Bitcoin

<ul> 
 <li><strong>If the price manages to go above $44,420 then it will likely test $47,100 resistance level.</strong></li> 
 <li><strong>At the time of writing, Bitcoin is trading at $44,200, up 6.01% in the last 24 hours.</strong></li> 
</ul> 
<p>Surprisingly the US government’s acquisition of bonds via stablecoins, most notably USDT Tether, and the continuous upward trend in Bitcoin happen at the same time.&nbsp; A massive $24 trillion crisis, centered on the dropping value of U.S. Treasury bonds are haunting the financial sector, and this event develops against that background.</p> 
<p>A slow-motion meltdown has occurred in the U.S. Treasury bond market, and long-term bonds are now selling at about half their face value. Worries about inflation and excessive government expenditure are heightened by this unusual scenario.</p> 
<p>Bitcoin futures open interest has surpassed $5.2 billion on the world-renowned Chicago Mercantile Exchange (<a href="https://thenewscrypto.com/bitcoin-futures-open-interest-on-cme-witnesses-massive-uptick/" target="_blank" rel="noreferrer noopener">CME</a>), falling just $200 million shy of the all-time high recorded in late October 2021. Open interest in Bitcoin futures sold by CME has jumped from $3.63 billion to $5.20 billion in the previous 30 days, according to information published by Coinglass.</p> 
<h3 class="wp-block-heading" id="h-massive-uptrend">Massive Uptrend</h3> 
<p>Following recent increases that caused <a href="https://thenewscrypto.com/swiss-asset-manager-pando-joins-spot-bitcoin-etf-race/" target="_blank" rel="noreferrer noopener">Bitcoin’s</a> price to break the $44,000 mark, investors may soon be faced with the prospect of a market correction, which might have negative short-term consequences. Having said that, there are good aspects to corrections as well. They may fix excessive asset prices and provide the opportunity to acquire.</p> 
<p>At the time of writing, Bitcoin is trading at $44,200, up 6.01% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 25.62%. After failing to clear above $44,420, the price faced minor correction. However, the bulls intervened and drove the prices up again.</p> 
<div class="wp-block-image"> 
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  <img decoding="async" width="630" height="380" src="https://thenewscrypto.com/wp-content/uploads/2023/12/BTC_1D_graph_coinmarketcap.png" alt="" class="wp-image-86937" srcset="https://thenewscrypto.com/wp-content/uploads/2023/12/BTC_1D_graph_coinmarketcap.png 630w, https://thenewscrypto.com/wp-content/uploads/2023/12/BTC_1D_graph_coinmarketcap-300x181.png 300w" sizes="(max-width: 630px) 100vw, 630px">
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   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div> 
<p>If the price manages to go above $44,420 then it will likely test $47,100 resistance level. However, if the price goes below $43,480 support level, then it will likely test $42,690 level.&nbsp;</p>

Bitcoin Eyes Retesting $44,420 Level as Bulls Continue Severe Domination

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TheNewsCrypto

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