At the time of writing, Bitcoin, the king of cryptocurrencies, has surpassed $43,000 and is currently trading above $43,150. While the expected fluctuations in altcoins have not yet begun, experienced investors know that such rapid rises often come to an end. So, what is the reason behind this rise?
In 2024, we will see ETF approvals, halving, and interest rate cuts. Today, we saw that the US JOLTS data is positive for the risk markets. The price of BTC is closely watching the success of the Fed in combating inflation and the weakening of employment. With the decrease in inflation and wage increases, and the weakening of employment, there should be no other macro front that will suppress the risk markets.
Cryptocurrencies behave differently from other assets; just as they suddenly lost thousands of dollars during the third quarter of 2022, now the opposite is happening. As support levels were lost after a few tests, now resistances are opening up in the opposite way. The movements today are not surprising for those who have made an effort to understand the structure of the crypto markets in the past two years, but those who enter this field by hearing about cryptocurrencies in the coming year will encounter big surprises if the four-year cycles continue.
Bitcoin currently has a resistance level of $48,000 against its current level above $42,000. Buyers establish dominance as a support level of $41,300.
For more information about the reasons and expectations behind the rise in Bitcoin’s price, visit the link: https://en.coin-turk.com/bitcoins-rise-reasons-and-expectations/