the agency's comments on updated filings.
“Whether it's the macro backdrop, ETF excitement, geopolitical developments, the Fed's policy shift or all of the above, there's simply a level of momentum driving these moves that we haven't seen in a while,” Ginsberg added, referring to the idea of fear of missing out. Some chance. Confirming that Bitcoin has reached its highest levels in 20 months compared to major stocks in the market.
Cryptocurrencies at 10:32 AM Saudi time
The combined market value of the crypto market during these moments of today’s trading amounted to approximately $1.59 trillion. The trading volume reached about $90.13 billion, according to data available on Investing Saudi Arabia.
Bitcoin rose during the last 24 hours to the levels of $43,935, by 0.5%, while recording weekly gains of 15.9%. Its market value now reaches $860 billion.
While Ethereum, which is the largest digital currency by market value after Bitcoin, declined by about 0.5% during the last 24 hours, reaching $2,263, with weekly gains of 11.1%, and a market value of about $271 billion.
The price of Binance Coin BNB/USD rose by 0.8% to record $233.
While Ripple gained approximately 4.3% of its value, recording $0.64688, while it rose by 6.7% in the last 7 days.
Solana fell by 0.3% during the last 24 hours to $63.54, and rose by 5.2% during the last 7 days.
Cardano witnessed a rise to $0.4473, by 4.9%, while it rose in the last 7 days by 18.6%.
At the same time, Dogecoin fell to the level of $0.096872, by 6.9%.
