Although the price of Bitcoin has increased significantly in recent days, it is expected to face a significant obstacle before rising much further. Nevertheless, a break above this resistance level may indicate the impending arrival of bullish momentum.
A major resistance level
It appears from recent trade activity that the $45,000 barrier has become into a major battleground for proponents of Bitcoin.
Data indicates that this price level has been a strong point of resistance, with supply being vigorously protected through selling orders and the price stagnating.
This level is seen as critical to the mood of the market since a persistent break above it may indicate a greater bullish momentum.
Watchers of the market are focused on the $45,000 mark as Bitcoin tries to recoup its earlier peaks.
Multiple efforts by the price to breach this barrier have been met with a heavy selling presence, suggesting that bears in the market are mounting a strong defence.
A major pullback?
QCP Capital predicts that a spot Bitcoin ETF will soon likely be approved.
It is possible that this announcement will be made in January 2024. The ETF suppliers have consented to comply with the SEC’s “cash only” requirements.
The market may get excited by the approval of a Bitcoin spot ETF, but QCP Capital warns that resistance may exist in the $45,000–$48,500 range.
But there’s a chance that we see a regression to $36,000 after this.
