Bitcoin price witnessed a price increase after crashing -10.21% last week. The price of Bitcoin (BTC) is $43,885.02 today, representing a 0.18% price increase in the last 24 hours and a 3.30% price increase in the past 7 days.
Bitcoin is testing the $44,000 region again, but can it break above it? Let’s find out.
Bitcoin Statistics
- Bitcoin Market Cap Dominance: 49.5%
- Bitcoin Market Cap: $860.401 billion
- Total Supply: 21 million
- Circulating supply: 19.577 million
Previous Bitcoin Price Analysis
Last week, Bitcoin’s journey toward $48,000 was disrupted by a sell-off that sent the asset’s price to the $40,000 region. However, the $40K region proved to be a strong support level.
Bitcoin is still well above the 50 and 200-day moving averages and investors still remain bullish about the asset.
The $44k – $45K region has become a strong resistance area and bulls can only hope to break through it.
Additionally, the SEC had been ordered by the court to take a fresh look at Spot Bitcoin ETF and it looks like the regulatory agency heeded the order.
Bitcoin Forms a Potential Double Top, SEC Meets with ETF Applicants
Bitcoin chart spots a potential double top pattern on the daily timeframe, putting a concern in the hearts of investors and traders alike. The pattern is completed in the fashion of a double top, Bitcoin is looking to drop to $40,000 and if $40k does not hold, the asset may sink further to the $38,000 region.
However, if $40,000 holds, BTC would have officially entered a consolidation phase in which whales accumulate between $40,000 and $44,000 before the next push upwards.
Alternatively, the potential double top may not form and Bitcoin may end up rising higher and breaking above the $44,000 barrier – This is the most ideal scenario given the general trend of BTC is upwards.
Meanwhile, the SEC held a rare meeting with all the spot Bitcoin ETF applicants recently. From posts made by the attendees, the focus of the meeting was on ensuring “cash creates” and requesting the removal of in-kind redemptions from filings. Removing “in-kind redemptions”, means that investors cannot exchange their ETF shares for a basket of the underlying assets that the ETF holds (in this case Bitcoin). They would be forced to receive cash instead.
These regulations are aimed at maintaining the supremacy of cash (USD) over Bitcoin and cryptocurrencies.
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 should not make investment decisions based solely on what you read here.