Bitcoin ETF

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The post <a href="https://coinpedia.org/price-analysis/bitcoins-bullish-surge-triggers-145m-in-liquidations-will-btc-price-hit-50k-in-january/">$45k Shattered! Bitcoin Breaks Key Level, Eyes $50k in January</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
As 2024 dawned, <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin</a> experienced a remarkable 8% surge in its price. This significant uptick not only captivated the attention of many but also set off a chain of intriguing events, particularly regarding the behavior of short positions in the cryptocurrency market. 
Initially, the influence on short positions appeared modest, witnessing only $38 million in Bitcoin shorts being liquidated. However, as events unfolded, this figure took a dramatic turn. A whopping $110 million out of the total $145 million was liquidated from these short positions, underscoring the swift and unforeseen shifts in market sentiment. 
<h2 class="wp-block-heading" id="h-the-45-000-benchmark">The $45,000 Benchmark</h2> 
The sudden surge past the $45,000 mark caught several analysts by surprise, especially in its implications for the relationship between the spot market and perpetual swap trading. This critical price point is poised at a juncture where spot market activities could potentially sway the dynamics of perpetual swap trading. 
Such developments suggest a heightened possibility of volatility in the near-term market landscape. 
<h2 class="wp-block-heading" id="h-prepping-for-potential-volatility">Prepping for Potential Volatility</h2> 
The pronounced liquidation from short positions paints a vivid picture of Bitcoin’s burgeoning momentum as the year unfolds. Additionally, with rumors circulating about the forthcoming approval of a <a href="https://coinpedia.org/news/matrixport-expects-altcoins-to-soar-as-bitcoins-funding-rate-jumps-to-66/">spot Bitcoin ETF</a>, the market sentiment remains buoyant. However, a word of caution is in order. The anticipated ETF approval could trigger a classic “sell the news” scenario, potentially leading to market fluctuations in the aftermath of the announcement. 
Also Read: <a href="https://coinpedia.org/news/bitcoin-bulls-be-ready-to-pay-more-as-funding-rate-jumps-to-66/">Bitcoin Bulls Pay Premium as Bitcoin Funding Rates Hit New Highs: Is an ETF Really Worth It?</a> 
<h2 class="wp-block-heading" id="strong-bitcoin-rides-the-bullish-wave-strong">Bitcoin Rides the Bullish Wave</h2> 
<a href="https://coinpedia.org/news/breaking-down-2024-analysts-bullish-on-bitcoin-with-a-note-of-caution/">Bitcoin’s price</a> trajectory signals a clear upward trend, notably breaking past the $45,000 resistance, now functioning as a support zone. Overcoming this significant hurdle represents a bullish turn for Bitcoin. The moving averages portray a robust bullish pattern, with the price comfortably above both the 50-day and 200-day moving averages, indicating a robust uptrend. The 50-day moving average mainly acts as dynamic support, affirming continued bullish pressure. 
Moreover, the increased trading activity around the breakout point, as seen in the volume bars, reinforces this surge’s momentum. The <a href="https://coinpedia.org/traders/relative-strength-index-rsi/">Relative Strength Index’s</a> climb toward overbought levels showcases the intense buying pressure accompanying the recent price surge. 
Read More: <a href="https://coinpedia.org/news/will-sec-approve-bitcoin-etf-in-the-next-7-days-exploring-the-probability/">Will SEC Approve Bitcoin ETF in the Next 7 Days? Exploring the Probability</a> 
Key Price Points 
For BTC to sustain this upward momentum, it must surpass the resistance level of $45,539. If successful, it could rally further to test the $47,000 resistance level, setting the stage for a potential push toward the $50,000 mark shortly.

$45k Shattered! Bitcoin Breaks Key Level, Eyes $50k in January

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