Bitcoin is making a strong push to break through weekly resistance levels, aiming for new highs in 2023. This resurgence in Bitcoin's price comes after a brief drop below $40,000 earlier in the week, sparking optimism among traders about the potential for further gains.
On December 20th, Bitcoin reached a local high of $44,729, marking its highest levels since April 2022. Also, Bitcoin has regained its lost market dominance, rising to 53.8%, up by 0.8% since the beginning of the week.
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Credible Crypto, a prominent trader, pointed out that the recent recovery in Bitcoin's price was reinforced by Ether's local bottom, increasing the chances of an upward continuation.
Analyst Matthew Hyland echoed this sentiment, setting a short-term price target above $46,000 if the breakout confirms. He emphasized the importance of breaking resistance levels seen earlier in the month.
Bitcoin's recent performance showcases a double bottom pattern with strong support at $40,000, providing additional confidence to traders.
Fellow trader Jelle also expressed optimism, describing the recent pullback as "shallow" and suggesting that Bitcoin appears eager to break out.
The cryptocurrency community is closely watching the impending decision on the United States' first Bitcoin spot price exchange-traded fund (ETF). Bullish sentiment surrounding the approval of this ETF continued to circulate among investors.
Notably, investor Fred Krueger highlighted the importance of this decision, emphasizing its significance in the crypto world.
Krueger pointed out that individuals at ETF trading desks have received clear instructions not to undermine what Michael Saylor referred to as the most impactful financial product in three decades.
Furthermore, Krueger hinted at political influences in the United States possibly influencing market caution, even though the ETF's potential approval is being hailed as a monumental moment in Bitcoin's history since the White Paper.
The final decision on the Bitcoin ETF is expected in approximately three weeks, with January 10th serving as the ultimate deadline for this pivotal event.
