Bitcoin's December Price Stability:
💪 In December, Bitcoin's price held strong within a range of $40,423 to $47,209.
📉 Despite pressure to sell, surprising traders who expected a reversal.
Crosby Ratio Indicating Over-Extension:
📊 The Crosby Ratio, indicating over-extension in Bitcoin's price, suggests a need for a slowdown or potential correction.
Cautious Traders and Anticipation of Bullish Events:
🤔 Traders are cautious due to upcoming bullish events in 2024.
📅 Potential launch of spot BTC exchange-traded funds (ETFs) and the anticipated BTC halving in April 2024.
Curbing Selling Activity and Awaited Bull Run:
🛑 This anticipation is curbing selling activity as investors await the next potential bull run.
Current BTC/USD Movement:
⬆️ By today, BTC/USD is strongly moving back higher after days of lower movement.
📈 Reaching the upper band of the Bollinger Bands and the resistance level, which is the last high in the second week of December.
Potential for Continued Movement Higher:
📈 Currently, the price moves around the upper band with the potential of continuing higher if able to break above the resistance level.
Relative Strength Index (RSI):
⚖️ Notably, the Relative Strength Index (RSI) holds at 60.
😐 Signaling a neutral but bullish stance for this pair.
Key Technical Levels:
🚀 Resistance levels: 43352, 44518.
📉 Support levels: 42009, 40614.
💪 In December, Bitcoin's price held strong within a range of $40,423 to $47,209.
📉 Despite pressure to sell, surprising traders who expected a reversal.
Crosby Ratio Indicating Over-Extension:
📊 The Crosby Ratio, indicating over-extension in Bitcoin's price, suggests a need for a slowdown or potential correction.
Cautious Traders and Anticipation of Bullish Events:
🤔 Traders are cautious due to upcoming bullish events in 2024.
📅 Potential launch of spot BTC exchange-traded funds (ETFs) and the anticipated BTC halving in April 2024.
Curbing Selling Activity and Awaited Bull Run:
🛑 This anticipation is curbing selling activity as investors await the next potential bull run.
Current BTC/USD Movement:
⬆️ By today, BTC/USD is strongly moving back higher after days of lower movement.
📈 Reaching the upper band of the Bollinger Bands and the resistance level, which is the last high in the second week of December.
Potential for Continued Movement Higher:
📈 Currently, the price moves around the upper band with the potential of continuing higher if able to break above the resistance level.
Relative Strength Index (RSI):
⚖️ Notably, the Relative Strength Index (RSI) holds at 60.
😐 Signaling a neutral but bullish stance for this pair.
Key Technical Levels:
🚀 Resistance levels: 43352, 44518.
📉 Support levels: 42009, 40614.