Bitcoin current price, near $37,800, reflects a constant attempt to break through the $38,000 mark and head towards higher values.
This crucial moment takes place in a context of optimism in the market, driven by the imminent possibility of the approval of ETFs by large investment funds in the United States.
This news has generated positive expectations among investors, pointing to a possible additional flow of capital into the cryptocurrency ecosystem.
Furthermore, recent events have shaken the crypto landscape. The forced resignation and payment of bail by CZ, CEO of Binance, has cleared up some doubts about regulatory and transparency issues on exchanges for institutional investors.
This situation has triggered a movement to correct errors and establish a new beginning, which could contribute to the restoration of trust in exchanges and, therefore, in the general crypto market.
NEW LEVELS OF SUPPORT AND RESISTANCE ARE IN VIEW
In the technical analysis of the price of Bitcoin, a key accumulation zone in the asset stands out between $35,200 and $34,000, with more robust support approximately in the range of $34,500 to $34,000.
This area of strong accumulation represents the first support level towards which the price could head in case of corrections.
Further down, stronger support levels are evident, especially around $31,500 and $30,500. These levels have historically demonstrated a strong presence as significant supports in the Bitcoin market.
If Bitcoin price manages to consolidate above $38,000 and aligns more closely with its PER (Price Earnings Ratio), there is a chance that it will seek higher resistance levels, giving a collective boost to the entire crypto market.
In this scenario, the price could aim towards the resistance between $39,600 and $41,000 as its most immediate first resistance barrier.
Additionally, the momentum generated by breaking $38,000 could lead Bitcoin to explore even higher prices as it seeks to set new highs in a possible Christmas rally.
Additionally, the anticipation of the next Bitcoin halving, scheduled for 2024, is generating considerable expectations.
This event, which will halve the issuance rate of Bitcoin, has historically been a catalyst for price growth by reducing the number of new coins entering the market.
Technical charts courtesy of TradingView.
Disclaimer: The opinions expressed do not constitute investment advice.If you are looking to make a purchase or investment, we recommend that you always do your research.
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