Forex BTCUSD has the potential to rise in early 2024

[FXOchartist]

Leading crypto analyst Michaël van de Poppe warns a possible Bitcoin correction could reach $60k as Bitcoin price is currently stuck at $70k which the crypto community is debating. If this price zone becomes solid resistance, perhaps the price can fall quickly as predicted. However, a breakout to the upside is expected for bitcoin to continue climbing higher.

#ticktrader

 

[FXOchartist]

Apart from Blackrock CEO Larry Fink, Mike Novogratz, who is the CEO of Galaxy Digital, also warned that the US debt spiral could drive demand for Bitcoin. In his tweet on the X platform (formerly Twitter), he warned about the rising US national debt. To prevent a debt death spiral he expressed his opinion that the government needs to cut spending drastically and raise taxes on the rich. He further said that the current US debt is $34 trillion. $1 trillion every 100 days.

Although Bitcoin fans still believe the price of BTC can reach $100k, currently Bitcoin is still stuck at $70k. On the other hand, the price of gold actually reached a new all-time high amidst the stuck price of Bitcoin.

 

[FXOchartist]

According to a Cointelegraph report, Bitcoin Spot ETF trading volume tripled in March to $111 billion. This was nearly three times the trading volume recorded in February, as Grayscale and BlackRock ETFs dominated the market.

This news is positive news for Bitcoin, but today Bitcoin dropped back to a low of $65k after previously being at a high of $69k. The $71k level may remain trading resistance for several weeks.

In contrast to Bitcoin, the price of gold reached a new all-time high at the price level of $2288. This may signal investors are turning to gold as Bitcoin is overbought.

 

[FXOchartist]

Bitcoin was flat at $66k today, it seems Bitcoin's growth is still facing a lot of challenges lately. After several days of moving in the $71k range, Bitcoin price finally fell to a low of $65k.
Meanwhile, in other places, the price of gold is back to record a new all-time high $2302 in yesterday's trading, and investors may be starting to increase their interest in gold trading.

 

[FXOchartist]

There has been a slight increase in the inflow of Bitcoin ETf funds on the US spot market Bitcoin ETF exchange. On Wednesday, US spot bitcoin exchange-traded funds (ETFs) saw a slight increase in positive inflows, collecting a total of $113.5 million on a trading volume of $2.31 billion.
Leading the inflow was Fidelity's FBTC, followed by Blackrock's IBIT. Meanwhile, Grayscale's Bitcoin Trust GBTC experienced small outflows.

Even though it is still moving in a range, today Bitcoin is moving in the green zone. Bitcoin is up 2.90%, Ethereum is up 0.30% and Solana is down 1.27%. The Fear and Greed Index value is 72, the market is Greed. Bitcoin price moved at $68k, elsewhere gold price fell at $2290 after reaching ATH $2302.

 

[FXOchartist]

Bitcoin corrected after touching the upper band line at $72k. Bitcoin then fell to $70k forming a small bearish candle.
Amid rising Bitcoin prices, ARK Invest CEO Cathie Wood sees Bitcoin as a hedge against currency devaluation #bullish

 

[FXOchartist]

The enthusiasm of Bitcoin fans ahead of the halving brings hype to the Bitcoin market. However, currently, we sees that Bitcoin's bullish trend is still stuck at the $72k price level. When Bitcoin's price reaches this point, investors hope that a breakout will occur and take the price even higher.
However, the fact is that the price has now fallen again to the level of $68k