Over the past five weeks, the Bitcoin price has been highly volatile indicating the market participants are waiting for the approval of spot Bitcoin ETFs. Despite making notable swings in the daily chart, the price movement is confined within a channel pattern projecting a shallow recovery. Here’s how this pattern could foretell the near-term future for this asset.
Will the Bitcoin Price Surpass $50000 in January?
The BTC price may remain sideways until the channel pattern is intact.
A bullish breakout from the upper trendline will intensify the buying momentum.
The intraday trading volume in Bitcoin is $17.4 Billion, indicating a 15% loss.
Bitcoin Price| TradingView Chart
The recovery trend in leading cryptocurrency Bitcoin started losing momentum in December 2023 which tilted its trajectory nearly sideways below $45000. This consolidation could be attributed to the uncertainty around the approval of spot Bitcoin ETFs.
A look at the daily time frame chart shows the consolidation has
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