Bitcoin Price Rallies On Rumors of Spot ETF Approval

Key Highlights

• Bitcoin price started a fresh rally after rumors of spot ETF approval by today.

• BTC broke a major declining channel with resistance at $43,000 on the 4-hour chart.

• The price could continue higher if it remains stable above $44,000.

• The US Manufacturing PMI could remain at 48.2 in Dec 2023.

Bitcoin Price Technical Analysis

Bitcoin price remained strong above the $42,000 support zone. BTC formed a base and recently started a fresh increase as rumors of spot ETF approval escalated.

Looking at the 4-hour chart, the price broke many hurdles near $43,000. It broke a major declining channel with resistance at $43,000. The price even settled above $44,000, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).

A new multi-week high was formed near $45,562 and the price is now consolidating gains. If there is a fresh increase, Bitcoin could face resistance near $46,200.

The next resistance is near $48,000. A successful close above the $48,000 level might start a decent increase. In the stated case, the price may perhaps rise toward the $50,000 level.

If not, the price might start a downside correction. Immediate support is near the $44,750 level. The next major support is near $44,350. Any more losses might send the price toward the $43,000 level.

Economic Releases

• Euro Zone Manufacturing PMI for Dec 2023 – Forecast 44.2, versus 44.2 previous.

• UK Manufacturing PMI for Dec 2023 – Forecast 46.4, versus 46.4 previous.

• US Manufacturing PMI for Dec 2023 – Forecast 48.2, versus 48.2 previous.