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<p>Bitcoin’s price has remained relatively stable over the past day, hovering around $43,700 at the time of writing. The top cryptocurrency is up a modest 3% for the week so far.</p>
<p>According to some market observers, Bitcoin bulls may be positioning themselves in anticipation of potential Bitcoin exchange-traded fund (ETF) approvals in January 2024. Previous ETF application decisions have tended to coincide with bumps in Bitcoin’s price.</p>
<p>As for Bitcoin’s near-term price outlook, prominent crypto analyst Ali <a href="https://x.com/ali_charts/status/1738562553863692334?s=20" target="_blank" rel="noopener noreferrer nofollow">offered</a> some key levels to watch: <em>“Are you anticipating a #Bitcoin price correction? The first indicator would be a sustained close below $43,200. If this happens, $BTC could be headed towards $37,000.”</em></p>
<p>In other words, Ali is watching to see if Bitcoin can hold the $43,200 support level. A decisive move and close below this key level could signal a impending price pullback toward $37,000.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="637" src="https://captainaltcoin.com/wp-content/uploads/2023/12/image-658-1024x637.png" alt="" class="wp-image-405490" srcset="https://captainaltcoin.com/wp-content/uploads/2023/12/image-658-1024x637.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-658-300x187.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-658-766x477.png 766w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-658-1536x956.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-658-2048x1275.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-658-241x150.png 241w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-658-100x62.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-658-562x350.png 562w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-658-788x490.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p><em>“However,”</em> Ali continued, <em>“as long as the crucial $43,200 support level holds, the odds seem to favor the bulls, potentially sending #BTC to $47,360.”</em></p>
<p>So according to Ali’s analysis, as long as Bitcoin holds above $43,200, there is scope for prices to climb toward $47,360 in the near-term.</p>
<p>In terms of how altcoins might perform, crypto analyst Captain Faibik <a href="https://x.com/CryptoFaibik/status/1738410697879671005?s=20" target="_blank" rel="noopener noreferrer nofollow">offered</a> the following take: <em>“$BTC.D Dominance has been moving within an Ascending Channel since September 2022. Now, I am expecting a Downside Breakout of channel soon, triggering Altcoins Bullish Rally.”</em></p>
<p>In other words, should Bitcoin’s market dominance break below its current ascending channel, it could pave the way for a broad altcoin rally. When Bitcoin dominance declines, investors tend to rotate capital into alternative cryptocurrencies.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="492" src="https://captainaltcoin.com/wp-content/uploads/2023/12/image-659-1024x492.png" alt="" class="wp-image-405498" srcset="https://captainaltcoin.com/wp-content/uploads/2023/12/image-659-1024x492.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-659-300x144.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-659-767x369.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-659-1536x739.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-659-2048x985.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-659-312x150.png 312w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-659-100x48.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-659-728x350.png 728w, https://captainaltcoin.com/wp-content/uploads/2023/12/image-659-788x378.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>So in summary, analysts are keeping a close watch on key Bitcoin price levels and market dominance trends to gauge the potential for near-term price moves and shifts between Bitcoin and altcoins. As we head toward 2024, the possibility of ETF approvals could act as a catalyst for the crypto bulls.</p>
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<p>The post <a href="https://captainaltcoin.com/is-bitcoin-price-consolidating-in-wait-for-etf-approvals/" rel="noopener noreferrer nofollow">Is Bitcoin Price Consolidating in Wait for ETF Approvals?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Is Bitcoin Price Consolidating in Wait for ETF Approvals?

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