The cryptocurrency market continues to experience exciting developments, with Bitcoin‘s price showing increased volatility in the last 24 hours. The focus is now on the SEC as investors seek clues for Bitcoin’s future movements. A rising channel formation on the daily Bitcoin chart suggests a critical period ahead, especially if negative outcomes arise from spot Bitcoin ETF applications, which could lead to selling pressure.
Important support levels to monitor on the daily Bitcoin chart are $45,887, $44,352, and $42,535. A daily close below the pivotal $44,352 level could trigger further selling pressure. Conversely, key resistance levels are identified at $47,902, $49,557, and $50,857. A four-hour close above the $47,902 resistance could significantly boost Bitcoin’s price, potentially reaching the highest levels in two years.
The daily BTC.D chart, which tracks Bitcoin’s market dominance, rebounded above the support trend line after a late December drop, buoyed by anticipation surrounding the spot Bitcoin ETF process. This has led many investors to shift from altcoin projects to Bitcoin.
For BTC.D, crucial support levels are at 2192.7, 2110.0, and 2055.9. A daily close below 2192.7 could decrease Bitcoin’s dominance in the crypto market. Resistance levels to watch are 2259.4, 2316.1, and 2376.6, with a close above 2376.6 likely to steer investors from altcoins back to Bitcoin.
Overall, Bitcoin’s price and dominance charts offer valuable insights for investors, highlighting potential shifts in market sentiment and investment flows between Bitcoin and altcoins based on key support and resistance levels.