Bitcoin's Consolidation Raises Investor Caution
Updated
Bitcoin's steady climb since early November peaked on December 4th, breaking through the weekly supply zone from $40,387 to $46,999. The pivotal point at $43,860 signals the need for a breakthrough to sustain the upward trend.
However, technical indicators suggest a possible opportunity for investors to wait for a dip before buying, anticipating a 2024 price surge driven by ETF enthusiasm.
Despite Bitcoin being overbought, the Relative Strength Index (RSI) remains weak, hinting at a potential corrective phase. If RSI breaches 70, confirming overselling, Bitcoin's support from the upward trendline could weaken.
A downside move might push Bitcoin below the $40,387 support level, potentially testing $37,800 in more severe scenarios.
Bitcoin's consolidation reflects investor caution, pondering entry points amid signs of a temporary retreat before a potential future surge linked to ETF speculation in 2024
However, technical indicators suggest a possible opportunity for investors to wait for a dip before buying, anticipating a 2024 price surge driven by ETF enthusiasm.
Despite Bitcoin being overbought, the Relative Strength Index (RSI) remains weak, hinting at a potential corrective phase. If RSI breaches 70, confirming overselling, Bitcoin's support from the upward trendline could weaken.
A downside move might push Bitcoin below the $40,387 support level, potentially testing $37,800 in more severe scenarios.
Bitcoin's consolidation reflects investor caution, pondering entry points amid signs of a temporary retreat before a potential future surge linked to ETF speculation in 2024
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