The weekend has arrived and the Bitcoin price action continues in the sideways channel between $44,000 and $42,000, which in my view is a good sign of bullish accumulation however for some experts the Bitcoin price action is stuck in limbo.
Along these thematic lines and according to William Suberg, "Bitcoin seems stuck in limbo amid a lack of clues as to whether or not the U.S. ETF will get the nod, but the BTC price remains bullish versus earlier in the week."
In Suberg's words, "Bitcoin attempted a recovery towards recent highs on January 4, while ETF news remained absent," now, this recovery that the cryptocurrency market has been showing is also part of its own financial structure linked to the issuance of BTC units.
On the other hand, and according to appreciations from Bloomberg Intelligence analyst James Seyffart "Despite the leveraged drop, BTC has rallied back to the USD 44,000 level. While we remain wary of a 'sell the news' type knee-jerk downward reaction, this resilient price action gives us more confidence in the medium-term bullish view on BTC halving around March/April this year."
Finally, we should note that "The next Bitcoin block grant halving event will occur shortly after the March rate decision," so in my view part of the picture would become clearer post-halving.
SOURCES CONSULTED
Cointelegraph. BTC price centers on $43K as nervous Bitcoin traders await ETF news. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
The oscillating price of BTC is a sign that a major breakout is on the card. Hopefully, we are gonna be seeing a bull breakout but liquidations of positions are certain between now and then. To benefit from this market, it's essential you choose your tokens carefully but from recent events, tokens like ORDI, BGB and SOL have proven to be potential profit makers.
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