BTC prices are sluggish again, are the bulls tired and choosing to stop||10% To @tron-fan-club

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Hey, come back with me this afternoon, and I want to share that the price of Bitcoin (BTC) is back in the spotlight after failing after failing to exceed the US$44,000 level and gradually moving lower. Now, Bitcoin is struggling to start a new upward trend above the critical resistance levels of US$43,500 and US$43,650, making investors and market analysts continue to monitor fluctuations in its price movements. Recently, BTC formed a short-term top and started a decline below the US$43,000 mark, signaling a potential change in market dynamics.

BTC Price and Future Prospects

The digital currency experienced a marked decline, moving below the US$42,500 and US$42,300 supports. This downward movement was further exacerbated when the price briefly fell below US$42,000.

Eventually, a bottom was reached at around US$41,637, but the coin showed resilience by attempting a new increase. It managed to climb above the US$42,000 level, signaling a possible recovery.

NewsBTC reports, in this period of turbulence, Bitcoin price managed to pass the 23.6 percent Fibonacci retracement level of the latest downward movement, which saw a swing from a high of US$44,430 to a low of US$41,637. Despite the gains, the leading cryptocurrency is still trading below the US$43,000 threshold and the 100-hour SMA indicator. Analysts have identified a key bearish trend line with resistance near US$43,200 on the hourly chart of the BTC/USD pair, which could play a crucial role in the coin's short-term performance.

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If Bitcoin manages to break the US$43,200 resistance, it could trigger a significant move towards the US$44,000 level.
After this, the next major resistance is expected to be around US$44,300. Clearing it could push BTC towards the US$45,000 benchmark, and further gains might even push the price towards US$46,500. However, the potential for more losses cannot be ignored. If Bitcoin fails to cross the US$43,000 resistance zone, it may trigger a fresh decline. Immediate support lies around the US$42,000 level, with more substantial support near US$41,620.

A drop below this could signal more losses, potentially moving the price towards the critical support zone of US$40,000 in the short term

In the midst of these price fluctuations, the crypto community is closely monitoring the activities of Bitcoin whales. On Tuesday (26/12/2023), Whale Alert reported a significant Bitcoin movement. Coingape reports that nearly 12,000 BTC coins were moved in just a few hours, involving transactions of 3,110 BTC, 3,112 BTC, 4,470 BTC and 500 BTC from unknown wallets to Coinbase.

This type of activity usually indicates bearish sentiment, as investors become cautious during volatile periods. However, some market observers speculate that this could be a bear trap, intended to encourage aggressive buying at lower prices. This theory is gaining a bit of credibility with the potential upcoming approval of a Bitcoin ETF.

Grayscale's recent amendment, opting for a cash-only redemption model, is seen as a step towards potential early approval of a Bitcoin ETF. However, the US Securities and Exchange Commission (SEC) may delay its decision until the January 10, 2024 deadline, possibly announcing collective approval. This approach will prevent giving pioneer advantages to a single company or a limited group of entities. Alternatively, approvals could be issued in batches, each tied to a specific launch date for the ETF issuer. That's my news for today. I hope it's useful.