Bitcoin price went down -8.62% on Monday, December 11, 2023, driving fear into the market that Bitcoin could fall back to lower $30,000’s. The price of Bitcoin is $42,903, which represents a 0.27% price increase in the last 24 hours and a -0.80% price decline in the past 7 days.
Bitcoin Statistics
- Bitcoin Market Cap Dominance: 49.5%
- Bitcoin Market Cap: $839.733 billion
- Total Supply: 21 million
- Circulating supply: 19.570 million
Previous Bitcoin Price Analysis
Last week’s analysis presented two possibilities for a retracement of the Bitcoin price. On Friday, BTC formed a double-top high at $44,729. The price was to fall back into the supply zone and retest two possible price points – $41,014 and $37,521.
The BTC price on Monday experienced a crash of more than 8% causing it to fall below $41,014. The fall however did reach the lower price target of $37,521, invalidating the second possibility (2).
Bitcoin price bounced off the $41k support and rose 6.99%.
The double top formed at the $44,7k region forms a new local resistance that BTC needs to beat if it is going to reach the $50,000 target.
Bitcoin Eyes $48,000 As the SEC Warms Up to a Spot Bitcoin ETF
After successfully bouncing off the $41k region, BTC is now headed toward the $48k target. If Bitcoin manages to clear the $44.7k local top, it will quickly hit $48,000. Afterward, $52k will not be far behind.
In the backdrop of this Bitcoin price volatility, Gary Gensler, Chairman of the United States Securities and Exchanges Commission (SEC) appeared on CNBC on Thursday and talked about Bitcoin ETFs.
On the order of the court, the SEC is required to take a new look at Spot Bitcoin ETFs. This news sends hope into the hearts of Bitcoin cna crypto investors as they feel approval may just be around the corner.
VanEck and Grayscale have submitted further amendments to their ETF applications, which is an indicator that the SEC may be guiding them on how to adhere to their rules, before finally approving their application.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you shouldn’t make investment decisions based solely on what you read here.