Bitcoin ETF

Bitcoin

Resistance

Spot

<ul>
 <li><strong>Bitcoin faces a bullish trend with a 9-day EMA above $42379.</strong></li>
 <li><strong>Resistance at $44.5k prompted Bitcoin’s third sharp sell-off—GlassNode.</strong></li>
</ul>
<p>Bitcoin, the leading cryptocurrency by market capital, has been a pivotal force over the past week, reaching $44,705—an unprecedented peak in nearly two years. However, the recent two-day spell marked a slight volatility, causing the price to fluctuate within the $42,000 to $40,000 range. Today, BTC has surged by 5%, trading at $42,778.</p>
<p>This surge coincides with promising news in the Bitcoin ETF domain. Bitwise, a major investment firm, has successfully listed its Spot Bitcoin <a href="https://thenewscrypto.com/microstrategys-bitcoin-strategy-propelled-stock-surge-since-2020/" rel="noopener noreferrer nofollow">ETF</a> on the DTCC under the ticker $BITB. This development has significantly influenced the global market cap, surging by 5% in the last 24 hours.</p>
<p>Amid this market activity, Glassnode, a prominent crypto data aggregator, notes that despite the strong uptrend, Bitcoin faced resistance this week, reaching a yearly high before encountering the third sharpest sell-off of 2023.</p>
<p>Moreover, several on-chain pricing models indicate that the ‘fair value’ based on investor cost and network throughput lags, fluctuating between $30,000 and $36,000. Notably, the recent appreciation prompted short-term Bitcoin holders to capitalize on profits, temporarily halting the ascent.</p>
<p>Regarding whales—the significant holders of BTC—IntoTheBlock’s latest data highlights a substantial increase in net-flow this week. As the Bitcoin price experienced a decline, these whales seized the opportunity, accumulating a total of 13,010 BTC between December 10 and 13.</p>
<h3 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin Price Analysis</h3>
<p>Looking at the analysis of Bitcoin’s <a href="https://thenewscrypto.com/bitcoin-briefly-rebounds-after-finding-support-around-40550/" rel="noopener noreferrer nofollow">price</a> movements, the daily chart exhibits a potentially bullish trend. The 9-day exponential moving average (EMA) currently stands above the trading price at $42,379. However, the daily relative strength index (RSI) indicates an overbought condition, registering at 62.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="458" src="https://thenewscrypto.com/wp-content/uploads/2023/12/BTCUSDT_2023-12-14_11-16-23-1024x458.png" alt="" class="wp-image-87436" srcset="https://thenewscrypto.com/wp-content/uploads/2023/12/BTCUSDT_2023-12-14_11-16-23-1024x458.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/12/BTCUSDT_2023-12-14_11-16-23-300x134.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/12/BTCUSDT_2023-12-14_11-16-23-768x343.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/12/BTCUSDT_2023-12-14_11-16-23.png 1515w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC Price Chart, Source: TradingView
  </figcaption>
 </figure>
</div>
<p>For potential scenarios, if the price surpasses the $43,400 level, it may ascend to test the $44,770 resistance level. Conversely, a dip below the $40,550 mark could lead to a test of the $39,370 support level.</p>

Bitcoin Bounces Back to $43K After This New ETF Listing

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