"Battling Resistance: Bitcoin's Weekly Struggle and ETF-Induced
Updated
On the weekly timeframe, Bitcoin has been facing significant hurdles in overcoming a well-established resistance area. The ongoing struggle to surpass this key zone, situated around $43,250, is of paramount importance. The impending closure of this timeframe holds critical significance, as it is imperative for Bitcoin to secure a decisive breakthrough above this resistance level. A successful breach could potentially open the doors for an upward trajectory, with the next targets set around the $47,000 to $48,000 range.
Despite the optimistic outlook, caution is advised, considering the possibility of a deceptive market move. This cautious approach is especially prudent given the imminent release of ETF-related news, which has the potential to trigger heightened volatility in the market. Staying vigilant and acknowledging the unpredictable nature of the market is essential in navigating the current landscape.
Note
In 2023, Bitcoin strengthened by 154%, with the upcoming halving in April as a key driver. The halving, occurring every four years, limits the maximum supply to 21 million bitcoins. As of January 2023, the supply was 19.59 million units. The block reward will halve in 2024, reducing it to 3,125.Historically, after the 2020 halving, Bitcoin's price increased by 1263%. Between the halvings of 2012 and 2016, the price rose by 5187%, and between 2016's halving and the subsequent all-time high, it climbed by 2922%. Institutions like MicroStrategy are increasing Bitcoin acquisitions, with 56,650 bitcoins acquired in 2023 compared to 8,109 in 2022, gearing up for the upcoming halving in April.
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