Bitcoin price sets for upsurge as traders eye $45K

As the Bitcoin market enters the final days of the year, traders find themselves at a crucial juncture, closely analyzing the intricate dynamics at play. The seemingly unyielding $45,000 mark has become a focal point, with a substantial sell-side liquidity of nearly $100 million prompting a divergence of opinions among market experts.

Credible Crypto, a respected figure in the crypto community, has emerged as a voice of optimism during this period of apparent price stagnation. Emphasizing that Bitcoin, currently hovering around $43,500, is “absolutely primed” for an upward movement, Credible Crypto contends that the recent lull in price action is a strategic accumulation phase. In social media posts, the analyst expresses confidence in the impending surge beyond $50,000, citing a confluence of positive indicators. These include a tight accumulation range, new local lows in aggregate open interest, active buying activities on Coinbase, and a nearly complete reset of funding metrics. The anticipation is palpable as market participants eagerly await what Credible Crypto describes as the “push to 50k+.”

Keith Alan, co-founder of Material Indicators, offers a more cautious perspective. He introduces the element of holiday trading activity, suggesting that the traditional thinning of market participation during the festive season may impact the ability of bulls to breach the resistance level at $45,000. Alan speculates that liquidity owners could reshuffle their portfolios during this period, potentially influencing the resistance level that currently represents around $92 million in ask liquidity.

The battle between these contrasting viewpoints intensifies as traders scrutinize order book data for the BTC/USDT pair on Binance. Here, the analysis underscores the critical nature of overcoming the resistance at $45,000. Material Indicators, a reliable trading resource, provides additional insights, emphasizing the significance of the liquidity present around this key level. This information becomes crucial for traders attempting to gauge the potential for a breakthrough or a correction in the immediate future.

As the year concludes, Bitcoin’s performance in December is characterized by a modest month-to-date gain of approximately 16%, as reported by CoinGlass. However, it is the quarterly performance that steals the spotlight, with a remarkable 62% surge, marking Bitcoin’s most impressive quarterly showing since 2020. The collective gaze of the crypto community remains fixed on the unfolding developments, with key levels and indicators poised to guide the trajectory of Bitcoin’s journey into the new year. The excitement and uncertainty in the market persist, creating an atmosphere of anticipation and speculation.