On Sunday, December 24, Bitcoin (BTC) was trading at $43.6 thousand, its price has increased by more than 5% since the end of the previous week. A well-known cryptanalyst and CFO of the ASTL investment project, Konstantinas Sizovas, analyzed the situation on the market and assessed the prospects for the movement of the Bitcoin rate over the next seven days.
In the past week, the BTC/USD pair traded in the range of $40,500 – $44,500. An active growth phase was observed in the first half of the week. On December 18, the price rose 3.1% after falling to $40,542. The rise was helped by news of BlackRock filing an updated proposal to launch a Bitcoin ETF, which increases the chances of the first SEC-approved Bitcoin ETF in the United States. On December 19, a slight increase of 0.9% to $42,275 occurred amid statements by Michael Saylor that a spot Bitcoin ETF could lead to an explosive increase in demand against the backdrop of the 2024 halving. On December 20, the BTC/USD pair grew by 3.29%, to $43,668. Quotes increased against the backdrop of an update to the historical maximum open interest for Bitcoin options on the CME. On December 21, a slight increase in price by 0.44% occurred against the backdrop of a downward revision of US GDP data, which increased investor expectations for a Fed rate cut. On Friday, December 22, Bitcoin closed with a slight gain. However, buyers had a bad day. After reaching $44,398, there was a sharp correction to $43,412. As a result, the BTC/USD pair showed a modest increase of 0.24%, reaching $43,969.
Most of the time the price fluctuated around $43,700. The upward movement found an obstacle at $44 thousand during the American session. Early in the morning of December 23, buyers again failed to overcome the level of $44 thousand. A possible reason for the low activity of buyers could be a shortened work week due to the Christmas holidays and the lack of significant events in the economic calendar. From December 25 to 31, the economic calendar will be boring. There are no significant events at the end of the year. Accordingly, the dynamics of the BTC/USD pair will depend on technical signals, as well as on the dynamics of the dollar index and American stock indices. An important indicator this week was personal consumption expenditures (Core PCE), which rose 0.2% in November compared with expectations of 0.3% and 3.2% year-over-year. The overall index fell 0.1% in November. These data indicate a slowdown in inflation and a possible Fed interest rate cut in 2024.
The time markers have not changed. The growth phase should continue until January 8, 2024. Technical analysis still supports buyers. However, several failed attempts to break above the $44,500 level before the holidays forced some traders to close long positions. Support lies at $43,300, which buyers were able to defend, although the price fell at times to $43,291. On the hourly chart, buyers showed weakness. In the first half of the week, the risk of the price falling to the level of $42,855 increased. If more acceleration is needed to break through $45 thousand, we can expect a fall to $42,280 due to profit taking.
Despite repeated attempts to go down, at the end of the week Bitcoin is still trading in positive territory by 5.25%. In general, favorable prospects for further price growth remain. According to BitRiver estimates, Bitcoin is set to rise to $50 thousand by January 8, 2024. Against the backdrop of such trends, one of the legitimate and stable forms of investing in obtaining a consistently high passive income is investing in the ASTL project (Hong Kong), which gives investors the opportunity to directly invest fiat and cryptocurrency assets in a stable passive income, which obviously exceeds inflation expectations and does not fall under any sanctions, blocking and confiscation. The ASTL project is a simple and elegant solution for potential investors – investment in the development of the real sector of a diversified portfolio of cryptocurrencies, with a fairly high annual interest rate (up to 14%) with payments in a stablecoin (USDT) and the possibility of a full return on investment through the subsequent sale of accumulated tokens ASTL on leading crypto exchanges. Details can be found at https://astl.world.
