- December 5, 2023
- Posted by: [email protected]
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Bitcoin is in the spotlight as it surges impressively above $40,000, marking a substantial 4.95% increase in the past 24 hours. This surge is a pivotal element in the broader upswing of the total cryptocurrency market cap, now surpassing the significant milestone of $1.5 trillion.
The focus is now squarely on Bitcoin’s next challenge: breaking through the formidable resistance at $40,000 to the $50,000 mark. Speculations are abound, with market enthusiasts, including figures like Arthur Hayes, expressing optimism about December bringing further highs.
Simultaneously, financial experts like Jenny Johnson from Franklin Templeton are deep-diving into cryptocurrency investing and exploring the integration of blockchain technology. Johnson closely follows the evolution of Bitcoin ETFs, examining their potential impact on the market.
The burning question on everyone’s mind is whether Bitcoin can sustain its current momentum and potentially surge past the $50,000 mark within the week.
Former BitMex CEO Arthur Hayes is excited about potential market-moving developments, humorously referring to them as ‘gifts’ from ‘an old white man,’ a playful nod to Federal Reserve Chairman Jerome Powell. Hayes anticipates a significant move, possibly a rate reduction, that could propel Bitcoin to all-time highs. Historically, December has been a robust month for Bitcoin, especially following successful closures in October and November.
Hayes expects Powell to ease up on policy and decrease interest rates based on a quarterly review of Bitcoin’s performance, fostering hope for a shift in monetary policy. According to Hayes, when the metaphorical ‘money printer’ is engaged, asset values rise, with Bitcoin often leading the charge. His bold forecasts set the stage for an exciting December, with the potential for Bitcoin to skyrocket, generating anticipation within the crypto community as Powell’s address approaches.
Investors are keenly observing whether Powell’s actions will indeed trigger an upward trajectory in Bitcoin prices this month.
Jenny Johnson, President and CEO of Franklin Templeton, discussed the company’s exploration of blockchain technology at the Fortune Global Forum in Abu Dhabi. Highlighting the significance of blockchain to the company’s long-term strategies, Johnson emphasized its potential to enable fractional ownership of traditionally inaccessible assets and reduce transaction friction, democratizing access to private markets.
Johnson acknowledged the growing demand for Bitcoin and its potential as an accessible investment option. The discussion also touched on regulatory approval for a Bitcoin spot ETF. With increasing institutional interest and acceptance of Bitcoin, this development could have a positive impact on prices and market sentiment.
On December 4, the digital asset was trading above $41,000, indicating marginal movement in the last 24 hours. The daily chart reveals an ascending channel pattern, indicating a bullish bias among market participants.
Key resistance and support levels are closely monitored, with immediate resistance at $40,082 and additional barriers at $41,941. Support levels are identified at $38,033, followed by $35,200, and $34,971, serving as safety nets against potential pullbacks.
The Relative Strength Index (RSI) hovers around 68, flirting with overbought territory but not conclusively signaling a reversal. The price positioning above the 50-day EMA reinforces the short-term bullish trend. Considering these indicators, the overall trend leans bullish, and short-term forecasts suggest Bitcoin may test the resistance at $40,082 in the upcoming sessions.
