- December 12, 2023
- Posted by: [email protected]
- Category:
Bitcoin (BTC) is currently trading at $43,850, experiencing a slight dip of nearly 0.50% on Sunday. Despite this minor fluctuation, Bitcoin has showcased exceptional performance throughout 2023, overshadowing traditional safe-haven assets like gold. The year has seen Bitcoin surge by an impressive 166%, far surpassing gold’s modest 9% gain. This significant rally underscores the increasing confidence of investors in digital assets as a vital component of diversified portfolios.
JPMorgan CEO Jamie Dimon’s recent dismissal of Bitcoin’s intrinsic value has stirred controversy amidst Bitcoin’s ascent. Dimon’s stance, labeled ‘Supreme Arrogance’ by crypto advocates, sharply contrasts with the market’s bullish behavior, highlighting a divide in perceptions regarding Bitcoin’s role and potential in the current financial landscape.
Gold, in contrast, has experienced a decline of approximately 5.50% over the past week after reaching a peak of $2,117 per troy ounce on December 3, 2023. In the same period, Bitcoin has surpassed gold’s performance, boasting an impressive gain of 166%. Notably, Bitcoin’s significant appreciation over the last six months, approximately 69%, starkly contrasts with gold’s modest increase of 2.2%.
VanEck’s recent submission of the fifth amendment to establish a spot Bitcoin exchange-traded fund (ETF), aiming to list it under the ticker “HODL,” reflects the growing institutional interest in Bitcoin. If approved by the U.S. Securities and Exchange Commission (SEC), VanEck anticipates substantial inflows, estimated at around $2.4 billion in Q1 2024.
The ongoing speculation and heightened interest surrounding the potential approval of spot Bitcoin ETFs are closely linked to the current dynamics of Bitcoin’s price. Mike Novogratz, CEO of Galaxy Digital, vehemently criticized Jamie Dimon, emphasizing Bitcoin’s increasing acceptance within the financial community.
Bitcoin’s current uptrend is evident in its movement within an ascending channel on the 2-hour chart, showcasing its robustness in a fluctuating market environment. Positioned at $43,953, Bitcoin’s stability in the $44,000 range and its resistance and support levels suggest a predominantly bullish trend. The market’s focus is now on resistance levels in upcoming trading sessions, with the potential for Bitcoin to challenge the upper limits of the channel, aiming for the $47,077 resistance in the short term.
