The Bitcoin price has made notable gains in recent days, but it is likely to encounter a formidable barrier before surging higher. That said, a break above this resistance could be a telltale sign of an upcoming bullish momentum. Â
A major resistance levelÂ
Recent trading activity indicates that the $45,000 mark has become a significant battleground for Bitcoin bulls.Â
Data shows that this price level has been a stiff resistance point, with the price stalling and supply being defended aggressively through selling orders.Â
This level is considered pivotal for market sentiment since a sustained break above could signal a stronger bullish momentum.
Market analysts have their eyes glued to the $45,000 level as Bitcoin attempts to claw back from its previous highs.Â
The price has made multiple attempts to break this threshold but has met with a robust selling presence, indicating a strong defense by bears in the market.Â
A major pullback?Â
According to QCP Capital, the approval of a spot Bitcoin ETF is likely on the horizon. Â Â
This announcement could come as early as January 2024. ETF providers have agreed to align with the SEC’s “cash only” demands.Â
While the approval of a Bitcoin spot ETF could inject optimism into the market, QCP Capital cautions that there could be resistance in the $45,000 to $48,500 region.
However, this could be followed by a potential retracement to the $36,000 level.