BTC Price Forms Recovery Signal, Will US$45,000 Be the Main Target||tron-fan-club: 10.00%

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come back with me this afternoon and hope you are all in good health, and on today's occasion I want to share about bitcoin. The recent Bitcoin (BTC) price movement has once again attracted the attention of the crypto community, building a signal of recovery in the midst of correct. This comes after it struggled to surpass the US$44,300 resistance zone, Bitcoin started a downside correction, dropping below the US$43,500 level. However, the decline stalled as bulls gathered strength above the US$42,500 mark, preventing further losses and ready to signal a recovery.

This upward movement was significant enough to push the price above the 50 percent Fibonacci retracement level of the recent decline from the swing high of US$44,429 to the low of US$42,680.

BTC Price Forms Recovery Signal.

According to a NewsBTC report, despite positive signs, Bitcoin still faces challenges. Bitcoin is trading below the crucial US$43,550 level and the 100 hourly SMA indicator, indicating that the road to recovery may not be easy.

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Technical analysis reveals a bearish trend line connected to resistance near US$43,600 on the hourly chart of the BTC/USD pair. This trend line is parallel to the 61.8 percent Fibonacci retracement level of the aforementioned downward move.

Looking at the upside potential, immediate resistance is noted near the US$43,550 level. The first major resistance forms near that trend line, which could be an important point for traders to pay attention to. A successful close above the US$43,600 resistance could signal the start of a significant move towards the US$44,300 level. Further gains could see Bitcoin target the US$45,000 mark, and if the momentum continues, it could even stretch to US$46,500 and possibly reach as high as US$47,200.

On the other hand, if Bitcoin fails to break through this resistance zone, it may trigger a new round of selling. Immediate support on the downside lies near the $43,000 level.

The next major support is around US$42,600, and a break below this could increase selling pressure. In such a scenario, BTC price could potentially fall towards the US$42,000 support area in the short term. In related news, the prospect of receiving US-approved spot ETFs has created excitement in financial markets. The ETF could significantly impact the existing US$50 billion crypto-linked ETF market.

Cointeleraph reports, the latest data from BitMEX research highlights that the global market for crypto ETP products, which includes approximately 150 products, has accumulated US$50.3 billion in assets under management. These products, including spot funds and futures, primarily track the performance of Bitcoin and Ethereum.

"In anticipation of the SEC approving a spot Bitcoin ETF, we are presenting what we believe is a complete list of all existing crypto-related exchange trading products," BitMEX said in a tweet. The potential of spot Bitcoin ETFs in the US market is huge. Market analysts predict that approval of such an ETF, which could happen as soon as January 10, would likely double current investments in crypto ETPs.

On December 14, Bitwise predicted that a spot Bitcoin ETF could become the most successful ETF product ever launched. They project this ETF to accumulate about US$72 billion in assets under management in the next five years, a figure that would more than double the current size of the market.

Offering a more conservative estimate, global fund manager Van Eck suggested that around US$2.4 billion might flow into spot Bitcoin products in the first quarter of 2024. While the US has never approved a spot Bitcoin ETF, such products are nothing new in a global context . Countries such as Canada, Australia and Germany already allow investors to buy shares in spot Bitcoin ETFs, setting a precedent for other countries, including the US, to follow.

Ongoing developments in the Bitcoin market and the wider crypto sector continue to attract interest from various parties. Whether it's price fluctuations or the potential launch of new financial products such as spot ETFs, the dynamic nature of this space remains a key factor driving investor sentiment and market trends, here's today's btc crypto news, hope it's useful regards.