โStill thinking about #Bitcoin. No conclusion โ not endorsing/rejecting. Know that folks also were sceptical when paper money displaced gold.โ - Lloyd Blankfein, CEO of Goldman Sachs
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BTC is currently experiencing a period of consolidation, with price constrained between the $42k support level and the $44k resistance level. Breaking above the $44k level is essential to initiate further upward movement, potentially targeting the $48k level, followed by $52k.
Conversely, if selling pressure pushes the price below $40k, it could act as a strong support level due to psychological significance and recent market activity. The arrival of the ETF seems like to probably slow down the momentum of BTC, not accelerate it. However, we do believe it is starting to have more upward momentum than down, making us eventually break towards this $48k level.
BTC has maintained position above both the 50-day and 200-day EMAs, indicating bullish price signals. A break above the $43.5k mark could provide momentum for the bulls to target the $44,690 resistance level.
Conversely, a drop below the $42.968k support level and the 50-day EMA could bring the $39.861k support level into focus. The Relative Strength Index (RSI) reading, currently at 54.20, suggests BTC might return to test the $44.69k resistance level before potentially entering overbought territory.
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