Bitcoin ETF

Bitcoin

Resistance

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The <a href="https://u.today/bitcoin-price-likely-to-test-47000-50000-for-this-key-reason-top-analyst" rel="noopener noreferrer nofollow">Bitcoin price</a> has made notable gains in recent days, but it is likely to encounter a formidable barrier before surging higher. That said, a break above this resistance could be a telltale sign of an upcoming bullish momentum. &nbsp;
<h2 id="a-major-resistance-level">A major resistance level&nbsp;</h2>
Recent trading activity indicates that the $45,000 mark has become a significant battleground for Bitcoin bulls.&nbsp;
Data shows that this price level has been a stiff resistance point, with the price stalling and supply being defended aggressively through selling orders.&nbsp;
This level is considered pivotal for market sentiment since a sustained break above could signal a stronger bullish momentum.
Market analysts have their eyes glued to the $45,000 level as Bitcoin attempts to claw back from its previous highs.&nbsp;
The price has made multiple attempts to break this threshold but has met with a robust selling presence, indicating a strong defense by bears in the market.&nbsp;
<h2 id="a-major-pullback">A major pullback?&nbsp;</h2>
According to QCP Capital, the approval of a spot Bitcoin ETF is <a href="https://twitter.com/WuBlockchain/status/1737659924459720901" rel="noopener noreferrer nofollow">likely</a> on the horizon. &nbsp;&nbsp;
This announcement could come as early as January 2024. ETF providers have agreed to align with the SEC's "cash only" demands.&nbsp;
While the approval of a Bitcoin spot ETF could inject optimism into the market, QCP Capital cautions that there could be resistance in the $45,000 to $48,500 region.
However, this could be followed by a potential retracement to the $36,000 level.

$45K Remains Major Resistance for Bitcoin (BTC) Bulls

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