Bitcoin ETF

Bitcoin

Spot

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/fmD5iGLM-e1704644075419.png" class="attachment-full size-full wp-post-image" alt="BTC price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Over the past five weeks, the <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> has been highly volatile indicating the market participants are waiting for the approval of spot Bitcoin ETFs. Despite making notable swings in the daily chart, the price movement is confined within a channel pattern projecting a shallow recovery. Here’s how this pattern could foretell the near-term future for this asset. 
<h2 id="b-will-the-bitcoin-price-surpass-50000-in-january-b">Will the Bitcoin Price Surpass $50000 in January?</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The BTC price may remain sideways until the channel pattern is intact.</li> 
 <li style="font-weight: 400;" aria-level="1">A bullish breakout from the upper trendline will intensify the buying momentum.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in Bitcoin is $17.4 Billion, indicating a 15% loss.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/f/fmD5iGLM.png" alt="Bitcoin Price" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Bitcoin Price| TradingView Chart
 </figcaption>
</figure> 
The recovery trend in leading cryptocurrency Bitcoin started losing momentum in December 2023 which tilted its trajectory nearly sideways below $45000. This consolidation could be attributed to the uncertainty around the approval of spot Bitcoin ETFs. 
A look at the daily time frame chart shows the consolidation has developed into a channel pattern consisting of two parallel walking trendlines. The coin price rebounded several times from this dynamic resistance and support indicates the traders have taken strict note of this structure. 
<blockquote>
 By the press time, the Bitcoin price traded at $44333 with an intraday gain of 0.4%. Moreover, the U.S. Securities and Exchange Commission (SEC) is showing signs of progressing towards approving the first U.S. spot Bitcoin ETFs, evidenced by the submission of amended <a href="https://coingape.com/breaking-bitcoin-etf-updated-19b-4-amendments-filed-s-1s-reportedly-due-monday/">19b-4 filings</a> from multiple exchanges.
</blockquote> 
Thus, the BTC price is more likely to break the overhead trendline which would signal the upcoming direction rally. The post-breakout rally may push prices to $52100, followed by $60000. 
Alternatively, a breakdown below the lower trendline would signal a new correction phase. 
<h2 id="b-long-term-vision-over-30-of-bitcoin-remains-unmoved-in-5-years-b">Long-Term Vision: Over 30% of Bitcoin Remains Unmoved in 5 Years</h2> 
According to <a rel="nofollow" href="https://x.com/intotheblock/status/1743996279439446354?s=20">recent insights</a> from IntoTheBlock, over 30% of Bitcoin’s total supply hasn’t been moved in more than five years, highlighting a significant trend in the cryptocurrency market: long-term holding, or ‘HODLing’. This chain statistic suggests that a substantial number of Bitcoin investors are not just short-term traders, but long-term believers in the asset’s value. They’re choosing to hold onto their Bitcoin through various market ups and downs, indicating a strong conviction in its future potential. 
<ul> 
 <li aria-level="1">Bollinger band: A narrow range of Bollinger band indicators accentuates uncertain market sentiment.</li> 
 <li aria-level="1">Relative Strength Index: A bearish divergence in the daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> slope evidenced by lower low formation reflects a weakening of bullish momentum.</li> 
</ul> 
<h3 id="related-articles">Related Articles:</h3> 
<ul> 
 <li><a href="https://coingape.com/spot-bitcoin-etf-sec-posts-scoffing-remarks-amid-approval-sprint/">Spot Bitcoin ETF: SEC Posts Scoffing Remarks Amid Approval Sprint</a></li> 
 <li><a href="https://coingape.com/countdown-to-spot-bitcoin-etf-approval-begins-as-critical-fed-decision-nears/">Countdown To Spot Bitcoin ETF Approval Begins As Critical Fed Decision Nears</a></li> 
 <li><a href="https://coingape.com/spot-bitcoin-etf-odds-of-sec-disapproval-falls-to-5/">Spot Bitcoin ETF: Odds of SEC Disapproval Falls to 5%</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/will-bitcoin-btc-price-surpass-55000-next-week/">Will Bitcoin ($BTC) Price Surpass $55000 Next Week?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Will Bitcoin ($BTC) Price Surpass $55000 Next Week?

Table of Contents

Coingape News Media

Other articles published on Jan 7, 2024

Scammers target Solana ecosystem as funds disappear

The Eerie Silence on False Information – Decoding the Evolution of Disinformation

Digital Currency Group (DCG) Completes $700 Loan Repayment To Genesis Exchange

Crypto Weekly Recap: Buterin's Ethereum Roadmap; IRS Crypto Reporting; Anonymous Gift to Nakamoto...

Bitcoin and Ripple (XRP) Price Predictions and Future Outlook

XRP Surges With Whopping $300 Million Market Cap Boost

Join our free newsletter for daily crypto updates!