Bitcoin’s (BTC) price began this week on a bullish outlook after triggering bearish sentiments last week. After a nearly five percent surge in the past two days, Bitcoin price has approached a crucial short-term resistance/support level of around $43,350.
Nonetheless, the Bitcoin bulls still have the upper ground, thus increasing the likelihood of a fresh uproar to a new yearly high in the coming two weeks. Moreover, Bitcoin’s daily average trading volume has been on the rise in the past few days, coupled with the notable decline in BTC supply on centralized exchanges.
Bitcoin Price Analysis
According to a popular crypto analyst alias Captain Faibik on the X platform, Bitcoin bulls are on the cusp of another 8-10 percent spike after a successful rebound in the past two days. The crypto analyst argued that Bitcoin price has been forming a symmetrical triangle in the past week, and now the bulls are in control after a confirmed breakout. The bullish scenario could however be invalidated if Bitcoin price falls below $40,665, as it could raise fears of a rejuvenated sell-off.
Favoring Bullish Conditions
The crypto community has increased confidence in the overall Bitcoin bullish outlook after BlackRock agreed to cash-settled spot BTC exchange-traded funds (ETF) in the latest review. As a result, the expectations of a batch approval within the first two weeks of January have significantly increased. Meanwhile, crypto investors in the United States have come together and raised about $78 million to fund the campaign for next year’s congressional candidates that are pro-blockchain and crypto assets.
