As of January 13, 2024, the price of Bitcoin (BTC) is trading around $42,000. From a technical perspective, the price is approaching the support area of the blue trendline. This trendline has been in place since Sep 2023. If the price breaks below this trendline, it could open the door to further decline. On the other hand, if the price is able to hold above the trendline, it could signal a bottoming formation. In this case, the price could then begin to rally.
Bitcoin Halving Bitcoin Halving is a scheduled event that occurs every four years. During the Halving, the reward for mining Bitcoin is cut in half. This event is expected to occur in early 2024. The Bitcoin Halving is typically followed by a period of price volatility. This is because the Halving reduces the supply of Bitcoin, which can lead to increased demand.
ETF Approval The US Securities and Exchange Commission (SEC) recently approved the first Bitcoin ETF. This is a significant development for the cryptocurrency market. The ETF approval could lead to increased institutional investment in Bitcoin. This could help to support the price of Bitcoin in the long term.